Many people are cutting back on home insurance and other types of cover in a bid to save cash, one expert has revealed.
Martin Bamford, chartered financial planner at Informed Choice, highlighted that people need to assess their situation and make sure they get their priorities right.
"Taking a short-term view can result in premiums for insurances which are not seen as immediately important being cut," he explained.
Priorities will vary quite considerably between families, Mr Bamford stressed, with some choosing to embark on an overseas holiday rather than renewing their home insurance cover.
It is, however, important to realise the need for financial security in the future, the expert added.
A recent AXA study revealed that house number 88 is the unluckiest on the street and is twice as likely to get burgled as number 13.
The insurer pointed out that in many cases, it is people's carelessness with home security that makes them vulnerable to break-ins. |
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