Despite the winter months fast approaching, where home insurance claims can often peak due to adverse weather, people are shunning home insurance altogether, or opting out of continuing with their insurances at renewal, with 42% claiming that they cannot afford to take out cover.
The
research has revealed that over two thirds (68%) of people are worried
about money with 28 per cent having more outgoings than incomings, the
average deficit being £165, and that over a quarter (26%) of people do
not feel confident that they can pay their bills every month.
The
new research comes as Co-operative Insurance and Shelter are joining
forces to help raise money for the charity's vital work helping
families across the country find and keep a decent home of their own.
From today £5 will be donated to Shelter for every new Co-operative
Insurance Home Insurance policy purchased.
Although not having
home insurance can have major implications, over a fifth (22%) of
people do not think that home insurance is important, while 18% do not
believe that they have anything worth insuring. 16% of people have
never got round to taking insurances out and 15% don't have any because
it is not a legal requirement.
Lee Mooney, Head of Home
Insurance at The Co-operative Insurance, said:
"At the moment everyone
is, understandably, looking to save money however a worryingly high
percentage of population do not have home insurances and are leaving
themselves open to much greater risks and expenditure in the long run.
"If
there is a fire, originating from an uninsured home, which causes
damage to other surrounding properties the uninsured person would be
liable for repairs to all the damaged properties. Also if a
policyholder decided to cancel their insurance and then an essential
but expensive item was broken or stolen they could find themselves in a
difficult situation, especially as the research shows that many
people's outgoings are more than their incoming wage."
The
Co-operative Insurance is looking to raise £250,000 for Shelter through
the partnership, with all the money raised going directly towards
Shelter's vital housing advice service and free helpline, which helps
thousands of people across the country keep a roof over their head.
Lee
Mooney continues:
"Unfortunately thousands of households are struggling
with their finances and as a result an increasing number are at risk of
losing their homes. The Co-operative Financial Services is proud to be
working with Shelter to help people stay in their homes and take
control of their finances."
Campbell Robb, chief executive
of Shelter said:
"Nothing is more important than having the safety and
security of a decent home. At Shelter we help people every day in
desperate housing need and we are extremely grateful to Co-operative
Financial Services for helping raise much needed money so we can help
even more families during this difficult time.
"Through this
partnership we hope that not only will people have the peace of mind
that their own home is safe and secure, they can also make a huge
difference to thousands of people in real housing need."
