Local broker warning as one in four people cancel their home
insurance
Towergate Risk Solutions today warned homeowners of the dangers
of cancelling their home insurance during the current economic
downturn. This follows latest research published by the ABI which
reveals that almost a quarter of people admit to cancelling or not
renewing their contents insurance to save money. Other insurances
are also being axed, despite the fear of being unable to cope with
the unexpected being the biggest single concern for families in the
recession.
In a national survey of over 2,000
adults conducted on behalf of the ABI the survey highlighted
that:
Nearly a quarter of people (22%) say that to
save money in the last year they have cancelled or not renewed
their home contents insurance. 17% admit that they have cancelled
or not renewed their buildings cover. In Scotland, the figures rise
to 28% for contents and 21% for buildings.
One in five (21%) say that they are seriously
considering reducing or stopping saving.
Amanda Blanc Broking CEO of Towergate Risk
Solutions said, “These are disturbing statistics uncovered by the
ABI at a time when people can least afford to experience a
loss. Insurance is all about providing people peace of mind
and protecting them against the unexpected. Cutting back on
your insurance protection is a false economy and for those with a
mortgage it is invariably a legal requirement for there to be
adequate buildings cover in place”.
Media Contacts
Russell O'Connor
Group Communications Manager
Towergate
Mobile: 07760 282586
Email: Russell.o'connor@towergate.co.uk