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Home insurance: 'A social responsibility'

Acquiring home insurance is a form of social responsibility, it has been claimed.

The British Insurance Brokers' Association (Biba) has pointed out that although many people feel that home insurance is beyond their means, the industry aims to relieve the burden of cost, allowing low-income families access to home protection.

Peter Staddon, head of technical services at Biba, asserted that many people have to prioritise when it comes to allocating their finances, meaning that insurance often falls by the wayside.

He warned, however, that in deciding not to take out insurance, people should be prepared for the consequences, citing last summer's floods as an example of unexpected large-scale damage.

Mr Staddon said: "£3.5 billion was paid out [to those affected by the floods] but that was in relation to the insured element.

"There is another £1.5 to £2 billion on top of that that was not insured. Where is that going to come from? You have your own responsibility. Your social responsibility is that you should be looking at taking out insurance."

According to research conducted by insurance provider Zurich, some £8 billion worth of personal belongings are not protected against bad weather or crime in the UK.

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© Adfero Ltd

14/04/2008 15:22:07

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