Consumers are being reminded not to over-insure their home contents and make sure they shop around regularly to ensure they are paying the lowest premiums.
Many homeowners could be tempted to take out excess amounts of insurance on their properties but it is crucial to remember that buying too much could lead to expensive policies, especially as some consumers don't realise that buildings insurance cover only needs to allow for the rebuild value not the market price of a home.
However, this doesn't mean that people should view home insurance cover as unnecessary, even if the recession is starting to bite on personal finances.
New figures from Sainsbury's home insurance show that the number of claims made over the past year has fallen by almost a third. There were 373,000 home insurance claims submitted during the first half of 2009, compared to 527,000 in the same period in 2008.
Yet, this still highlights that having some cover in place is vital if you become a victim of crime, flooding or accidental damage.
Andrew Lowe, head of Direct Line home insurance, explained: "Despite reduced claims, we urge homeowners not to cut back on home insurance cover as it is an essential purchase and will give peace of mind if you are unfortunate enough to have to make a claim."
The Association of British Insurers recently estimated that 22 per cent of people had opted to cancel or not renew their home insurance cover over the past 12 months in a bid to save money. However, this could prove to be a mistake if anything happens to their home.
Instead, shopping around for the best deal and comparing home insurance quotes from a number of providers is a much better option that balances cost with peace of mind.
Compare prices from lots of home insurance websites with our home insurance quote system.
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