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Spending spree leaves homeowners lacking cover

Homeowners are drastically under-insured as a result of a consumer spending boom, says a survey by Charcol Insurance Brokers.

The survey reveals that over the last 12 months, 48 per cent of UK homeowners have bought major items for their homes. Despite this, 61 per cent have not reviewed their insurance cover over the same period.

A further 32 per cent have not reviewed their contents cover for over two years while one in 10 has never reviewed their cover.

Charcol says in its experience, about eight out of 10 clients are underinsured, some dramatically so.

Managing director Nigel Asplin says: “We are urging homeowners to review the value of their home contents at each renewal. This simply involves an assessment of property, totting up the value of items, including everything from CDs to clothes. Many insurers will be able to help with checklists and calculators and you might be surprised by how quickly the total mounts up.”

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