1 in 4 homes 'without home insurance'

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1 in 4 homes 'without home insurance'

Wed 20th Jan 2010

Many homes are at serious risk because they are not adequately protected by home insurance, according to the Nottingham Building Society,

A recent survey by the government found that as many as a quarter of households in Britain are currently without any form of home insurance.

This figure tallies with the findings of the building society, which reported that last year 22 per cent of customers cancelled their home contents insurance, with a further 17 per cent reducing their buildings cover.

It reported that many of the people who cancelled or reduced their policies did so due to additional strain on their finances.

Lorraine Giddings, head of the branch network for the Nottingham, said: "Not having any or adequate household insurance could mean you having to pick up the financial expense of restoring your home if some damage should happen, whether that may be burglary, flood or fire."

However, the property market has begun to increase, with the Nottingham reporting that there has been a 300 per cent increase in the east Midlands property market between November 2009 and twelve months previous.

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