30% of Americans lack sufficient home, contents coverage
Just one-third of Americans say all of their valuables are adequately insured.
Roughly one in three American households haven’t insured their most valuable items, according to a new study.
Research from Compare the Market found 30.2% of Americans lack home and/or personal property coverage, saying none of their valuable items are currently insured. Another 29.4% said only some of their valuables are insured appropriately.
Just 33.3% of Americans said all of their valuables are covered by insurance.
“It’s promising to see a significant portion of Americans having a home and/or contents insurance policy, but it’s not the majority,” said Adrian Taylor, Compare the Market’s executive general manager of general insurance, in a press release. “Home and contents insurance can help pay for damages and incidents that affect your home or belongings from any listed or defined events, such as fire, theft or storm damage.”
Study participants said the most valuable items in their home were their family photo albums (14.1%) and personal documents (13.9%). Other top valuables included cars (13.1%), cash (10%) and electronic items (9.9%).
Respondents said they were most concerned about fire damage (24.6%). Theft or burglary (18.2%), flood or water damage (15.1%) and general storm damage (11.6%) were also top of mind.
Homeowners must “remember to accurately specify the value of your home and valuable items in your policy to ensure they are covered and not risk underinsurance,” Taylor said.
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