Almost a quarter of property owners in the UK have cancelled their
home insurance cover in the last 12 months, new figures have shown.
Statistics compiled by the Association of British Insurers (ABI) have revealed that 22 per cent of homeowners have failed to renew or take out home insurance policies as a result of cost saving efforts during the economic downturn.
However, Stephen Haddrill, the ABI's director general, said: "In these uncertain times, insurance provides a vital financial safety net to steer individuals and families through the recession, as well as helping to provide long term security."
Ruth Jackson, a writer for Money Week, recently reiterated this view when she stated that individuals need to be aware that disasters such as fire, flood or burglary can wipe out an entire household's belongings in a moment and it is only prudent to have these items covered.
Ms Jackson added that failing to have insurance in place could leave a person significantly out of pocket should anything bad happen.
Home insurance from
InsureandGo helps provide peace of mind for homeowners that their possessions can be replaced in the event of a disaster.
