Client understanding patchy on contents insurance – Axa

According to Axa UK, only a third of adults have a complete understanding of what home insurance covers and severely undervalue the items they acquire over time, despite the fact that the average home contains nearly £30,000 worth of possessions.

Axa UK found the top five things that people forgot to add to their insurance policy are: laptops and devices; wedding/engagement rings; watches; designer handbags; and inherited items such as antiques, artwork and jewellery.

Axa UK’s study of 2,000 adults found Baby Boomers estimate they have the most possessions - £36,166, while Gen Z have the lowest - £21,744. The average one-bed flat is estimated to contain contents valued at £15,713 and the average four-bed house has £41,361 worth of goods.

Tara Foley (pictured), CEO of Axa UK Retail, said: “It’s easy to miss things when it comes to insurance, after all you often only know you need it when it’s too late.

“It’s worth, every so often, taking an inventory of the things in your home and checking your home and contents insurance is up to date.

“And if you’re not sure whether your insurance covers things like lost engagement rings or smashed phone screens – check your policy or get in touch with your insurer.”

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