Jump to content
House Price Crash Forum
Sign in to follow this  
cashinmattress

One In Four Brits Cancelling Home Insurance To Save Cash

Recommended Posts

One in four Brits cancelling home insurance to save cash

Nearly one in four Britons has cancelled their home insurance in a bid to save money due to the economic downturn, research showed today.

Around 22 per cent of people said they had either cancelled or not renewed their home contents cover during the past 12 months, while 17 per cent no longer have buildings insurance, according to the Association of British Insurers.

The figures are even starker among people living in Scotland, with 28 per cent cancelling or not renewing their contents cover and 21 per cent giving up buildings insurance.

A further 13 per cent of people across the whole country have also ditched their life insurance.

The ABI, which released the figures ahead of its biennial conference today, warned that cutting back on insurance was a false economy.

Yes, all that extra money saved by not insuring your home must surely be a good thing right Rinoa, Valerius, Sibley, McSpamish?

Recovereh!

Share this post


Link to post
Share on other sites
One in four Brits cancelling home insurance to save cash

Yes, all that extra money saved by not insuring your home must surely be a good thing right Rinoa, Valerius, Sibley, McSpamish?

Recovereh!

Or, as spin-meisters might say:

Green Shoots: At least one in four Brits would not consider burning down the house for the insurance.

Share this post


Link to post
Share on other sites

How many homes would are destroyed every year by fire e.t.c?

What is the value of the claims?

Seems to spell disaster for many.

Share this post


Link to post
Share on other sites
Yes, all that extra money saved by not insuring your home must surely be a good thing right Rinoa, Valerius, Sibley, McSpamish?

Recovereh!

on the news earlier, she said house price sales are recovering/increasing etc etc ....

then straight after it she said that 25% of people were cancelling their home insurance etc (as per your article).

hilarious. :lol:

years ago I really don't think the newscasters would have read sh1te like that out (perhaps they did?). They are just Telepromp readers nowadays, rather than thinking newsreaders.

just how stupid does the media think the general public are.......

oh, hang on a min......

Share this post


Link to post
Share on other sites

High costs (basically uncontrolled inflation over the last decade years which the govt/boe explicitly encouraged) are eating up everything.

Jobs.

Industries.

Pensions.

Expenditure.

Savings.

Holidays.

Insurance.

Even time - with those in work having to work longer for less in return (in real terms).

The low inflation of the last decade has been a total fake. Fudged figures and product quality that has gone south like never before, just take a look at TV and the press at one end and at the other the tat that has replaced 9/10 of the goods on sale.

I would have thought no buildings insurance is an almost definite breach of mortgage terms, definitely not in the banking landlord's standard script.

Edited by OnlyMe

Share this post


Link to post
Share on other sites

Some of the sub prime lenders (in this instance take sub prime to mean adverse credit history) have their names added to the insurance policy as interested parties.

They then receive a copy of the insurance schdule directly from the conveyancer.

The insurer will contact the lender if a payment is missed on a policy. The mortgage holder is then given the lenders own choice of policy and the additional payment is either added to the mortgage payment or debited to an arrears account.

So the most of the canceled policies must come from the prime lending banks/lenders.

Scary stuff.

Share this post


Link to post
Share on other sites
Some of the sub prime lenders (in this instance take sub prime to mean adverse credit history) have their names added to the insurance policy as interested parties.

They then receive a copy of the insurance schdule directly from the conveyancer.

The insurer will contact the lender if a payment is missed on a policy. The mortgage holder is then given the lenders own choice of policy and the additional payment is either added to the mortgage payment or debited to an arrears account.

So the most of the canceled policies must come from the prime lending banks/lenders.

Scary stuff.

Jeez, never knew that.

Share this post


Link to post
Share on other sites
Some of the sub prime lenders (in this instance take sub prime to mean adverse credit history) have their names added to the insurance policy as interested parties.

They then receive a copy of the insurance schdule directly from the conveyancer.

The insurer will contact the lender if a payment is missed on a policy. The mortgage holder is then given the lenders own choice of policy and the additional payment is either added to the mortgage payment or debited to an arrears account.

So the most of the canceled policies must come from the prime lending banks/lenders.

Scary stuff.

Jeez, never knew that.

no, neither did I.

Share this post


Link to post
Share on other sites
So the most of the canceled policies must come from the prime lending banks/lenders.

Who says cancelled policies are on mortgaged houses?

Besides, you cancel one policy when you move to another insurer. Maybe that's on the rise?

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   291 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.