Luxuries should go on back burner in favour of insurance
Posted on July 16th 2008
Britons are being warned that cutting corners with their home insurance in favour of maintaining other luxuries could have devastating consequences.
The Association of British Insurers (ABI) conducted a survey which revealed the worrying statistic that 69 per cent of people will not be taking out protection insurance in the future.
However, as the economic slowdown continues, homeowners are being urged to bite the bullet and cancel indulgences such as satellite television in favour of getting covered.
Simon Burgess of British Insurance said: "Watching the Simpsons may lift your spirits, but it will not keep a roof over your head.
"Given the current climate many will argue it's more important than ever to be able to switch off from financial pressures and enjoy watching a movie or sport.
"This I agree with, but not at the expense of losing your home. Job loss announcements are being made daily, yet I suspect more people are happy to shell out on monthly TV subscriptions than pay a lesser amount to protect their mortgage repayments."