- 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.
Recent IVA News23% of first-time buyers save for five years to raise a depositWed, 04 May 2011
Brits dealing with Finance Management should shop around for car insurance Wed, 04 May 2011
Parents, including those with Finance Management, advised to start saving for children's weddingsTue, 03 May 2011
Newlyweds may be in need of Finance Management plans after overspending on weddingTue, 03 May 2011
Renting rather than buying may be an option for Brits with Finance Management Thu, 28 Apr 2011
Consumers coping with Finance Management may want to shop around for cheap energy tariffsWed, 27 Apr 2011
Increasing number of Brits turning to loans for home improvementsWed, 27 Apr 2011
Brits, including those with Finance Management plans, to spend £267 on Royal Wedding Tue, 26 Apr 2011
Equity release can be used to 'become debt-free'Tue, 26 Apr 2011
| |
Money Debt and Credit Ltd, Registered in England & Wales No.05588842.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ
Consumer Credit Licence Number: 0580960