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Home insurance statistics
Have homeowners in Britain got their homes covered?
Despite home insurance providing vital protection for your home and possessions, many homeowners in the UK are choosing to not insure their homes. Our research shows that 19 million Brits have contents insurance, some 1.1 million fewer than 5 years ago. We explored why Brits are not buying contents insurnace and what they are putting at risk without it.
- There are 22.6 million homes in the UK
- 6 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
- Water damage accounted for over 30% of home insurance payouts
- The Financial Conduct Authority reports that 6 million Brits are overpaying for their insurance (including home insurance).
- If those Brits paying a high premium paid the average premium they would save £1.2 billion a year.
Who is buying home insurance and who isn’t?
With over 22 million homes in the UK – how many homeowners have insurance and how many are risking going without?
- There are 22.6 million homes in the UK
- 6 million homes in the UK don’t have home insurance in 2018
- This equates to 1 in 4 properties are uninsured
Which regions are better at having their contents covered?
Northern Ireland is the best region for having their contents covered, with 82% of homes having cover. Whilst only 55% of London homes have contents cover. Explore the map below to see which regions have the most homes without contents cover.
Percentage of homes without home contents cover
|Region||Percentage of homes without home contents cover|
|East of England||22%|
|Yorkshire and The Humber||22%|
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 to be covered on your contents insurance.
- A combined contents and building insurance policy cost an average of £307 a year.
- Building cover costs an average of £258.
- Contents insurance costs an average of £127.
- That’s the lowest average price since 2015 for contents insurance.
- Combined cover costs on average less than £6 per week.
- Paying an average home insurance policy monthly means would incurr interest payments of £34 over the year (on a £265 annual policy with 22.9% APR).
Home insurance premium costs over time
We explored the data to find out how the median cost of home insurance premiums purchased online has trended over time from 2013 to date. Q3 figures from 2019 show that home insurance premiums are at their median highest rate since Q4 in 2013. In general, the trend of home insurance costs was on the decline from 2013 to until Q4 2018 where prices have begun to rise again.
|Time period||Median price paid for Home Insurance policies online|
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?
|Domestic claims incurred by peril (2018 Q3)||Percentage of claims|
|Fire & explosion||17%|
|Escape of water||30%|
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 average contents policy costs just £127 a year, or £2.40 a week.
- 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 possessions, potentially at risk.
- Of those who do not have contents insurance, 16% reported not being able to afford it, while 13% felt they did not want or need it.
How many homes have contents insurance?
The latest report shows that over 19 million homes in the UK have contents insurance in 2018. This figure is, however, the lowest in the last 5 years, 1.1 million fewer than in 2013. Explore the graphic below to see how the number of households with contents insurance has trended over time.
|Year||Number of households with contents insurance (millions)|
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.
|Four bed house||£49,316|
|One bed flat||£20,110|
|Three bed house||£38,160|
|Two bed flat||£26,966|
|Two bed house||£28,506|
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