ABI comments on homeowners without home insurance
Added: (Fri Sep 08 2006)
The Association of British Insurers (ABI) has released its comments following a Nationwide home insurance survey that detailed a number of people not taking adequate home insurance on their property.
The survey showed that over a third of homeowners did not have building insurance to protect against extreme weather or other damage. A further 25 per cent did not have contents insurance to protect their belongings.
A spokesperson for ABI, Malcolm Tarling, said that some six million properties did not have proper insurance.
"The reasons that these people have not taken out insurance are wide and varied or that they have a 'head in the sand' approach to these types of issues—in that they think it will not happen to me. Don't do this, because if something bad happens, not only do suffer trauma, but you will get no financial compensation."
He added that customers would be advised to shop around as those who couldn't afford one home insurance shouldn't forget the idea altogether, but simply look around for another.
The ABI states that it represents collective concerns from the insurance industry, speaking out on areas of public interest.
Recently the ABI warned that over half a million homes are in danger of flood damage. With that in mind, it may be worth checking home insurance policies to ensure buildings and belongings are protected.
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Submitted by:
Jane Cragg