Could switching insurers mean better deal?

While Britons who rent their home may find any buildings insurance is covered by their landlord, they could still wish to secure contents protection, to ensure their own belongings are covered in the event of them being damaged or stolen.

But as the recession rumbles on, more people may feel they cannot afford such cover, while those who do have an insurance policy may be considering cancelling it.

However, Neil Munroe, external affairs director for Equifax, said rather than ditching home insurance, consumers should instead consider switching providers to get a better deal.

He explained: "Insurance is very important, but obviously it is difficult for people to realise this until they come to make a claim.

"Just like all insurance, [home cover] never seems of value until you need it."

Mr Munroe advised Britons struggling with their insurance premium to shop around for a better deal to allow them to reduce their monthly payments.

People who choose flats to rent in Kensington or another part of London, rather than buying a home in the same area where prices are likely to be high, could find they save enough money to put towards contents insurance.

Written by Chris Price

Published 21st January, 2010

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