Home insurance 'is a social responsibility'

Tue 15 Apr 2008 - Published in Home Insurance

Taking out home insurance should be a civic duty, an expert has said.

Head of technical services at the British Insurance Brokers' Association (BIBA) Peter Staddon said that while those on low incomes may not see home insurance as a high priority, it should be viewed as a social responsibility.

"A lot of people on low incomes have to actually justify their budget and insurance would come at the bottom of the order," said Mr Staddon.

He added that BIBA was now making moves to open up the home insurance market to people on low incomes so that cover was not an extra burden.

At the end of last year, the government released its Financial Inclusion action plan for the next three years. It said it was not acceptable that the most vulnerable in society should face avoidable costs when unexpected events take place.

It also noted that the government would work to ensure that home contents cover was easily accessible to those living in rented accommodation.

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