Building and contents insurance 'needed to protect investments'
Personal insurance
25th May 2010
It is important that property owners take out building cover in order to protect their home, which is the "biggest single investment" made by most people throughout their lives.
This is the warning issued by Association of British Insurers (ABI) media relations manager Malcolm Tarling, who claims householders should also take out contents insurance for any items that could be lost in incidents such as floods or burglaries.
He explains without a UK insurance policy in place, it could "take years to replace them and you may never be able to replace them".
Mr Tarling notes an estimated on in four UK households do not have cover in place states: "We have always said that contents insurance is important."
He suggests the average burglary costs around £2,000 and cautions that lenders are unlikely to provide finance when there are no policies in place to secure investments.
The expert's remarks follow figures from Clydesdale and Yorkshire Banks showing a total of £200 million worth of items are lost to burglary each year, with around 150,000 uninsured homes broken into each year.
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