New research has revealed that one in six (17%) UK homeowners have never calculated the true value of their home contents, leaving millions of pounds worth of items at risk of being uninsured.
The research from home insurer NFU Mutual was conducted in partnership with YouGov to find out how British homeowners view their possessions and what measures are being put in place to protect their items.
Looking specifically at the items within the home, almost a quarter (24%) of British homeowners believe the single most expensive item in their home is a piece of technology or device, with jewellery a close second (23%). Worryingly, one in five (19%) don’t know what the most expensive item in their house is.
Ross Garner, high-value home specialist at NFU Mutual, said: “Our research shows that many people simply don’t know how much their possessions are worth. Even if they do have an inkling, their estimates are likely to be significantly wide of the mark if they haven’t had expensive items such as jewellery valued in the last five years.
“Technology may be one of the more expensive purchases homeowners make, but it is also likely to depreciate quite quickly. It’s often the items that aren’t bought so frequently, including those received as gifts or an inheritance that can increase significantly in value over just a few years. That’s why it’s important to assess the value of your possessions every few years and update your home insurance too so your most treasured possessions are properly covered if you ever need to make a claim.”
