26 Oct

One-fifth of homeowners are uninsured, study says

One-fifth of homeowners are uninsured, study says

People looking to buy houses for sale in the UK have been encouraged to take out insurance to protect their property after a study revealed that one-fifth of British households are uninsured.

The Co-operative Financial Services together with homeless charity Shelter have released a report today (October 26th 2010) which showed that 42 per cent of people said they cannot afford home insurance.

It also reported that 5.41 million households in the UK have no cover for their property or its contents.

Head of home insurance at The Co-operative Insurance Lee Mooney said that while people are trying to save money, they are "leaving themselves open to much greater risks and expenditure in the long run" by not having protection.

Campbell Robb, chief executive of Shelter, added: "Nothing is more important than having the safety and security of a decent home."

Last week, Nationwide released an insurance deal for people buying houses for sale in the UK which provides a 15 per cent discount on the policy for new customers before January 3rd 2011. ADNFCR-1222-ID-800158718-ADNFCR

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