It has been discovered that many people are not purchasing the correct home insurance for their properties.
Research carried out by Norwich Union revealed that 86 per cent of houses in the UK are underinsured.
This is despite that fact that having the correct type of cover is essential to receive the full amount in the event of the owner having to make a claim.
Mike Colmans, property owners underwriting manager for Norwich Union, said that up to 50 per cent of claims for damage to buildings "are being settled below the cost of reinstatement, which could have a significant impact on property owners who would have to fund the difference themselves".
He added that in the current economic climate, the option to borrow money is no longer available to many homeowners.
According to research from financial services firm Edward Jones, many insurance customers are worried about the recession, with the global downturn being a primary concern for 27 per cent of people.
Compare prices from lots of home insurance websites with our home insurance quote system. |
0 comments
