Insurance news
Home insurance 'absolutely critical'
13 February, 2008
Home insurance covers "an enormous amount of stuff" and, because of this, is "absolutely critical", one expert believes.
Graeme Trudgill, technical and corporate affairs executive of the British Insurance Brokers' Association warned that the 25 per cent of people who did not have contents insurance could face a massive bill if the worst happened.
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He said: "If something happens, they have lost everything. You can't afford to just go out and buy another £30,000 worth of stuff."
Mr Trudgill also explained that anyone who had a mortgage would most likely be obligated to take out buildings insurance as part of their contract with the lender.
He urged people to call their broker and obtain a quote for home insurance, adding that the cost was "very low" and that people could pay in instalments if necessary.
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Research by the Association of British Insurers found that the UK insurance industry paid out a total of £9 million to householders in 2006.
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