More Than warns about contents insurance time-bomb

04 July 2005
UK householders are sitting on a contents insurance time-bomb, which will explode if they leave their possessions uninsured, according to More Than.

The Home Contents Index from the insurer has revealed that a third of those who live alone in the UK have no contents insurance at all, leaving £38.1 billion worth of goods exposed.

If single households continue to fill their homes with expensive possessions - the average single home has contents worth £19,284 - that value will rise to £48.2 billion by 2021, More Than found.

"The More Than Home Contents Index shows that nearly a third of Britons are now living alone, but despite owning more high value items than ever before, this group are not covering their contents against potential loss," said David Pitt, head of insurance at More Than.

"People are marrying later and with divorce rates on the increase, the problem of single people without adequate insurance could snowball. It is estimated that the average disposable income will rise to £30,000 by 2008, which could drive the value of possessions up even further."

Valuable belongings such as DVD players, CD collections and designer clothes could be at risk if homeowners don't take action to de-fuse the contents insurance time-bomb.

Click here to find out more about contents insurance.

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