One in five 18 to 24-year-olds plan to cancel their home contents insurance at renewal to save money, according to new research1.
As well as highlighting current cost-of-living concerns, the statistic reveals a worrying picture for young people who plan to abandon protection.
Home contents insurance can be a shrewd financial investment because it protects you from the worst-case scenario of having to replace costly contents, maybe all at once.
With policies starting from just over £1 a week, the expense is low in proportion to the peace of mind that home contents insurance provides.
Indeed, the average price paid for home insurance has fallen to its lowest levels in at least a decade, according to the Association of British Insurers (ABI)2.
Before you ‘opt out’ of your home contents insurance, it is helpful to think of the bigger picture and develop a plan to balance all your financial commitments.
1GoCompare, 2023, 2ABI, 2023