Now no excuse for being without home insurance
Mon, 30 Jan 2006
A new scheme will mean that high-risk properties will be able to be covered by home insurance.
The British Insurance Brokers’ Association (BIBA) has launched a Non-Standard Property Household Insurance scheme that will ensure that high risk properties that have suffered from flood and subsidence or whose occupants have criminal convictions will be covered against damage or theft.
The new scheme follows the increased demand for home insurance that does not fit the standard requirements but still offers protection if the worst should happen.
The new home insurance will be available throughout the UK and will offer brokers competitive commissions.
Chris Jordan, managing director of Bureau Insurance Services, said: "Overall, this is a £1 billion market, even with subsidence impaired properties there are 400,000 houses that have been underpinned in this country, and at an average of £800 per risk that amounts to over £300 million."
Graeme Trudgill, BIBA technical services manager, added: "The fact that 800,000 people were criminally convicted in 2004 and that flood damaged or susceptible properties are often declined cover by insurers, and you can see how widespread the problems are." 
© Adfero Ltd
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