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Britons put most treasured possessions at risk

Britons put most treasured possessions at risk

Category: Home insurance

Updated: 27/11/2012
First Published: 16/03/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Despite almost a third of Britons saying they have treasured possessions in their homes, many are putting them at risk with inadequate insurance.

Some 32% of people consider one or more of the items in their home to be treasured, according to Santander Insurance.

Photographs are the most treasured possession, with a quarter of people saying they were the item or items they valued the most. Music collections (8%) and wedding and engagement rings (8%) were also cited as being extremely important to people.

When asked to put a cost against their most valued treasured possession, one in four (23%) of people said it was 'priceless' with no cost attached. For those who were able to attribute a figure, the average amount was £1,891.

Despite these startling statistics, one in five people don't know if their insurance actually covers their most treasured possession and a further 14% don't even have cover.

Almost two in five (37%) people said the feeling of heartbreak would be the worst thing about losing their treasured possession, while one in five admitted inconvenience and cost would be the hardest thing to deal with.

"Until you actually lose something of immense personal value you've no idea how you'll feel, but our research shows that a good many people do put their most valued item at risk," said Colin Greenhill, director for Santander Insurance.

"A fifth of people say they don't know if their insurance will cover their most treasured belongings.

"Buying your home insurance based solely on price may seem like a good idea, but it may also leave you with poor cover and at risk of being underinsured, paying more in the long run."

If you're not sure whether your current policy covers your most prized possessions, you should review your terms and contact your provider to extend your cover if necessary.

If you don't have any home cover whatsoever, consider the impact a major incident could have.

Home insurance can cost the same amount as a round of drinks or a couple of cinema tickets a month.

With Barclay's Home Insurance, you can get a 20% online discount plus three months free insurance – equating to something like a 45% discount.

If you would like to insure your actual home as well, customers of Nationwide Home Insurance can save up to 30% when they take buildings and contents cover together. Existing Nationwide customers get an extra 15% off the price of their policy.

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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