Moneygate

Don’t Get Caught in Home Insurance Trap

Thousands of homeowners are putting themselves and their homes at risk by failing to have adequate insurance. A recent survey shows that around 6% of people admit they do not have either buildings or contents insurance for their property, rising to 12% among homeowners aged under 34.

Annabel Green, of national IFA Moneygate, said people should not take risks with their property and added that there were a lot of cheap insurance deals around at the moment if people shopped around.

She said: “Insurance is not something you should take a risk on – if the worst does happen, you could find yourself with absolutely nothing if you don’t have insurance.

“Some people also opt to take out either building or contents cover, rather than both, but again this could land them in a lot of trouble. The thought of saving a bit of cash in the short term by not getting fully insured could end up costing you very dearly in the long run.

“Taking out the right insurance doesn’t have to cost a fortune either – if you shop around there are some cheap insurance deals on offer. Just make sure that you know what you need to insure before you start.

"Common incidents such as accidental damage, burglary or loss of possessions away from the home can lead to very expensive bills without contents insurance to protect you, and buildings cover should always be taken out to protect your home – after all it’s probably your most valuable asset.”