Daily Insurance Industry News
 
 
Daily Insurance Industry News
Friday 19th of January 2018
April 1, 2010

Liverpool leads the home contents insurance league

by Richard Kilner

Story link: Liverpool leads the home contents insurance league

Insurance broker Kwik Fit Insurance has reported that Liverpudlians are Britain’s most cautious people when it comes to protecting the contents of their home.

In the course of the year to January 2010 the average valuation of home contents insured in Liverpudlian postcodes rose to £31,947, a climb of 41%.

By contrast, Manchester, London and Leeds have increased the average valuation by only 7%, 9% and 10% respectively during the same period.

During the recession Liverpudlian home contents insurance plunged 22.3% to £22,621, a decline that prompted Kwik Fit Insurance to issue a warning to encourage homeowners to make sure they were adequately protected.

Kwik Fit Financial Services Group MD Brendan Devine has said he is pleased that homeowners in Liverpool are being so prudent, and emphasised the importance of insurance when disposable income declines, making replacing missing items not covered by insurance more difficult.

It can be tempting to skip insurance when money is tight, but this is frequently a false economy that can be costlier in the long run.

A further problem the UK consumer faces is that the recession has seen the cost of insurance rise due to the number of false claims being made, according to research from LV=, with 40% of solicitors seeing an increase in spurious claims.

 

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