Home Insurance -
Many homes are undervalued - 09/06/2008
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UK homeowners are seriously undervaluing the contents of their homes, reveals research from Legal & General.
Out of 4,000 people surveyed for L&G’s Changing Face of British Homes research, over a quarter believe the cost to replace their home contents would be less than £20,000.
But Legal & General estimates the average value of the contents of a three-bedroom house is actually in excess of £40,000.
Those aged between 18 and 24 are most likely to be undervaluing the value of their home contents, placing the average at just under £27,000. The survey pegged the Brit average estimate at £33,191.
Garry Skelton, marketing director for L&G’s general insurance business, says: “If there is a significant gap between the level of cover and the actual replacement cost of the contents, customers could be very disappointed if they ever did need to claim, as the amount paid may not be sufficient to replace their belongings.''
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