Home insurance figures 'in line with fears'

Friday, July 3 2009

Home insurance proves popular as security fears rank highly on households' lists of priorities, according to LV=.

The financial services provider explains that seven in ten people currently have home contents insurance.

Meanwhile, home security ranks sixth in the top ten priorities on the organisation's Look After What You Love index.

For households looking to protect their financial situation, LV= group chief executive Mike Rogers recommends more insurance cover, rather than trying to reduce outgoings by cutting down on policies.

"Rather than doing away with valuable insurance or eating into savings, it is important for people to take stock of their financial situation," he says.

He adds that, "however small", there are steps that all families can take "towards protecting the things they love".

But previous figures from LV= showed that one in four people have already used their savings or cut down on insurance cover to provide some extra funds during the economic turbulence.