The research also revealed that almost 32% of homeowners have not reviewed their contents cover for over 2 years, with a worrying 1 in 10 having never reviewed their contents cover.
Commenting on the results of the survey, Nigel Asplin, managing director of Charcol Insurance Brokers, said: “The last year has seen a UK consumer spending bonanza and, as a result, many people could be facing an insurance shortfall if the worst happens and they need to make a home contents claim. In our experience, around 8 out of 10 clients are underinsured, some dramatically so.”
