Brits 'struggling to afford insurance'
Wed 12 Dec 2007 3pm
The rising cost of living in the UK has meant that many people are neglecting their need for
insurance, a new report has claimed.
According to Sainsbury's Finance, ten per cent of the nation's homeowners do not currently have
insurance for their property, while 11 per cent of people did not arrange any travel
insurance for their last holiday.
With living costs rising by an average of 4.2 per cent between October and November this year, an increasing number of people are looking to cut financial corners by avoiding the expense of
insurance, the company stated.
"Insurance is an absolute must, but our research suggests that millions of people are playing Russian roulette by opting to do without," said Steve Johnson, head of
insurance at Sainsbury's Finance.
"Those people finding it difficult to afford
insurance due to the rising cost in living need to ensure that they shop around for the best cover," he added.
Homeowners planning a major DIY job were recently urged to take out accidental damage cover by the British Insurance Brokers' Association.
