Too many households under insured

20th June, 2006

Once again, recent research has found that householders are under insuring their worldly goods by as much as 50 per cent. The survey carried out on behalf of insurer Hiscox also discovered that this may be due in part to members of their households where racking up the increased household contents value through acquiring expensive designer wear as well as state of the art technology, music equipment and computers. Another survey from a leading insurer recently stated that they found that homeowners were more likely to be under insured than ever due to the fact that 70 per cent of children under the age of 16 had TV's computer games and other expensive equipment in their bedrooms. The result of underinsuring if the victim of a house fire or theft is that the payout will be less than needed to replace.

 

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