According to a recent insurance survey nine out of ten households in the UK were found to have under-insured their home contents. At an average of at least £10,000 per household, this leads to a national figure in the region of £250 billion pounds worth of un-insured household possessions.

Out of those living alone over 30% had failed to buy any house contents insurance at all. It appears that households with single occupants are therefore at greater risk of suffering a financial shortfall in the event of a robbery or damage.

The majority of these single homeowners are high earners with disposable incomes. They predominantly spend their extra cash on gadgets, expensive clothing and entertainment systems. All of these are costly to replace and attractive to burglars.

As more people marry later in life and the rate of divorce increases, more people live alone. The survey revealed that many of the single homeowners surveyed did not realise the total worth of their home's contents and so had failed to insure their possessions with a reliable home insurance policy.

The value of contents in the average home is in the region of £30,000 to £40,000, yet too many people get buildings insurance only, as this is insisted upon by mortgage providers. Unfortunately, UK burglary statistics also outweigh the risks of damage from a fire or flood.

It is important to have adequate home contents insurance as well as insurance that covers the house, as a financial hit on either can have long running effects on homeowners’ financial wellbeing.