UK Residents Not Renewing Home Insurance

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Recession pushes almost a quarter of home owners to abandon vital home contents insurance investment Post Office urges home owners not to protect home assets

Recent research from the Association of British Insurers has revealed that almost a quarter of UK home owners have said they will not renew their home insurance due to financial pressures. Unlike car insurance, which is a legal requirement in the UK, investing in home insurance is seen as an added benefit by some.

With the average house in London valued at almost £350,000, the home remains the UK's most valuable asset. In the current environment, Post Office Insurance advises that investing in home insurance is more crucial then ever in order to protect this asset from theft, accidents, and maintenance and repair costs.

Home insurance can also help to protect homeowners from unexpected problems such as disputes with building firms or damage from under-qualified tradesmen. With recent news revealing that at least 10 per cent of UK residents have used their home insurance to claim damage to roofs and conservatories caused by disreputable building firms , homeowners cannot afford to cut back on home insurance.

The research also shows the importance of ensuring that your home insurance policy covers buildings insurance as well as contents insurance, as structural repairs can be costly to manage. In some cases a simple problem such as a burst pipe can result in extensive and expenses which would be covered as part of any home insurance policy.

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Melanie Seasons
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