Home insurance "not just about price"
Personal insurance
9th July 2010
Selecting the right home insurance policy "is not just about price", but it is also imperative that households opt for "the right cover and suitable protection".
This is according to the technical and corporate affairs executive at the British Insurance Brokers Association (BIBA), who advised speaking to a specialist when securing such products.
Graeme Trudgill explained choosing the cheapest available cover is not necessarily the best approach, adding that "there is absolutely no requirement to change insurer every year".
He noted that brokers will automatically examine risk annually on behalf of clients and advise them on the options available, with an existing UK insurance policy sometimes found to provide the best protection for the following period.
However, Mr Trudgill said circumstances can change, such as someone turning 50 and being able to access cheaper cover or moving home, which will affect which the best product is for their needs.
The BIBA expert's remarks come after a recent study by Clydesdale and Yorkshire Banks found that the total bill for victims of burglary without insurance is £200 million a year.
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