Sainsbury's Bank home insurance warns against 'low cover' deals
www.moneynews.co.uk > Insurance > Sainsbury's Bank home insurance warns against 'low cover' deals
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Sainsbury's Bank home insurance warns against 'low cover' deals
Mon 22nd Nov 2004
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Research commissioned by the bank has found that as many as one in three home insurance policies has a minimum cover level of £15,000 or less.
While consumers see taking the minimum cover level as saving money, it increases the chances of having a claim turned down and shopping around can often see consumers covered for more at the same or lower cost, Sainsbury's adds.
Direct Line Home Insurance estimates that even the value of the contents of an average starter home (which it sees as a one/two bedroom flats and terraces) is £15,000-20,000.
"It is very easy to under-estimate how much your home contents are worth. £15,000 may sound like a lot of money, but when the value of all your belongings is added up, it can easily be double this or more - especially if you are living with someone or have a family," said Robert O'May, Sainsbury's Bank home insurance manager.
The bank estimates that this year up to 350,000 home insurance claims will be rejected.
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Related News : Sainsbury |
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