Anyone who has ever been burgled or had their home damaged by fire or flood will know how distressing it feels to lose a treasured personal possession, regardless of its material value.
And for 14.5 million people this is an unfortunate reality with almost a third (32%) saying they have a treasured possession. Despite this, one in four Britons risk heartbreak and continue to put their most treasured possession at risk by having inadequate home insurance according to the results of a survey from Santander Insurance.
The research conducted for the launch of Santander's Peace of Mind Plus Home Insurance asked consumers to name their most treasured personal possession. Photographs topped the list for 24%, followed by their music collection (8%) and wedding and/or engagement rings (8%).
When asked to put a cost against their most valued treasured possession, one in four (23%) of people said it was ‘priceless' with no cost attached. For those who were able to attribute a figure, the average amount was £1,891. Despite this a startling one in five doesn't know if their insurance actually covers their most treasured possession and a further 14% don't even have cover.
Almost two in five (37%) of people said the feeling of heartbreak would be the worst thing about losing their treasured possession while one in five admitted inconvenience and cost would be the hardest thing to deal with.
And the research found that almost a third of people believe it's possible to insure against the loss of children while two-fifths believe they can insure against the loss of their spouse or partner.
Colin Greenhill, director for Santander Insurance, commented: "Until you actually lose something of immense personal value you've no idea how you'll feel, but our research shows that a good many people do put their most valued item at risk. A fifth of people say they don't know if their insurance will cover their most treasured belongings.
"Buying your home insurance based solely on price may seem like a good idea, but it may also leave you with poor cover and at risk of being underinsured, paying more in the long run.”
