No home insurance 'for 13% of FTBs'

Posted : 13-07-2007

First-time buyers (FTBs) who have made their way onto the property ladder may have a number of bills and fees to pay while the transaction completes.

However, a new survey has found that over one in ten FTBs have failed to purchase home contents insurance for their new abode, meaning they may be at a higher risk of a big payout should theft or damage occur.

According to Zurich, 13 per cent of new homeowners have not invested in the policy, while security measures such as a burglar alarm have been bought by 31 per cent.

Head of personal lines underwriting Martin Hall said it was "concerning" that some were failing to provide home contents insurance.

"When you're new to the game it can all be a little overwhelming, but making sure you're covered is one of the most important aspects," he maintained.

This week saw Prasad Shastri, Abbey's head of insurance marketing, describe home insurance as vitally important and report that some 257,000 claims are denied annually as a result of inadequate cover.


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