Thousands of UK households are having to pay the price of being burgled twice, first for being burgled, and then for neglecting to get home insurance cover. According to a study conducted by Clydesdale and Yorkshire Banks, uninsured burglary victims are having to foot a collective bill of £200 million annually.
According to the figures published by the Association of British Insurers, one in four households in the UK do not have home contents insurance cover, while approximately one in three are without buildings cover. This means that over six million households in the country face the prospect of having to bear the cost of a burglary themselves.
Roughly 600,000 burglaries are reported each year, and Clydesdale and Yorkshire Banks estimate that, up to 150,000 of the victims are not covered by contents insurance. With average burglary cover claims standing at around £1,200, the total cost for these victims work out to the aforementioned £200 million.
Reportedly, around £3.2bn is paid out each year on claims for damage and theft of property by the insurance industry, with one in ten homes making a claim each year. The average claim on buildings cover stands at about £1,260, while the average claim on home contents insurance is slightly above £1,200.
In order to reduce the cost of home insurance premium, consumers are advised to make good use of household security devices. Security measures such as double deadlocks, five-lever mortice door locks, indoor and outdoor sensor/timer lights, offer great protection against burglary.
Statistically, window locks were proven to be the most successful anti-burglary measure, just ahead of double deadbolts on doors. Having sensor/timer lights in place also halves the risk of being burgled.
But inevitably, none of these measures are full-proof. On the other hand, insurance, in a sense, is. Steve Reid, Retail Director at Clydesdale Bank, said that while home contents insurance will not stop the crime from happening, it will ease the burden should the worst happen.
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