Research into The Hidden Value of British Homes shows £212.9bn worth of possessions in UK homes are at risk. On average 26% of people with contents cover are underinsured by £20,000 - with £138.5bn at risk in total.
Most worrying is that one in five have no insurance for home contents at all, which leaves on average £74bn of possessions completely at risk.
You might be making personal or family cut backs at the moment, but insurance is one area where you must make sure you stay fully covered. There are some really competitive home insurance policies in the market at the moment.
It can also be easy to forget to insure acquired items from an inheritance or a latest purchase, so make sure you try to review your insurance needs on an annual basis. By not insuring your home for enough money puts your belongings at risk. The easiest way to work out how much cover you need is to work your way through each room of your house, totaling up the amount of items and value in each room.
The report also found that among those with contents insurance, 39% had not adjusted the value to account for inherited heirlooms such as jewelery, furniture and antiques.
A total of 4% did not realise that the amount of contents cover on their home insurance would need to be adjusted or simply admitted they had not got around to it.
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