Large proportion of UK homes remain uninsured

Home insurance provides essential cover for a person’s home and its contents. Despite this, a large segment of the UK homes remain uninsured, putting people’s property and content at risk.

The research shows that out of the 22.6 million homes in Britain, around 6 million don’t have any form of home insurance in place, equating to one in four properties.

The study also looked at regional home insurance trends, finding Northern Ireland to be the best region for home insurance, with 82% of homes having cover. London lags somewhat behind Northern Ireland, with just 55% of homes in the capital having adequate insurance.

With the average value of home contents in the excess of £35,000, properties being the biggest investments people make in their lives, and with the average premium for buildings and contents cover being £309, it stands to reason, taking out home insurance is a sensible precaution.

Reasons for not having home insurance range from an unwillingness to commit to another expense, to believing that buying home insurance is difficult.

Another reason that deters people from taking out home insurance is due to a belief that the cover would be difficult to place because of adverse credit or claims’ history, such as previous claims, bankruptcies and declinatures.

This is where Nelson Policies at Lloyd’s can step in.

We offer non-standard residential cover for property owners with adverse financial history and other issues that may make it difficult for them to qualify for home insurance.

Our non-standard residential policy for property owners provides cover for people with criminal convictions, adverse financial history, adverse claims’ history and for risks that have previously been declined.

To find out more about Nelson Policy at Lloyd’s non-standard residential cover for property owners with adverse claims or credit history that means they are unconfident about applying for home insurance, get in contact with our team of residential insurance specialists today

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