Home items worth millions of pounds across UK are uninsured

House items worth millions of pounds across the UK are at risk of being uninsured as one in six homeowners have never calculated the true value of their possessions at home, according to new research from insurer NFU Mutual.

 

The latest study was designed to improve understanding of how British homeowners view their possessions and what measures are being put in place to protect their items. The research revealed that nearly a quarter of respondents estimate their home contents to be worth around £25,000.

 

“Our research shows that many people simply don’t know how much their possessions are worth,” said Ross Garner, high-value home specialist at NFU Mutual.

 

“Even if they do have an inkling,” Garner added, “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.”

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According to the report, 24% of British homeowners believe that the single most expensive item in their house is a piece of technology or a device. Jewellery was a close second at 23%.

 

NFU Mutual also said that, worryingly, one in five British homeowners don’t know what the most expensive item in their house is.

 

“Technology may be one of the more expensive purchases homeowners make, but it is also likely to depreciate quite quickly,” Garner said. “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.”

 

The new study also discovered that 25% of British homeowners are worried about being burgled in the next 12 months.