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Home insurance shortfall highlighted by Axa

There is a £255 billion insurance gap for home contents cover in the UK, new figures from Axa suggest.The home insurance provider said that the average policy covers contents worth around £29,000.However, the average valuation of these contents from homeowners comes to £38,000 - leaving a £9,000 gap.This shortfall could potentially cause problems for policyholders who either have their home contents damaged or stolen and subsequently find themselves underinsured.Axa's head of household, Nick Kidd, commented: "It may seem a good idea to many - particularly in today's climate - to pick the cheapest option when it comes to home insurance and save a few pounds, but £20,000 or even £30,000 worth of insurance is unlikely to cover all the contents in your home."Axa - which advises all homeowners to take insurance precautions against burglary such as keeping receipts of major purchases - also found that the typical UK male valued his home's contents at around £4,000 more than the average female.

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