Insuring home contents cost less than week’s takeaways

The average cost of home contents insurance now stands at a record annual low of £127 a year - or £2.40 a week - according the ABI’s home insurance premium tracker.

The figure stands at its lowest since the ABI started collecting the data in 2012 and equates to around half the average £5.10 that households spend per week on takeaway meals.

Yet despite this, one in four UK households - some six million - have no insurance to cover their possessions, the ABI said.

Its analysis, which used Office for National Statistics (ONS) data, found that households in Northern Ireland are the best protected, with 82% insured, while those in London are the least protected with only 55% having contents cover.

“While the average cost of home contents insurance is at an all-time low, too many households are still playing Russian roulette with their possessions,” said ABI senior policy adviser Laura Hughes.

“For some people on lower incomes and renters, especially in cities, insuring your possessions may be seen as unaffordable or unnecessary.”