Home insurance ‘vital’ warns Biba

| June 12, 2009 | 0 Comments
Home insurance 'vital' warns Biba

Frugal householders that scrimp on home insurance to save money are playing a risky game, an industry expert warned this week.

Graeme Trudgill, corporate affairs executive at the British Insurance Brokers Association (BIBA), said homeowners should not use the recession as an excuse to stop paying premiums on buildings and contents insurance cover.

His comments follow a survey by the Association of British Insurers that found one in five (22%) consumers have recently cancelled or failed to renew their home insurance cover in a bid to cut back outgoings.

“Of all the insurances that you do choose, the household ones and the motor ones are an absolute must, so we really do recommend that you buy them,” Trudgill said.

Home insurance covers almost all of a person’s worldly possessions, he pointed out.

The average cost of insuring a home is £12 per month, Trudgill said, and this covers possessions against theft, fires, and floods.

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