‘You Cannot Do’ without Home Insurance
Discontinuing home insurance to cut costs is not advisable as it could leave owners “penniless” should damage or an accident occur, it was suggested this week.Alex Morgan, in article for the Daily Record, discussed ways people are trying to reduce their outgoings and said some are cancelling policies in a bid to save.However, he noted the importance of car and home insurance, saying they were products “not among” the types of cover one can afford to be without.Not only is buildings insurance a must, but it is “equally foolish” not to take out a contents policy, Mr Morgan added.This must not be undervalued to get away with lower premiums, it was also advised.In related news, the British Insurance Brokers’ Association offered a tip to homeowners this week.The organisation said policyholders should be aware that if they plan to leave a house unoccupied for longer than 30 days, then the insurer must be told as it could affect cover should a theft occur.Thousands of Britons are putting their future financial stability at risk by cancelling or reducing their level of home contents insurance, new statistics have revealed.According to figures compiled by Sainsbury’s, the number of British homeowners who have reduced their level of home contents cover in the last 12 months amounts to 526,000 people.Insurers such as CWU Union offer discounts on polices.
