Under-25s urged to take out adequate cover

Posted : 14-03-2005

Young people are being advised not to scrimp on their home insurance in an attempt to save money, IC Liverpool reports.

A study conducted by RAC Financial Services found that nearly one in three young people (31 per cent) are not protecting their home and belongings properly, taking out minimal home insurance cover.

Householders under the age of 25 are three times more likely to be the victim of a burglary than the average person in the UK, according to the 2004 British Crime Survey.

It is thus especially pertinent for this age group to ensure that they are adequately insured.

"An appropriate level of cover is essential, particularly for young people, who can least afford the consequences of losing their most valuable possessions - but face the highest risk," said Nick Hall, managing director of RAC Financial Services.

Major building repairs can cost thousands of pounds to put right and a study by Marks and Spencer Money last week found that nine in ten households lack adequate home insurance cover, partly as a result of individuals failing to update policies.

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