Homeowners and renters in London may be undervaluing the contents of their home by thousands, with many admitting their possessions are at risk, new research reveals.
Admiral Home insurance surveyed 1,000 people in the UK, asking them to estimate the value of all contents in their home. The average figure for the capital came out at £25,042– more than £17,000 less than the average contents value of £43,629*.
A quarter of respondents in London (25%) said they didn’t think it was necessary to increase their insurance level on a regular basis, for example when they buy a high-value item such as jewellery or home technology. Furthermore, 13% said they have never updated their policy at all. Contents are defined as everything from a wardrobe of clothes, to pots and pans, to any gadgets owned. Contents also includes carpets and curtains, which are easy to underestimate.
This large disparity between the perceived contents value and actual value becomes even more alarming as more than a third (38%) of residents in London revealed their contents were at risk in some way, whether from burglary or flooding.
Furthermore, the majority (75%) of people surveyed who owned antique or vintage items have never had them valued. This could mean precious possessions are under-covered.
Noel Summerfield, Head of Household at Admiral said: “It’s important that homeowners or renters provide a correct estimate for their contents, otherwise they could end up without enough cover should they have to make a claim. The value of most items can be searched on the internet, but antiques or jewellery should be valued by a professional before being added to your policy.”