Norwich Union: Contents insurance not valued by Britons

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Norwich Union: Contents insurance not valued by Britons

According to Norwich Union, home contents insurance is not a priority for many Britons, who do not believe the worst could happen to them.

Alison Palmer, household underwriting consultant for Norwich Union, said that if a homeowner has a mortgage, their home loan provider will require that they have building insurance.

The same is not true with contents insurance, however, she explained, adding that "a lot of people just take the view that 'well, it'll never happen to me'".

Figures from the Association of British Insurers reveal that £9 million was paid out in 2006 to homeowners for property damage or possession loss.

Norwich Union said it is estimated that 25 per cent of people in the UK do not have contents insurance, a situation that Ms Palmer called "an awful amount".

"People can lose everything and it's a horrible thing," she commented.
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