"It's easy to miss things when it comes to insurance"

One in 10 adults in Britain admit buying the cheapest home insurance policy and hoping they won’t need it, according to an AXA UK survey.

Conducted by OnePoll on behalf of the insurer, the study found the following:

• Only a third fully understand what their contents policy covers;
• Possessions in the average UK home are worth nearly £30,000;
• An average adult makes around £1,000 worth of impulse buys yearly;
• People aged 55-64 pay the most annually for insurance (home cover included);
• And policyholders in the 25-34 age group spend the least.         

AXA UK also pointed out that insureds forget to include the following in their policies: laptops and devices; wedding or engagement rings; watches; designer handbags; and inherited items such as antiques, artwork, and jewellery.

“It’s easy to miss things when it comes to insurance,” said AXA UK Retail chief executive Tara Foley, “after all you often only know you need it when it’s too late. It’s worth, every so often, taking an inventory of the things in your home and checking your home and contents insurance is up to date.

“And if you’re not sure whether your insurance covers things like lost engagement rings or smashed phone screens – check your policy or get in touch with your insurer. That peace of mind is well worth a small amount of ‘life admin’ every 12 months or so.”

Additionally, the CEO stressed that “many people severely undervalue their belongings,” thus running the risk of being underinsured.

Foley, whose camp has an online contents insurance calculator, said: “While getting a good price for your insurance is important, it’s amazing how many possessions we can acquire over time, so make sure your policy covers everything you need it to.”