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Despite home insurance providing vital protection for your home and possessions, many homeowners in the UK are choosing to not insure their homes. We have carried out research to find out more about home insurance claims, Brits’ approach to protecting their homes and what can happen in emergencies if you aren’t insured.
- There are 22.6 million homes in the UK.
- 5 million homes in the UK don’t have any form of home insurance.
- The average home has contents worth in excess of £35,000.
- The average premium (for both building and contents cover) costs £309 per year.
- That’s less than £6 per week to cover your building and its contents.
- The mosts common claim is for water damage, accounting for 28% of claims in 2017.
- The average claim for a burst water pipe is £25,000.
Who is buying home insurance and who isn’t?
With over 22 million homes in the UK in 2017 – how many homeowners have insurance and how many are risking going without?
- There are 22.6 million homes in the UK.
- 5 million homes in the UK don’t have home insurance.
- This equates to almost 1 in 5 properties are uninsured.
- 42% of those who don’t have it say they can’t afford it.
How much does home insurance cost?
Home insurance comes in three main forms; contents insurance, buildings insurance or both. The price you pay will depend on a few factors, mainly where you live, how big your home is and what you want covered on your contents insurance.
- A combined contents and building insurance policy cost an average of £309 a year.
- Building cover costs an average of £265.
- Contents insurance costs an average of £138.
- That’s less than £3 per week for contents insurance.
- Combined cover costs on average less than £6 per week.
Home insurance claims
Whether your home has been broken into or adverse weather conditions have caused flooding – there may be a time where you need to claim on your insurance. The level of cover you pay for will determine what you are able to claim for, but what are the most common claims for?
What do people claim for on home insurance?
|Reason for claim||Percentage of claims|
Contents insurance is a way of protecting your personal belongings and items within your home. When taking out your policy it’s important to accurately estimate the value of your items in case you ever need to make a claim.
- The value of possessions owned by all UK households now totals nearly £1 trillion.
- Average amount of stuff owned, at £35,000, is worth more than the average annual UK salary of £27,000
- Over a quarter of households – 7.5 million – have no contents insurance.
- This means that there is over £266 billion unprotected possesions, potentially at risk.
How much are the contents of my home worth?
As a rough guide, the below list gives you an idea of contents valuation for the size of your home.
|Property type||Average contents value|
|One bed flat||£20,110|
|Two bed flat||£26,966|
|Two bed house||£28,506|
|Three bed house||£38,160|
|Four bed house||£49,316|
Big travel insurance payouts
The average claim for medical expenses is £1,300 – this has increased 40% between 2011 and 2016. Despite the average claim being £1,300, it is not uncommon to rack up thousands in medical expenses when travelling abroad.
The USA attracts more than 3.8 million UK visitors a year – and with a notoriously expensive healthcare system, it might come as no surprise that some of the biggest claims are by Brits visiting America. We explored some of the biggest claims from Brits in recent years to give you an idea of just how important travel insurance can be.
- The biggest claim on our list is for £760,000 by a toursist visiting the USA who required treatment for a stroke and an air ambulance back to the UK.
- The second largest claim is for over £250,000 by a traveller visiting the US who fell of a bicycle and required medical treatment for a brain haemorrhage and broken shoulder.
- The third largest claim was for a traveller visiting Chile, whose medical bills amounted to £136,000 after complications following an insect bite.
Travel insurance industry statistics
How big is the travel insurance industry and how many claims are policy holders making?
- Claims are at their highest level since 2010 – when the volcanic eruption of Eyjafjallajökull cost insurers £369 million.
- Despite this hike in claims, travel premiums fell to their lowest level since 2004 at £481 million in 2016.
- In 2006, 62% of policies taken out were single trip. This has fallen to just 21% in 2016.
- Age remains a huge factor in the cost of travel insurance, with those over 66 paying 3 times as much as those aged 18-30.
Travel insurance provider statistics
When buying your travel insurance it’s important to shop around and get the right policy for you and your holiday. We explored all the travel insurance providers on finder to give you a breakdown of some key stats.
- Maximum cancellation cover allowance varied from £2,000 to £10,000.
- Maximum medical cover varied from £10,000,000 to unlimited.
|Maximum cancellation cover||£2,000||£10,000|
|Maximum medical cover||£10,000,000||Unlimited|
Data accurate as of 24/04/18.
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