Up to a third of mortgage holders and 38% of tenants have never calculated the value of their belongings, according to a survey by Primary Direct.
And about a quarter of those who did take the time, only did so once.
The research also revealed an estimated 5.9 million mortgage holders were potentially underinsured.
In addition, 66% of home owners said they had bought home contents cover, leaving around 3.8 million property owners uninsured.
This is despite the fact that 55% of homeowners said they were very concerned about the threat of burglary. Other concerns expressed were fire (34%), burst pipes (18%) and being flooded (11%).
The survey of 1,000 people in March coincides with the launch of Primary Direct's new home contents policy, which automatically inflates the sum insured by 10% at Christmas and for 30 days before or after a wedding.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
