According to Nationwide, many people are failing to obtain adequate insurance for their homes.

One in five (20%) of those questioned did not have any buildings insurance and would not be covered in the event of damage caused by floods, storms or a house fire. Of those who do have buildings insurance, almost 25% do not know what is covered under the policy.

The biggest majority of those questioned (21%) estimate the total value of their home contents to be between £10-20,000, but around 14% have not taken out cover for the contents in their homes. And 17% of those with contents insurance admit to not knowing what is covered under the policy.

Robin Bailey, Nationwide’s insurance director, said: “It is surprising 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. You never know what is around the corner and for that reason it is vital that people are prepared by having adequate insurance.”

The research also revealed that almost one third (31%) of those aged 35-44 don’t know what is covered under their buildings insurance or whether they are covered at all. However, those aged 45 and over are more likely to have both buildings and contents insurance and claim to possess full knowledge of what is covered.

Regionally it was found that those living in the North East (35%) were least likely to be covered by buildings insurance and Londoners (23%) were least likely to insure the contents in their home. Those living in Wales (96%), the East Midlands (90%) and the South West (92%) were most likely to be insured for their home contents.