Insurance 'vitally important' for over 50s savers

Over 50s looking for the best way to tighten their budgets have been advised against attempting to cut back on insurance premiums.

Graeme Trudgill, technical and corporate affairs executive for the British Insurance Brokers' Association (Biba), has described basic insurance policies such as building, contents and motor cover as a "vitally important" part of sensible budgeting.

Recent figures released by Biba and the Association of British Insurers have revealed that more than 20 per cent of insurance customers have reduced their levels of cover in order to save money during the recession.

However, with Home Office statistics suggesting that levels of domestic burglary and vandalism are on the rise, Mr Trudgill warned that comprehensive insurance is the best way to protect the things that are truly valuable to older householders.

He said: "Home insurance is very important and the value of your contents and your building is pretty much everything you own in the world, so for the sake of your premium then everything is protected."

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