ALMOST one fifth of home owners aged 60-years-old and over in the South West have never updated their home contents due to a lack of clarity around their home insurance policies, new research reveals.


The research, from charity Age UK South Gloucestershire, estimates that this leaves an estimated £3,368 worth of items uninsured per household.


Two thirds (65 per cent) of these consumers stated that they did not know that they may need to review their cover to ensure their policy includes new purchases and of those, almost one third (29 per cent) assumed that new or particularly valuable items would be covered when they renewed their contents insurance.


This confusion is emphasised by additional research showing that over four fifths (85 per cent) of consumers struggle to understand the financial products they have.


Patrick Morrissey of Age UK South Gloucestershire said: “It’s important that customers understand exactly how their home insurance policies work and that they are empowered to take full control of their finances.

"Our research shows that clear guidance on the need to update home contents insurance after purchasing expensive items or renewing a policy is not being received.


“Reviewing contents insurance documents and regularly calculating how much it would cost to replace all home contents can go long a way to helping homeowners make sure their personal belongings are covered at the correct value.”