Research released today (26 October) by The Co-operative Insurance and housing and homelessness charity Shelter has revealed that over a fifth (5.41 million) of households in the UK have no insurance protections in place.
- One fifth of the UK households are uninsured*
- 42% of people say they can’t afford home insurance
- On average those insured are underinsured by £4,650
Despite the winter months fast approaching, where home insurance claims can often peak due to adverse weather, people are shunning home insurance altogether, or opting out of continuing with their insurances at renewal, with 42% claiming that they cannot afford to take out cover.
The research has revealed that over two thirds (68%) of people are worried about money with 28 per cent having more outgoings than incomings, the average deficit being £165, and that over a quarter (26%) of people do not feel confident that they can pay their bills every month.
The new research comes as Co-operative Insurance and Shelter are joining forces to help raise money for the charity’s vital work helping families across the country find and keep a decent home of their own. From today £5 will be donated to Shelter for every new Co-operative Insurance Home Insurance policy purchased.
Although not having home insurance can have major implications, over a fifth (22%) of people do not think that home insurance is important, while 18% do not believe that they have anything worth insuring. 16% of people have never got round to taking insurances out and 15% don’t have any because it is not a legal requirement.
Lee Mooney, Head of Home Insurance at The Co-operative Insurance, said: “At the moment everyone is, understandably, looking to save money however a worryingly high percentage of population do not have home insurances and are leaving themselves open to much greater risks and expenditure in the long run.
“If there is a fire, originating from an uninsured home, which causes damage to other surrounding properties the uninsured person would be liable for repairs to all the damaged properties. Also if a policyholder decided to cancel their insurance and then an essential but expensive item was broken or stolen they could find themselves in a difficult situation, especially as the research shows that many people’s outgoings are more than their incoming wage.”
The Co-operative Insurance is looking to raise £250,000 for Shelter through the partnership, with all the money raised going directly towards Shelter’s vital housing advice service and free helpline, which helps thousands of people across the country keep a roof over their head.
Lee Mooney continues: “Unfortunately thousands of households are struggling with their finances and as a result an increasing number are at risk of losing their homes. The Co-operative Financial Services is proud to be working with Shelter to help people stay in their homes and take control of their finances.”
Campbell Robb, chief executive of Shelter said: “Nothing is more important than having the safety and security of a decent home. At Shelter we help people every day in desperate housing need and we are extremely grateful to Co-operative Financial Services for helping raise much needed money so we can help even more families during this difficult time.
“Through this partnership we hope that not only will people have the peace of mind that their own home is safe and secure, they can also make a huge difference to thousands of people in real housing need.”
For further information please contact
Jenna Moss / Catherine Laycock
The Co-operative Financial Services Press Office
Tel: 0161 903 3831 / 3833
Email : firstname.lastname@example.org / email@example.com
*Notes to Editors
- 21% of people questioned do not have home insurance
- 21% of number of households in the UK (25.8million) = 5.41 million
Research conducted by 72 point questioning 3.000 respondents.
About The Co-operative Financial Services
The Co-operative Financial Services (CFS) is part of The Co-operative Group, which is the world’s largest consumer co-operative with around five million members, over £14 billion turnover, and core business interests in financial services, food, travel, pharmacy and funeral care. The Co-operative Group has over 5,000 retail trading outlets.
Following the merger with Britannia Building Society on 1 August 2009 CFS is one of the largest and well diversified mutual businesses operating in both retail and corporate markets.
As part of The Co-operative Group, the new business is characterised by its unique ethical and member reward policies and very high levels of customer advocacy.
The combined business has £70 billion in assets, 12,000 staff and nine million customers. It has over 300 high street branches, 20 corporate banking centres and a major presence in Manchester, London, Leek, Plymouth, Skelmersdale and Stockport.
It is the only mutual organisation that enables its members to earn financial rewards for the products they hold, as well as giving them the opportunity to have a say in how the business is run
Shelter believes everyone needs a home in a place where they can thrive. We help over 170,000 people a year fight for their rights, get back on their feet, and find and keep a home. We also tackle the root causes of bad housing by campaigning for new laws, policies, and solutions. Our work won’t stop until there’s a home for everyone. Please help us. Visit shelter.org.uk to join our campaign, find housing advice, or make a donation.