- MoneySuperMarket explores the most protected millennials in the UK, based on their contents insurance policies
- Data analysis reveals that 20-39 year olds in Swansea have the best cover against local theft in the UK
- Colchester has the highest claim rate at an average value of £2,005, while the lowest is Plymouth at £800
Are younger people as prepared for a burglary as they should be? The UK’s leading price comparison site MoneySuperMarket today reveals the locations in the UK where millennials are best covered for the risk of burglary, with the South Wales city of Swansea proving to be the most prepared.
Based on the rate of millennials taking out policies against the local burglary rate, the study found that Swansea comes out top, followed by Newcastle upon Tyne and Portsmouth. The lowest researched is Bradford, which also has the third highest burglary rate across major cities in England and Wales, while the location with the highest average claim is Colchester at £2,005.
The table below shows the burglary rate and the uptake rate of contents insurance policies in each area, with a lower policy/burglary gap indicating locations have the most policies per person compared with the burglary rate.
|Location||Policy Uptake Rate ||Burglary Rate (Claims* 1000 / Enquiries)||Policy/Burglary Gap||Average Claim|
|Newcastle upon Tyne||83%||14.0||-5.40||£1,500|
Technology is a popular choice for insurance, with 24.8% insuring their laptops and notebooks against theft. That’s higher than for any other item, and a smart choice – they are stolen in 31% of burglaries. As well as protecting their technology, millennials rely on it to protect their homes: smart doorbells, sensors, and CCTV are all used more by 25-34 year olds than any other age group .
Here are some tips to ensure you’re taking the correct precautions when it comes to protecting your home and getting the best deal possible on your cover.
- Consider basic cover – Dependent on what you need to insure, you may wish to consider “basic cover”, which is a cheaper option but still worthwhile. Read through potential policies carefully to make sure they cover exactly what you need, and if you’re ever unsure, contact the provider.
- Look at security options – Adding an extra layer of protection to your home is always worthwhile, and better locks, burglar alarms and joining the local Neighbourhood Watch scheme can all help reduce your premium.
- Pay annually – Paying monthly may be more flexible, but paying your insurance on a yearly basis can reduce the overall cost.
Rachel Wait, consumer affairs spokesperson at MoneySuperMarket, commented: “We all want to protect our homes, but burglaries unfortunately do happen and they can be a very stressful experience.
“While there’s no way to completely protect your belongings, contents insurance can at least provide some peace of mind that you won’t suffer financially.
“It’s good to see that young people in Swansea are aware of how insurance can help offer security. But those in cities like Colchester, where the value of an average claim is high, and Bradford, where there are comparatively few policies, should make sure they’re considering the insurance options available to them.
“Contents insurance doesn’t need to be expensive, either. From paying annually to increasing security, there are ways to reduce the price – and customers comparing through MoneySuperMarket can save up to 43% on their home insurance.
“An important tactic to consider when taking out or renewing your contents insurance is to shop around for cover that best suits your needs. Check a variety of different insurers and make yourself a new customer every year to see what new savings are available.”
For more information on which millennials are best at protecting their belongings, and how they measure up with other age groups, review the full study on MoneySuperMarket.