Almost 40 per cent of Brits do not have home insurance

Men are less likely than women to take out a home insurance policy

As floods hit the UK for the second consecutive year, home insurance has never been more important for the 10 per cent of all British households that have a serious risk of flooding. Yet Fairinvestment.co.uk has discovered that a shocking 38 per cent of people questioned do not have any home insurance.

The Fairinvestment.co.uk research also revealed that men are less likely to take out a home insurance policy than women. The statistics show that on average just 57 per cent of men have home insurance, whereas, 64 per cent of women have taken steps to protect their homes against events like flooding.

According to statistics from Homecheck, property, land and assets worth £214billion are currently at risk of flooding throughout England and Wales, meaning those that neglect adequate home buildings and contents insurance could soon be faced with a hefty clean up bill.

Of those who are covered by home insurance, homeowners and tenants in London and Wales are least likely to have cover in case of floods, despite the fact that Wales sees the most average rainfall each year, seeing an average of 3,000 millilitres, compared to an average of 2,000 in England*.

Speaking of the statistics, spokesperson for Fairinvestment.co.uk, Rachael Stiles, said: “It has come as quite a surprise that such a large volume of home owners and tenants have no home insurance cover at all. Particularly considering the number of floods we have seen in recent years.

“With so many homes at risk due to poor flood defences, home insurance really is a necessity that should not be forgone. Brits are having to watch their spending as the credit crunch continues to take its toll, but home contents and buildings insurance should not be compromised when flooding is such a real possibility in the UK.”

For those who have already made a flood claim though, excesses could now be in the region of £30,000**, as insurers cannot face the prospect of paying out another £3billion as they did as a result of the floods last year. However, it is because the Government’s flood defence measures are so poor that insurers are so reluctant to provide cover to those who have already been forced to make a claim.

Commenting, Ms Stiles added: “Although it is down to insurance companies to cover homes in the event of a flood, the Government should also bear some of the responsibility. Flood defences need improving, and until the Government does more to prevent floods from damaging people’s homes, insurers are unlikely to bring down premiums and excesses, especially for those whose homes have already been affected.”

Survey conducted by OnePoll for Fairinvestment.co.uk with 2,511 respondents across the UK

*Figures from the Met Office

**Figures from Homecheck Flood