Britons failing to take out buildings insurance

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A large number of home owners are putting themselves at financial risk by not having building insurance, according to a new report from Nationwide.

The study claims that two in five people do not have buildings insurance, meaning unexpected damage caused by storms, floods, fire or subsidence could be financially disastrous.

A further 25 per cent do not have home contents insurance either, despite Nationwide figures indicating that most owners believe they have between £10,000 and £40,000 worth of belongings in their property.

"It is astounding that so many people are prepared to take such a gamble on their homes and personal belongings when you consider how much time and money we all invest in our homes," commented Nationwides insurance director, Robin Bailey.

"You never know what is around the corner and for that reason it is vital that people are prepared by having adequate insurance."

Londoners are the least likely to have either buildings or contents insurance.

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