Insurance Space

Music-lovers heading off to Glastonbury Festival later this month should make sure they have adequate home insurance to protect their belongings, esure Home Insurance has said.

For the 175,000 people looking forward to the biggest musical event of the year, they will be thinking more about the line-up than the risk it poses to their possessions, with thieves abound and a slim chance of recovering a lost item.

While valuables left unprotected in an unlocked tent will not be covered by a home insurance policy, a mobile phone which falls out of a pocket, lost forever under inches of mud and trampling feet, would be replaced up to a specified item limit.

Tesco has found that by not switching home insurance, Britons lost out on ?26 million last year.

Its research showed that 64 per cent of people stayed with their existing home and contents insurance provider at their last renewal, despite the fact that almost half of them saw a price increase and four million saw their premiums go up in excess of inflation.

Of those that saw an increase in excess of inflation, only five per cent had increased their level of cover and 16 per cent had made a claim in the last year.