Home Insurance -
Insurance Brokers Told To Consider Low Income Earners - 15/04/2008
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Home insurance premiums should be priced in such a way that households on lower incomes would afford it without much ado, an expert has suggested.
Head of technical services at British Insurance Brokers’ Association (Biba), Peter Staddon made this suggestion even as he noted that in some cases it’s usually a choice between putting food on the table for the children and insuring the house.
In a situation like this, Mr Staddon said, homeowners take into consideration the level of risk they face before opting to take out insurance or decide to do otherwise.
The expert therefore called on insurance brokers to try and make concessions for people on lower incomes that are actively seeking home insurance.
“The brokers should be able to say I can find a way I can get you some sort of protection and still put food on the table for the children, because that is the priority,” he said.
He said brokers should get the economics right so as to provide people who are actively searching for insurance the cover at a reasonable price.
He also described home content insurance as no less than a civic duty, adding that purchasing it is a social responsibility of households.
Justifying this statement, Mr Staddon added that pay outs amounting to the tune of over £3 billion were given to households affected by last summer’s floods.
But property worth up to £2 billion was not insured by owners. Given this, the owners would have to find other means of replacing them, he said.
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