23 February 2018, 10:38

7.5 million homes have no contents insurance – GoCompare comments

GoCompare comments on the ABI’s ‘Britain Uncovered’ study which revealed that over a quarter of households - 7.5 million - have no contents insurance, leaving possessions worth over £266 billion unprotected and at risk.

Georgie Frost, consumer advocate at GoCompare, said: "Unlike buildings insurance, which is compulsory with a mortgage, contents cover is completely optional and for many, particularly those in their 20s and 30s, getting it doesn’t appear to be a priority. When you consider that for one in seven private renters half their pay packet goes straight to their landlord, it’s not a surprise people are looking at where they can cut their out-goings.

“But consider this - pick up your home, turn it upside down, and give it a good shake - everything that falls out, plus your floor and wall coverings, are your 'contents'. It's not just your phone, TV or other high-value items. Could you afford to replace everything in the event of a burglary or severe damage, such as after a fire or flood?  For most of us the answer is no.

“Good quality contents insurance can be pretty inexpensive too but make sure the cover is right for you, don’t just head straight for the cheapest policy on offer. Consider whether you need accidental damage protection, cover for your items outside of the home - particularly useful for bikes, gadgets and jewellery - and check if you already have cover elsewhere first, such as through a packaged bank account or from your phone provider, for example.

"Shopping around to compare prices and cover levels is easy, and free, so you may as well have a look around to see if it's something worth your while to invest in."

For more information on home insurance http://www.gocompare.com/home-insurance

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For further information please contact:

Anders Nilsson or Martyn John at GoCompare on 01633 654 054 / 01633 654 725

Gordon, Jason or Liz at MAW Communications on 01603 505 845

Keep up-to-date with GoCompare on Twitter; @GoCompare

Notes to editors

About GoCompare

GoCompare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.

GoCompare does not charge people to use its services, and it does not accept advertising or sponsored listings, so all product comparisons are unbiased. Gocompare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.

GoCompare does not sell its customers’ data.

When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. GoCompare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest, and has teamed up with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.

GoCompare is the only comparison website to be invited to join the British Insurance Brokers’ Association (BIBA) and is authorised and regulated by the Financial Conduct Authority (FCA).

For more information visit www.gocompare.com and www.gocomparegroup.com

Contact information

Gordon Maw

gordon@mawcomms.co.uk