1 in 3 UK Families Are Failing To Protect The Roofs Over Their Heads

17.7 million families across Britain are failing to protect their homes, possessions and income according to Aviva’s recent Family Finances report.

Despite 28% of families feeling emotionally attached to their homes, Aviva’s Family Finances Report shows that millions of families are potentially failing to protect the roofs over their heads as they don’t have adequate insurance in place in the event of a loss of income.

The report shows that 35% of families do have life insurance in place, which offers financial protection if an income earner should die. However, very little (11%) have critical illness cover or income protection (8%). This means that if an income earner should become ill or injured and unable to work, 11.7 million unprotected households would not be covered. The table below illustrates the vulnerability of UK families to loss of income.

Proportion of families without the
following types of cover

No. of uninsured households*

Income protection – 92%11.7 million 
Critical illness cover – 89%11.3 million 
Life insurance – 65%8.2 million 

The results of the report from Aviva are rather alarming. With the average family having to spend £505 each month on housing (rent or mortgage repayments), by failing to protect their incomes, families are at risk of losing not just their financial security, but also potentially putting the family home at risk.The concerns don’t end here either as the report also shows that 31% of families have no contents insurance in place, which equates to £139.6bn worth of possessions being unprotected from theft or damage.

If you’re one of the millions of families who aren’t protected, it’s certainly something to think about. You can call Aviva for more information on protecting your home and possessions or use one of the many comparison sites available online.

Other interesting, (and less alarming,) figures from Aviva’s database show that the typical British family home is a three-bedroom semi-detached house with one bathroom, built in the 1930s and owned with a mortgage. That mortgage is likely to be in the name of David and Susan – British families’ most common names – and the car most likely to be parked in the average family’s driveway is a Ford Focus.

Now that’s pretty specific we must say. Out of interest, if this sounds like your family home we’d love to hear from you.