The Financial Inclusion Commission (FIC) has highlighted huge gaps in the contents insurance across the UK. In fact, the report conducted by them, revealed that 16 million people don’t have contents insurance. And with Christmas fast approaching this is a concern, and a gap in the market for criminals.
These 16million people equates to 35% of the population in the UK without contents insurance. The people who are more likely not to have contents insurance are those with low income, the younger generation, the older generation and those in vulnerable circumstances.
With such a high number of people without this insurance, it is thought that only a few would be able to pay for the cover of the contents if an incident occurred. Many believe that it is something they would like to get, yet the price of this insurance is too expensive and have to spend their money on other aspects.
This report shows that the people who need the insurance are actually the ones who cannot afford it. Highlighting some of the key issues found within this report.
How can I bring down my contents insurance?
There are a number of ways in which to help bring down the cost of your insurance premiums. Here are a number of ways which will help.
#1 Install a burglar alarm
Insurers value burglar alarms and with a working alarm, it will cut down the costs of your premium. It is an upfront cost, yet the benefit will outweigh the initial cost spent on buying and installing it.
#2 Install a smoke alarm
Making sure you have a working smoke alarm will reduce the cost of your premium. This is showing the insurance company that you are taking steps to reduce the risk of needing the insurance cover, enabling you pay a lower cost for the premium.
#3 Pay upfront
By paying upfront rather than monthly, will decrease your insurance significantly. If you pay monthly, you will incur an interest rate to the monthly payment. Making the overall cost much more expensive.
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