Home Insurance Statistics

Have homeowners in Britain got their homes covered?

Esther Wolffowitz
by , Insurance Publisher

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.

Quick overview

  • 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

£35,000

The average contents of a UK home is worth £35,000.

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

6 million

Homes in the UK 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
South West22%
South East19%
East of England22%
West Midlands28%
East Midlands21%
Yorkshire and The Humber22%
North West24%
North East32%
Wales22%
Scotland26%
Northern Ireland18%
London45%

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 £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.

£6

The average home insurance policy cost just £307 a year, or under £6 a 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?

£1.8 million

Is paid out every day for ‘escape of water’ claims.

What do people claim for on home insurance?

Percentages based on value of gross claims incurred.

Type of claimPercentage
Fire & explosion17%
Theft16%
Weather8%
Escape of water31%
Domestic subsidence4%
Accidental damage12%
Other domestic claims13%

Percentages based on value of gross claims incurred.

Contents insurance

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.

£2.40 per week

Is the average cost of contents insurance, less than UK households spend on takeaways per week (£4.40)

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
Bungalow £42,084

Sources used

  • ABI
  • ONS
  • Admiral
  • Nimblefins

For all media enquiries, please contact

Matt Mckenna
UK Communications Manager
T: +44 20 3828 1338
matt.mckenna@finder.com@MichHutchison/in/matthewmckenna2

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