Home insurance cover should be maintained during the economic downturn, one sector expert has claimed.
Graeme Trudgill, technical and corporate affairs executive at BIBA, argued that home and contents insurance are "an absolute must" and people should therefore look to other areas to make cutbacks during the financial downturn.
"It is an important time to speak to your broker and make sure you have got the necessary cover and then, depending on your budget, you can decide whether or not you have any additional cover," he commented.
According to figures compiled by the Association of British Insurers, 22 per cent of UK homeowners recently revealed that they have cancelled or failed to renew their home insurance policy in a bid to cut costs.
In addition, 21 per cent of Brits said they are planning to reduce the amount they save or will stop doing so altogether.
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