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Extra mile
Your online magazine from Kwik Fit insurance
Home insurance victim of recession
Research carried out by the Association of British Insurers has revealed a disturbing trend – almost a quarter of people (22%*) admit to cancelling or not renewing their contents insurance in the last year in an effort to save money.
In addition, 17%* say that they have cancelled or not renewed their buildings cover. In Scotland, the figures rise to 28%* for contents and 21%* for buildings.
This lack of cover is leaving many families even more exposed to their biggest fear in the recession: nearly half (49%*) of those surveyed said that they currently worry about their inability to cope with a sudden event, such as a burglary.
Stephen Haddrill, the ABI’s Director General, said: “Cutting back on insurance protection is a false economy. 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.”
Brendan Devine, Group Managing Director of Kwik Fit Insurance added: “We are committed to providing our customers with very competitive home insurance quotes to ensure they can choose affordable cover to protect them against the unexpected, which is one less thing to worry about in the current economic climate.”
Why not get a competitive home insurance quote in minutes
*Results of a national survey of over 2,000 adults conducted by YouGov, on behalf of the ABI.
