UK Money News
24th December 2007
Households 'must ensure adequate insurance'
Homeowners should ensure that they have appropriate insurance for their property, it has been stated.
The British Insurance Brokers' Association (Biba) asserts that anyone claiming not to know of the existence of home contents insurance following the last year of flooding is "deluding themselves".
The organisation is urging consumers to protect themselves against the risk of damaged property, which could present a potential personal finance disaster if a suitable product is not in place.
Steve Foulsham, Biba technical services officer, said: "To ensure that you get a full settlement in the event of a claim we would urge everyone to speak to their broker or insurer to make sure their contents [insured] is adequate to reflect a value of their property in total."
The finance news follows data from Marks and Spencer Money which suggests that as many a 92 per cent of households are underinsured as they underestimated the value of their possessions.
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