Home owners, travellers and motorists may very well be putting themselves at monetary threat by cutting out or reducing key insurance cover that supplies protection inside the event of fire, flood, theft or an accident.
So says the British Insurance Brokers Association (BIBA), which has raised the alarm following a survey in which 57% of broker respondents reported seeing consumers cut their levels of insurance protection, compared with 23% reporting cuts this time last year.
The study also discovered that reducing sums insured, rising excesses and deleting cover deemed to be non-essential were the most frequent approaches of trimming insurance costs.
Having said that, BIBA chief executive, Eric Galbraith, says: We fully grasp that occasions are difficult for every person but consumers need to take care not to leave themselves exposed it may very well be a false economy and cost them thousands of pounds for repairs or to replace belongings.
Mr Galbraith recommends that consumers feel long and hard concerning the cover that they require and seek expert assistance from an insurance broker to stay away from serious monetary consequences.