The Post Office has launched a campaign today to raise awareness about money being lost by uninsured households.
The Post Office estimates that lack of home contents insurance costs people more than £350m in replacing lost or damaged items every year. It is warning that these already alarming figures are on the increase.
Those deemed to be most at risk are tenants in furnished accommodation as 70% do not have insurance.
A major reason cited for people's lack of insurance is that the minimum sum to be insured is usually £15,000 or more, and many people simply do not have contents worth that much. High premiums are also thought to be a contributing factor.
Post Office spokesman Kevin Mcadam said: "We're concerned that customers are either paying too much in order to cover their belongings or, as our survey suggests, don't take out any insurance at all. That's why we've launched this campaign. Many people believe they're saving money by not having cover. But if the worst should happen, where would they find the money to replace all their possessions?"
The Post Office is taking this opportunity to publicise its own home contents insurance, which is underwritten by Royal & SunAlliance, that it believes could be the answer: "The new Post Office home contents insurance allows customers aged over 60 to insure belongings from as low as £7,000. Our policies, with premiums starting at just £30 a year, give peace of mind from just a few pounds a month.
"For those under 60 years old, the minimum sum insured is just £10,000 with annual premiums from as low as £53.20," Mcadam said.
