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Insurers exploit unemployed with higher premiums

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by David Masters
Insurers exploit unemployed with higher premiums

Householders who are made redundant could be hit with a further blow of increased home insurance premiums, new research has found.

A study by Confused.com found homeowners could face higher insurance premiums if they are unemployed.

The price comparison site said this is because insurance firms factor in the likelihood of customers defaulting on payments when they calculate premiums.

Insurance firms also raise premiums for houses that are occupied during the day because they perceive an increased risk of accidental damage.

“It may come as a surprise to many people that unemployment means pricier premiums,” said Darren Black, Confused.com head of home insurance.

Despite the apparent injustice of increased premiums, Black said that even during unemployment householders should prioritize paying their home insurance.

“Taking a chance, and leaving your home uninsured is very dangerous for those already strapped for cash as a result of being out of work,” he said.

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News posted: October 19, 2009

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