Warning as one in four people cancel their home insurance
Towergate MIA today warned homeowners of the danger of
cancelling their home insurance during the current economic
downturn. This follows latest research published by the Association
of British Insurers (ABI) which reveals that almost a quarter of
people admit to cancelling or not renewing their contents insurance
to save money.
Other insurances are also being axed, despite the fear of being
unable to cope with the unexpected being the biggest single concern
for families in the recession.
In a national survey of over 2,000 adults conducted on behalf of
the ABI, the survey highlighted that:
- Nearly a quarter of people (22%) say that to save money in the
last year they have cancelled or not renewed their home contents
insurance.
- 17% admit that they have cancelled or not renewed their
buildings cover.
- In Scotland, the figures rise to 28% for contents and 21% for
buildings.
- One in five (21%) say that they are seriously considering
reducing or stopping saving
Kenny Hogg, MD of Towergate MIA said, “These are disturbing
statistics uncovered by the ABI at a time when people can least
afford to experience a loss. Insurance is all about providing
people with peace of mind and protecting them against the
unexpected. Cutting back on your insurance protection is a false
economy and for those with a mortgage it is invariably a legal
requirement for there to be adequate buildings cover in place”.
To discuss your home buildings and/or contents insurance, please
call us on 01438 739 861.