According to new research, the value of an average British family's belongings is set to climb 30 per cent in the next five years, increasing the need for adequate home insurance.
By 2013 the value of a typical family's home contents is set to jump by almost £20,000 from £70,848 to £90,422, new research from More Than insurance has discovered.
Dowshan Humzah, product director at More Than, claimed that the precipitous financial environment in the UK could lead to families investing in items that make their houses more comfortable "rather than risk spending the money on upgrading the actual property they live in".
"But as individuals feather their nests, it is important they regularly re-evaluate the value of their home contents to make sure they are properly protected," he added.
The research also indicates that within ten years the average family will be worth £124,692 and this figure will rise to £159,408 in 15 years.
A July report by the centre for economics and business research revealed that the average UK household currently has £131 a week in disposable income, which is down by 6.5 per cent from last year.
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