Young adults not taking out adequate insurance

Research from Legal & General reveals that young adults are not taking out adequate insurance to protect their valuables.

While 82% of 18–30-year-olds surveyed by the insurer said they had some form of insurance in place, 73% have no mobile phone insurance and 89% do not have any cover in place for their laptops.

More than one-third (39%) of respondents said they had home contents insurance but the results were not uniform across the country. London had the worst uptake, where less than a quarter (23%) of young adults had taken out contents insurance. The capital was followed by Liverpool (29%) and Glasgow (32%).

Legal & General general insurance director Mark Holweger said: “From our new research it’s clear that often the insurance cover that young adults have in place doesn’t actually cover the things that they say are most important to them, or the things that would have a big impact on them maintaining a good quality life.

“We’re encouraging the UK’s young adults to review their position and check with their provider that they do have appropriate insurance cover in place, or to contact an insurance broker or intermediary who is able to help by giving them advice on the insurance cover they should have in place. Our aim is to get more young adults to appreciate the value of protecting themselves and the things important to them, so their quality of life isn’t then compromised if things should go wrong.”