- Tuesday, 19 January 2010An
IVA may help the increasing number of people cancelling their home and contents insurance just to make ends meet.
According to the Association of British Insurers (ABI), 22 per cent of Britons cancelled their home and contents insurance last year alone, and 17 per cent abandoned their buildings cover.
Nottingham Building Society is now warning people to ensure that any cutbacks in household expenses should not mean losing valuable possessions.
Head of the branch network Lorraine Giddings said inadequate household insurance could result in added expense if something did go wrong.
"Having household insurance in place to cover this possible expense far outweighs the cost saving of your monthly insurance payments," she said.
"We understand many people who cancel their home insurance do it because they don't think they can afford the payments. However, they may not realise that they may be able to save a lot of money by switching their provider."
Additional research by ABI reveals that one in ten UK households make a claim on their home and contents insurance each year, with £9 million having been paid out by the industry in 2008 for property damage or loss of possessions.
Insolvency Practitioners at Money Debt and Credit Ltd act without any personal liability
Money Debt and Credit Ltd, Registered in England & Wales No.05588842.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ