Cutting back on home insurance is a false economy

Fri, 22 Jan 2010

Nottingham Building Society has highlighted the importance of home insurance . This follows the revelation in the Government's recent Family Expenditure and food survey that a surprising one-in-four UK households don’t have any home and contents insurance at all.

Last year, 22 per cent of Britons cancelled their home contents insurance and 17 per cent cancelled buildings cover in order to save money .

While the current economic climate is having an effect on most Brits and they are shopping around and cutting back, it's important to ensure that any compromise does not mean losing something that is valuable and cutting back on household insurance could be a false economy.

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."
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