Wednesday 10th January 2007
Insurer Norwich Union has warned young people against underestimating the amount of cover required for home insurance policies.
The advice follows research from Norwich Union which found that 58 per cent of 18 to 24-year-olds are making more frequent purchases as they are not afraid to "bag a bargain".
Overall, 62 per cent of Britons claimed they have no idea how much their home insurance should be worth following recent purchases.
Dominic Clayden, director of technical claims at Norwich Union, said: "We would remind people, when renewing their home insurance, to take into account those extra items they have bought themselves to ensure they are all sufficiently insured."
Over a quarter (27 per cent) of respondents to the survey said they enjoy buying bargains so much that they are constantly looking for their next "hit".
Norwich Union cautions that a "little and very often" spending approach has led to 17 per cent of people buying more than they had intended.
The insurer is currently offering a £60 cashback guarantee if it is unable to beat a renewal quote for building insurance or contents insurance.
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