UK's HIPs to give insurance guidance

Posted : 24-11-2004

Housing minister Keith Hill has hailed the introduction of the Home Information Packs (HIPs) in the newly-passed Housing Act.

Speaking at the ninth Property Forum Dinner, facilitated by Searchflow, Mr Hill rejected suggestions that the Government had given themselves an easy get-out clause and suggested that nothing short of a catastrophe would prevent the introduction of HIPs.

HIPs are meant to help prospective house-buyers make informed decisions on the properties by requiring sellers to include details on insurance policies.

It was Mr Hill's first meeting with members of the housing sector since the Housing Act was passed last week with its provision for compulsory HIPs intact and he said the improved flow of information will be the key to successfully obtaining and consolidating much of the information required for HIPs.

It is thought that HIPs will give fundamental information to buyers so that they can make informed decisions on issues such as what insurance is necessary when moving into a new home.

It is hoped that HIPs will also encourage first-time buyers to insure their contents and properties, after recent research suggests they are avoiding contents insurance because of the added expense and complexity involved.
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