Lloyds TSB home insurance help for redundant customers

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Lloyds TSB home insurance help for redundant customers

British homeowners who fall victim to redundancy during the current economic downturn are to be offered some breathing space when it comes to meeting their home insurance premiums.

Lloyds TSB has pledged to support customers experiencing financial hardship by waiving their payments for up to six months in order to help them get their heads above water.

Mike Canniffe, director of Lloyds Retail Banking Insurance, commented: "Despite feeling more concerned about the security of their homes, many are having to seriously consider cutting back on household essentials, such as insurance, just to make ends meet."

Lloyds, however, has vowed to help those in such a 'Catch 22' following news that 15 per cent of those asked in a recent poll admitted to having already cancelled their policy.

Yet, despite this grim state of affairs, a recent study carried out by Lloyds found that one in ten recession novices, who have never experienced a downturn before, are optimistic that the economy will pick up by the end of the year.

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