Consumers should “prioritise” when deciding on house insurance

Consumers need to decide what their main concerns are when making the decision on whether they can afford a home contents insurance policy, the British Insurance Brokers’ Association (Biba) has said.

Many policies are not overly expensive and cheaper prices are also available from some major metropolitan authorities and private landlords who buy in bulk, according to Peter Staddon, head of technical services at Biba.

Although this means that it is easier for people on low incomes to gain access to these insurance policies, Mr Staddon acknowledged that “if it comes down to a choice between putting food on the table for the children or insuring the house, the broker is failing”.

He concluded that consumers would have to decide whether home contents insurance was a priority for them, however, he also warned of the dangers and financial consequences that people without house insurance face in the event of a disaster.

Experts have noted that the insurance industry is looking for ways to make home contents affordable for those on low incomes, following the summer flooding last year.

Tags: BIBA, metropolitan authorities, British Insurance Brokers Association, private landlords, insurance brokers association, head of technical services at Biba, disaster experts, consumer