Home and motor cover are vital forms of insurance, says Biba

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Home and motor cover are vital forms of insurance, says Biba

Wed 10th Jun 2009

Though many Brits are shedding some of their less-relevant insurance policies during the recession, it is "vitally important" that this does not encompass home and motor cover.

This is the advice of the British Insurance Brokers' Association (Biba), whose technical and corporate affairs executive Graeme Trudgill said that homeowners must search for other ways to reduce their outgoings rather cancel important policies.

Mr Trudgill stated: "It is vitally important for such a small cost that, of all the insurances that you do choose, the household ones – buildings and contents – and the motor ones are an absolute must."

The average cost of insuring home contents is around £12 a month and for such a small cost, he added, homeowners could rest assured that their possessions are covered against theft, floods and fires.

Statistics released yesterday by the Association of British Insurers show that 22 per cent of Brits have refrained from renewing their home insurance in the last year.

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