Homeowners advised to check cash at home cover
Homeowners are being urged by independent financial research firm Defaqto to review their contents insurance policy to ensure they enjoy adequate coverage for cash at home.
With winter setting in and the nights becoming longer, burglaries rise just at the time of year when people tend to have more cash at home to fund Christmas presents and/or holidays.
Defaqto analysed 299 home contents insurance policies and found that more than a quarter (26%) provided coverage of less than £500 for cash at home.
In addition, 4% of policies checked by the firm provided no coverage whatsoever.
General Insurance Analyst Mike Powell has stated that cash coverage varies greatly amongst insurance policies, and advised homeowners to ensure their coverage is appropriate to their needs.
The advice follows that Defaqto offered in October, warning that cheap home insurance could indicate a lower level of coverage and thereby risk exposing homeowners to underinsurance.
Category: Home Insurance News, Insurance News
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