New research has found that 25 per cent of Brits do not have the adequate insurance for their most treasured possessions.
Leading European Bank Santander have carried out research showing that the average estimated value of people's treasured possessions comes to the total of £1,891.
A third of people have lost a treasured item and a quarter of people don't insure their most treasured possessions. 14.5 million people across the UK are not correctly insuring their most loved items despite one in four claiming they would be ‘heartbroken' if the they lost a most treasured possession.
Anyone who may have been burgled, or had their home damaged by fire or flood will have sentimental attachments to certain items regardless of their material value. One in four people said their treasured items were ‘priceless'.
The study found that photographs topped the list of favourite possessions as 24 per cent of people said that would be the worst thing to lose. Wedding rings and music collections are on par as 8 per cent of the nation said this was their most treasured item.
If people have experienced loss of damage to their loved items, the study found that inconvenience and cost would be the hardest thing to deal with. The research also found that a third of people believe it's impossible to insure against the loss of a child but two fifths believe they can insure against the loss of a partner or spouse.
Home Contents Insurance
However, the research also found that one in five people don't know if their home contents insurance covers them and 14 per cent don't even have home insurance cover. Women are more affected by heartbreak over losing a treasured possession and 14 per cent of men admitted having no treasured possessions at all.
"Buying your home insurance based solely on price may seem like a good idea, but it may also leave you with poor cover and at risk of being underinsured, paying more in the long run” said Colin Greenhill, Director for Santander Insurance.
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