AXA: Brits face £225bn insurance deficit

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AXA: Brits face £225bn insurance deficit

AXA has published a survey which shows that people in the UK could be facing a total insurance deficit of £225 billion because they underestimate the value of their household contents.

The research shows that the UK's 24.9 million homeowners and tenants value their household possessions at £38,000 on average.

Yet at the same time the average household is insured for just £29,000, meaning that homeowners and tenants could be left struggling with £9,000 worth of goods to replace out of their own pockets if the worst happened.

Nick Kidd, AXA's head of household insurance, said: "£20,000 or even £30,000 worth of insurance is unlikely to cover all the contents in your home.

"It's very easy to under-value your possessions."

Last month, Abbey Home Insurance published research which suggested that the number of domestic burglaries is set to rise across the UK as the country goes into recession.
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