Almost four million people admit it would take being burgled to make them consider getting their possessions insured, according to new data from Post Office Home Insurance, which also revealed over eleven million people (23 per cent) do not have their home contents insured.
Worryingly, a third (34 per cent) of those without insurance say they would only consider taking out insurance once their home had been burgled, rather than seeking peace of mind by getting cover to protect their belongings from theft, loss or damage. A fifth (18 per cent) of those without insurance also said that a family or friend being burgled would have the same effect. For 14 per cent of people without insurance, reports of crime in the area would make them consider taking out a policy.
A quarter of people (26 per cent) believe that insurance may be too costly. One in five of those who are uninsured (21 per cent) feel they don’t need insurance, and one in 10 (11 per cent) think it is a waste of money. However, 29 per cent of those without insurance say they’re worried about not having cover; this figure rises to a third (33 per cent) of women.
Post Office head of home insurance Gerry Barrett said: “Anyone who waits until they or someone they know is burgled is playing a game of chance with their possessions. It’s not just opportunistic burglars that people need to protect your valuables from, but also hazards such as fires, floods or other accidental damage.”
For well over a million people getting a new gadget is the trigger they need to take out contents insurance. Of these people almost half (46 per cent) say they would take out insurance if they bought an iPhone or other Smartphone.
Gerry Barrett continued: “It’s not just your latest mod con which needs to be insured, and anyone who is waiting until they buy high-tech items could be putting the rest of their possessions at risk in the meantime. Few people would be able to afford to replace even the basics in their home such as clothes, kitchen equipment or furniture.
When it comes to the items we place most value on in our homes it’s laptops that top the bill, followed by items including jewellery, heirlooms or antiques, mobile phones and entertainment systems. A good night’s sleep is also important with beds featuring in the top ten of items which are most important to people.
Gerry Barrett continued: “While monthly payments can be off-putting, being able to replace those expensive gadgets and jewellery should you need is priceless for those who simply cannot afford to fork out for new ones. Underestimating the value of cover, or leaving it until after you need it, is not a risk worth taking.”
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