Consumers Ditching Home Contents Insurance to Cut Costs
As the recession bites home contents insurance is falling by the wayside with many consumers opting to invest in the cheapest policies available without investigating the details of what is covered.
London, UK (PRWEB) May 1, 2009 -- While many consumers are cutting back on non-essential costs as a result of the recession, it is a worry that some people believe insurance falls into this category. While it's illegal to drive without vehicle insurance, and most people prefer to take out travel insurance, home contents insurance has fallen by the wayside for many.
This is particularly risky for students and graduates, who often have a huge amount of valuable equipment, from laptops to iPods and cameras, under one roof. These households often change occupants on a fairly regular basis, increasing the security risks.
However, many people who do choose to invest in home insurance still fail to research their options properly, and go for cheap insurance without investigating the details of what is covered. Home insurance is divided into two main categories, buildings insurance and contents insurance. Buildings insurance only covers the structure of the house, and permanent features such as kitchen units. Everything unfixed is then covered under contents insurance and may be replaced or repaired in case of theft or damage. It is also important to consider whether accidental damage cover is included, and whether protection is increased during particularly vulnerable times, such as Christmas or summer holidays.
Post Office home insurance operates a flexible policy, offering buildings and contents insurance separately as well as in a combined policy. The Post Office website also provides a detailed rundown of the cover each type of policy provides, and when each is needed.
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