Brits 'don't know how much they own'

More than half of people in the UK are clueless as to the value of possessions they hold in their homes, it has been revealed.

A survey conducted by More Than suggests Britons are too caught up in their daily lives to consider the worth of their property's contents, with 56 per cent admitting to giving it no thought at all.

The average 40-year-old, meanwhile, believes the total value of their personal possessions is around £11,000 less than the actual amount.

As a result, More Than product director Dowshan Humzah has urged Britons to give the matter more thought as it has a direct impact on home contents insurance.

"Brits work hard enough to buy things but by not keeping track of what they own, they run the risk of being under-insured," he commented.

"The report shows that on average, people spend £13,000 every five years on things they keep in their home so home contents policies need to be checked and updated regularly as a result."

Mr Humzah also warned that moving in with a partner will affect the total value of home contents - and therefore home insurance.

Having a child is also said to add £2,000 to peoples' home contents values.

25/06/2008 10:17:39