Failing to take out insurance puts homes at risk

Failing to take out building insurance can put your home at “real risk”, according to one expert.

Nationwide said that consumers avoided building and home contents insurance due to the supposed ‘complexity’ involved in the contracts, but stated that it is not complicated at all.

Charlotte Sjoberg, campaigns manager for Nationwide, said the need for insurance had not necessarily increased since the spate of bad weather.

“Whether you are in a flood risk area or not, it is really important to protect your home against unexpected events. You really don’t know what could happen,” she said.

She also said that is it important for homeowners to have the right amount of insurance cover and to be aware that home contents and building insurance protect consumers in different ways.

Research conducted by the building society has found that one in five of home owners do not have buildings insurance, and that one in four do not know what is included in their policy.

Furthermore, 14 per cent of those surveyed had also failed to take out home contents insurance.

Tags: flood risk, weather, insurance policy, real risk, Financial services, building and home contents insurance, Title insurance in the United States, manager

Young people should ‘consider insurance options’

Young people should shop around more for life insurance providers, an industry expert has said.

According to Clare Moyles of Sainsbury’s Bank, younger people are often inclined to use the same provider for life insurance as they have to take out a mortgage.

She said: “Younger people tend to go with their mortgage lender because they might be a first time buyer and that tends to be the easiest thing to do.

“Not shopping around is a disadvantage for them because with life insurance your premiums do stay the same.”

For those who are “younger and healthier”, she added, premiums will cost less. By sticking with one lender without looking at the other options, people are missing out on possible savings.

Information from the Association of British Insurers this year showed that £160 million per day was paid out in Britain in 2005 by the UK insurance industry.

This figure comprises £17 million in death benefits and £144 million paid to pensioners and long term savers.

Tags: expert, United Kingdom, shopping, Title insurance in the United States, Insurance, time, Types of insurance