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David Miles, the incoming member of the MPC, has this evening suggested that the worst of the UK recession may be over and house prices may have bottomed out. While there is some scepticism with...
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Sunday 27th July 2008
As the economy grinds to a halt there are worrying signs that many homeowners across the UK are cutting back on their house insurance or cancelling their cover outright. More and more people are being pushed onto the poverty line and concerned how they are going to pay for the more basic items such as food and energy. Home insurance seems to be coming further and further down the list even though the potential for substantial financial loss is enormous.
To be fair it is not just home insurance which has been cut from the monthly budget of many in the UK, we are seeing people drive their cars less than they used to and cutting back on social events but the insurance element is more worrying. However, when you also add the current financial plight to the fact that all insurances have moved substantially higher over the last couple of years, is it really any surprise?
The problem is that as more people cut home insurance from their monthly budgets for the ‘short term’ it is very easy to persuade themselves that they can do without it in the longer term. However, when there is a break in or some kind of accident in the home, this is when insurance would have kicked in, but for some the support has gone. |
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