Burglaries 'could cost uninsured homes £200m annually'

New research has found that around one-quarter of UK households do not have home insurance policies

People without contents and buildings insurance are facing the possibility of losing up to £200 million annually, new research released today (May 24th) suggests.

According to a study by the Clydesdale and Yorkshire Banks around 25 per cent of households in the UK are not protected by annual insurance, leaving thousands of people massively out of pocket when they fall victim to a theft.

Nearly one-third of homes are not covered by buildings insurance, meaning that there are more than six million households nationwide running the risk of having to personally foot the bill for the cost of a burglary.

Around £3.2 billion is paid every year through home insurance policies on claims for damage or theft of property. With there being around 600,000 burglaries reported annually, this equates to an average claim of roughly £1,260.

Steve Reid, retail director at Clydesdale Bank, said: "Adequate home contents insurance can't stop the crime from happening but it can ease the burden should the worst happen."

Clydesdale and Yorkshire offer a standard contents cover package that insures up to £50,000 worth of stolen goods.

By Joe Letts