According to the latest More Than Home Content Index, single people in Britain are set to suffer a £48 billion insurance gap by 2021. The insurance company believe that as nearly a third of people in the UK are living alone, these single households could be sitting on a time bomb if they do not take out home insurance to cover the ever increasing value of their home contents, currently averaging £19,284 per household.
According to the company, this is the group that are not covering their contents against potential loss. They also believe that as people are marrying later, and with divorce rates on the increase, the problem of single people without adequate insurance could increase dramatically. More Than also consider that the value of possessions could also be driven up further due to predictions that the average disposable income could increase to £30,000 by 2008.
Our view
People need to be very careful about protecting their belongings.