Argus: 32% Without Home Contents Insurance
The Argus Group released findings from new research that shows a third [32%] of Bermuda residents are without home contents insurance.
Renters, who made up one third of those interviewed, are significantly more likely than homeowners to be without this form of protection with over half [56%] choosing to take the risk of not insuring their belongings.
The research commissioned by the Argus Group also indicated those with home contents insurance may not have sufficient cover to protect themselves, with less than half of residents [48%] able to place a total value on their belongings.
John Doherty, Executive Vice President of Property & Casualty, the Argus Group, says: “We understand that given the financial challenges presented by the current economy, people are looking to minimise their overheads as much as possible and may think of insurance premiums as an unnecessary expenditure.
“I would however urge people to take a long-term perspective and consider whether, if the worst happened, they have enough money to replace their belongings.
“As our research shows, most people are unable to say how much their belongings are actually worth. From our experience in setting up home contents insurance policies, we know that our clients are often surprised by the value of their physical assets once they make some calculations and realise how quickly the total can run into thousands of dollars.
“We estimate that the average professional’s wardrobe is worth in the region of $10,000. If you add that to the cost of replacing your TV, furniture, appliances, laptop, BlackBerry, personal stereo, jewellery and other high-value items, you are looking at an amount that most people could not afford to cover with their salary or even savings. Home contents insurance offers peace of mind, knowing that you can make a claim to replace your belongings should the worst happen.”
