Savings not the only thing you should be protecting

Abbey Insurance warns home owners to be protected as analysis highlights relationship between recession and a rise in burglary.

As people rush to protect their savings in light of the current economic environment, Abbey Home Insurance is also warning people to protect their homes as domestic burglaries are expected to rise as a result of declining economic conditions.

Historically there is significant evidence to suggest that an economic downturn will coincide with an increase in household crime. Analysis from Abbey Home Insurance shows that during the last recession (May 1990 - March 1992) figures for the number of domestic burglaries recorded by police in England and Wales rose by 33.8 per cent, while the British Crime Survey also recorded a similar trend.

More recently, reports in the press that the Home Secretary, Jacqui Smith had voiced concerns in a letter in August this year, warning that crime levels will increase amid an economic downturn and that there would be 'significant upward pressure on acquisitive crime [theft, burglary, robbery] during a downturn'.

The letter also warned that property crime would be likely to rise by seven per cent this year and a further two per cent in 2009.

Thierry Campet, Sales and Marketing Director, Abbey Insurance commented: "With the first quarter of negative growth already recorded most commentators are expecting the UK to officially be in a recession by Christmas. The admission that crime is likely to rise as a result of the deteriorating economic climate, should stand as a warning to us all to ensure we keep ourselves protected."

"When household budgets tighten and families look to cut back on financial expenditure there are the usual outgoings that people feel they can cut back on. Wrongly, many people believe home insurance is one of these. However during these times, protection is increasingly important and should not be overlooked".

"At this stage, not many insurance policies provide cover for an unlimited amount. Policies without this provision may not cover you for the full amount of your home contents. Look for peace of mind with an unlimited sum policy and, in the event of being burgled you can feel confident that your total home contents will be covered".