Home insurance 'vital during credit crunch'

By Marianne Straker, Mon 11 Aug 2008 - Published in Home Insurance

As strapped-for-cash Brits start spending increasing amounts of their leisure time indoors, home insurance is more important than ever, according to Halifax.

Research by the building society has revealed 60 per cent of people are now spending Saturday nights at home with friends and family rather than shelling out money at restaurants, pubs and clubs.

The survey also found 84 per cent of those questioned are working harder at trying to save money than they were a year ago.

Paul Birkhead from Halifax said: "More home entertaining can mean more risk of spills and breakages, so it's important to make sure your home insurance includes cover for accidental damage around the home."

He added the trend of spending weekends at home was not entirely a bad thing as it had helped to bring neighbours and communities together.

Meanwhile, AXA have revealed the credit crunch means more people are struggling to pay their rent.

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