Cutting the cost of cover.ALMOST one in three young people are taking out minimal home insurance to keep the cost of their premiums down, despite being a target for burglary, according to a report out today. A study by RAC Financial Services found that 31% of young people were failing to protect their homes properly, despite data from the 2004 British Crime Survey The British Crime Survey or BCS is a systematic victim study, currently carried out by BMRB Limited on behalf of the Home Office. The BCS seeks to measure the amount of crime in England and Wales by asking around 50,000 people aged 16 and over, living in private households, which shows householders under 25 are almost three times more likely to be a victim of burglary than the national average. The report also found that those in their thirties and forties were also cutting corners with their insurance, with 28 taking out minimum cover to get their premiums down and 16% not updating their policy to reflect new purchases such as electrical equipment or jewellery. Around the UK, the areas most likely to underinsure un·der·in·sure tr.v. un·der·in·sured, un·der·in·sur·ing, un·der·in·sures To insure under a policy that provides inadequate benefits: Be certain that you are not underinsured against catastrophic illness. were the East and West Midlands (32%), Yorkshire and the Humber Yorkshire and the Humber is one of the nine regions of England. It covers most of the historic county of Yorkshire, along with the part of northern Lincolnshire that was, from 1974 to 1996, within the former shire county of Humberside. , Wales and the West of England (29%). Despite the prevalence of crime in the UK's cities, 28% of city dwellers admitted to taking out minimum cover to keep premiums down, compared with 22% in rural areas. Men were more likely than women to admit to cost cutting on their policy |
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