HIPs could inform home insurance decisions
Wed, 01 Feb 2006
Plans to introduce home information packs (HIPs) could have an impact on the home insurance industry.
The government is hoping the introduction of HIPs will simplify the housing buying and selling process, however the Council of Mortgage Lenders (CML) have raised concerns that the plans could be over-optimistic and may influence a range of related products and services.
The CML is calling on the government to develop a detailed timetable of implementation for the introduction of HIPs immediately, especially as it is expected that the new scheme will be introduced at the start of June next year.
CML director general Michael Coogan said: "With only 16 months to go, there is still a huge amount of work to do to make HIPs a reality. The government must urgently publish a detailed timetable of action, so that the market and consumers can know what to expect and when."
He added that the government also needs to address any potential consequences of introducing HIPs on the industry including the possibility that it could influence home insurance premiums levels for many households. 
© Adfero Ltd
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