Homeowners are prioritising fitting out their new properties over protection, according to research from Vitality.
A survey of 2,000 homeowners, conducted by Opinium on behalf of Vitality, found those polled were more likely to actively plan for new furniture (36%), décor (26%) or a new kitchen or bathroom (25%), than for protection insurance, which was ranked lowest in importance during the homebuying process, with only 15% considering it a top priority.
Two thirds (62%) of mortgage holders said their biggest fear if they became too ill to work would be losing their home, and 56% said they would not be able to keep up with mortgage payments for longer than six months if their income stopped.
The research also found that on average, new home buyers spent nearly £2,000 on new furniture, over £1,000 on décor, and more than £800 on styling and accessories, with technology and appliances also high on the list.
However, the average spend on protection cover of £1,614.40 since buying their home lagged behind the combined outlay on making a house look good.
Andy Philo, director of strategic partnerships at Vitality (pictured), said: “While this insight isn’t entirely surprising given that creating a home can be a very exciting time, it highlights how important it is to engage clients about insurance when they’re shaping their home environment.”
