As many as 1.5 million people could be without adequate home insurance according to a new survey.
A poll of 2,017 homeowners found 2% had contents insurance but no buildings cover, 3% had buildings insurance but no contents cover, and 1% had neither type of insurance.
The survey also found that the problems were more serious among young adults, with 12% of those aged 18-34 missing at least one of the two insurance types. London and the South East was the most underinsured area, with 11% of people across all age groups lacking one or both forms of cover.
Moneysupermarket.com, which commissioned the survey, warned that this was a substantial risk with burst pipes, subsidence and boiler breakdowns all posing potentially thousand of pounds in costs for those without buildings insurance. It noted that combined cover can cost as little as £169 for an average household and suggested those on tight budgets look for insurers who break down premiums into monthly payments without charging fees or interest.
