UK Money News
30th May 2008
Biba warns of perils of self-insuring
Homeowners who shun standard insurance policies in favour of self-insuring are taking considerable risks, according to the British Insurance Brokers Association (Biba).
In a study conducted by Fool.co.uk, it was found that one in four people opt to put money aside to cover the cost of unforeseen events rather than take out a policy with an established home insurance provider.
However, while this may be an apt policy to cover small accidents around the home, going without home insurance is risky should the homeowners should be mindful that there are some mishaps that may require more extensive cover, Graeme Trudgill of Biba warned.
He explained: "If you are sued - maybe if one of your children's riding a bike and does a serious injury to someone - then that's the sort of thing that normally would get picked up under your household policy.
"I'm not sure that there would be many individuals out there that would want to put aside enough money to cover those sorts of circumstances."
Fool's study also revealed that one in ten homeowners regard insurance policies as a waste of money.
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