One in four people have ditched their home insurance in order to save money, leaving them at risk from theft or damage from fire or flooding. But there are other ways you can save on home insurance and remain protected.
Research from the Association of British Insurers (ABI) and YouGov found that 22% of people have ditched their home insurance, while 17% have cancelled their buildings insurance. Scotland is the worst region, with 28% of people admitting they no longer have any home insurance in place.
The figures have prompted concern among insurers, as failing to have home insurance in place could leave homeowners and renters at risk if they are burgled. Failure to have buildings insurance, meanwhile, means any flooding or fire damage, for example, could leave them financially exposed.
“Cutting back on insurance protection is a false economy,” says Stephen Haddrill, director general of the ABI. “In these uncertain times, insurance provides a vital financial safety net to steer individuals and families through the recession, as well as helping to provide long-term security.”
Categorised in: Home Insurance