Increase in domestic burglaries

Mark Monterio, insurance expert at uSwitch.com, comments on the latest official crime statistics revealing a 4% increase in domestic burglaries: "The reported increase in domestic burglaries is a worrying sign of the times, indicating that UK citizens are increasingly becoming victims of a credit crunch crime wave.

Disturbingly, in spite of the increased threat uSwitch.com research has revealed that 6% of consumers are resorting to cancelling their home contents insurance policies in order to save money. Naïvely attempting to make short term savings in this way could have devastating long term financial consequences if the unthinkable happens and your property is targeted by thieves.

"To make matters worse, as consumer confidence wanes in banking institutions, the 25% increase in sales of home-safes is a strong indicator that more savers are keeping their cash at home. For those cash-stashers that do have contents insurance cover, many may not realise that their policy will only cover up to an average amount of £561.00. However, some providers offer ‘cash cover' for as little as £200 ranging up to as much as £1,500. As with all policy features, it's worth shopping around for the highest level of cash cover if you are going to keep it in the house."

Monterio concludes: "Home contents insurance, whilst not compulsory, should be regarded as essential in the current financial climate. Consumers need to be mindful of the increased threat of domestic burglary and take precautionary measures, ensuring that the full value of their personal property is safeguarded. With many UK consumers' finances already stretched to the limit, becoming a victim of burglary without adequate home insurance cover could push them over the edge."