Homeowners 'should not cut corners on home insurance'

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Homeowners 'should not cut corners on home insurance'

Thu 22nd Jan 2009

UK homeowners have been warned not to cut corners on their contents cover in the fight to beat the credit crunch.

With family finances coming under increased pressure in recent months, some residents are seeking to reduce their outgoings by cancelling their home insurance.

According to research by uSwitch, six per cent of consumers have now resorted to ditching their cover.

However, with reports of domestic burglaries on the rise, they could be putting themselves at risk of financial disaster if their home is targeted.

"Consumers need to be mindful of the increased threat of domestic burglary and take precautionary measures, ensuring that the full value of their personal property is safeguarded," said Mark Monterio, insurance expert at uSwitch.

With many already struggling in the current financial climate, falling victim to burglars without having adequate cover could be devastating for consumers, he added.

The Association of British Insurers recently advised that residents should shop around and consider all eventualities when looking to renew their home insurance policies.

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