Adults living in London are twice as likely to say no to home contents insurance, with 22% leaving their possessions at risk.
Amazingly, a further 5% of Londoners don’t know their insurance status, meaning that over a quarter of the capital could be uninsured, according to research from Sainsbury’s Bank.
People living in the South East are second on the list of most uninsured homes in the country, but at 11% they are still well below London. At the other end of the spectrum, residents in Yorkshire & Humberside are the most likely to purchase home contents insurance, with just 3% failing to do so.
Nationally, the average is 10%, equating to a total of 4.7 million adults.
| Region | Adults without insurance |
| London | 22% |
| South East | 11% |
| West Midlands | 10% |
| North | 9% |
| East Midlands & Anglia | 9% |
| South West & Wales | 6% |
| Scotland | 5% |
| Yorkshire & Humberside | 3% |
| Average | 10% |
An unnecessary expense
By far the most common reason (35%) people give for declining
insurance is that they do not see it as necessary
Only 14% say they cannot afford cover, while 5% feel it is simply too expensive. A further 5% say they simply do not care enough about their belongings to cover them, while a downcast 8% believe they have nothing of value in their homes.
“It’s remarkable given the value of people’s home contents that so many do not have cover,” says Sainsbury’s home insurance manager Neil Laird. “Home insurance does not have to be expensive.”
If you are in the market for home contents cover, follow these three steps to make sure you get the right cover at the best price.
Peruse the aisles yourself: No single insurer will offer the cheapest premiums to everyone. Rather, they tend to identify a specific type of client they would most like to attract – such as a mid forties male or elderly female – and reserve their best quotes for them.
If you don’t fall into this particular demographic, chances are you won’t get a decent deal. So it’s important you compare insurers yourself, rather than simply acting on what you read in adverts or where your neighbour found a cheap deal. Price comparison sites are an ideal way of scouring the market without leaving your home.
Cost versus quality: It’s obviously tempting to simply plump for the cheapest possible policy you come across, but it’s important you only choose one that covers everything you need.
If your policy proves worthless when you make a claim, then you’re actually wasting money, not saving it. Give careful consideration to the level of cover you need - if you’re unsure of this, always err on the side of caution - and don’t settle for a policy that doesn’t meet these requirements.
Never come back for seconds: If you’re already insured and your policy is about to expire, never simply renew your policy with you current provider – regardless of how cheap it was when you first signed up.
Insurers are notorious for reserving their cheapest quotes for new customers, while relying on inertia to keep their existing customers ‘in the net’. If they don’t reward loyalty, you shouldn’t show it to them.
