Research from insurance company Kwik Fit Insurance, suggests that the economic downturn is forcing hard up consumers to make savings where ever possible. In a study of home insurance renewal patterns across the UK it has revealed an incredible 50% of households have cut back on contents insurance cover.
Policy holders aged between 25 and 66 are most likely to have reduced their cover the report suggests. Households in Swansea, Liverpool, Bradford, Sunderland and Wolverhampton showed varying degrees of a reduction in cover, while those in Newcastle, Plymouth, London, Coventry and London were subject to an average rise in cover.
Brendan Devine, Kwik Fit Insurance managing director, urges homeowners to ‘think carefully about their cover’ as a few pounds saved on the policy could result in a few thousand for which they will not be insured.
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