Uninsured homeowners ‘risking debt’

People may be risking debt difficulties by not acquiring adequate home insurance.

New research from Clydesdale and Yorkshire banks has found that b…

People may be risking debt difficulties by not acquiring adequate home insurance.

New research from Clydesdale and Yorkshire banks has found that burglary of uninsured victims in the UK is costing them around £200 million each year.

The analysis discovered one-in-four households do not possess home contents cover and one-in-three have no buildings insurance.

It means that more than six million Britons face the risk of covering the financial loss created by robbery themselves.

An average claim of around £1,200 could result in them forking out a total of up to £200 million every 12 months.

Steve Reid, retail director at Clydesdale Bank, warned: “It makes sense to take precautions to prevent burglaries from happening … but security measures are not fool-proof and you can still fall victim to a determined burglar.”

Saga Holiday Home Insurance recently presented figures that showed ten per cent of Britons with property abroad do not have the necessary cover.

By Joe Shervin

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