After recent news that Brits are going without holiday insurance to save pennies, it seems that many are going down the same route when it comes to protecting their home and possessions. Research from the Association of British Insurers has revealed that nearly 25% of customers didn’t renew their home insurance or cancelled their policy outright last year. The British Insurance Broker’s Association is warning recession-hit home owners about the perils of leaving their properties uninsured and described buildings and contents policies as ‘an absolute must’.
UK consumers are being urged to think about the potential financial consequences should something happen to their property - with insurance being a necessity not an optional luxury.
Graeme Trudgill, Technical & Corporate Affairs Executive at British Insurance Broker’s Association, explained: “Home insurance is very important and the value of your contents and your building is pretty much everything you own in the world, so for the sake of your premium then everything is protected.”
Cash-strapped Brits are instead being encouraged to look at other ways to reduce outgoings, including drawing up monthly budgets and cancelling anything that is not a necessity, such as gym memberships.