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Government’s spending cuts affecting decent households

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By : Elzbieta Falat    99 or more times read
As we heard in yesterday’s news, retail sales in UK dropped down 1.9 % from a year earlier. That’s the biggest drop since 16 years. Food and energy cost became more expensive but at the same time there is lack of wage increase which means that households must struggle to meet everyday expenses. Government can’t ensure anyone about our economic recovery after recent recession, what is more it implemented the deepest spending cuts since World War II. Full picture doesn’t look very optimistic as people don’t want to spend any money unless they really have to. Many households look for every possible way to save some money and cut the costs of everyday life.

This situation moulded very dangerous and illusory trend. Very often consumers start cutting their spending from house insurance as they found it as unnecessarily expense and waste of money. Even those who have a property in a prone to flooding area and still paying mortgage for it are willing to give up with insurance at least for now, at the hardest times came. But is it really the best thing to save on?

Considering how hazardous and bizarre weather we’ve seen during the past few months we can unfortunately expect and might see more flood, snow and freeze damage in the future. Will the let property owners be able to afford to make major refurbishments, rebuild their property or replace all contents they have? As a landlord you would have to find and pay for alternative accommodation for your tenants if your property becomes inhabitable, as a head of your family you would have to make sure that your family is safe and also have a place to go until your property would become habitable again. Landlord insurance as well as homeowners insurance gives you piece of mind and certainty that you are covered should the worst happen. Is it really cost effective to save on your insurance and take that risk to lose everything?

Also those who rent a flat or a house should think twice before giving up on their insurance. Landlord’s policy doesn’t cover tenant’s belongings so in the event of fire, flood or theft they would have to replace all their contents themselves. Take a look around and try to calculate the value of things you own. It is undoubtedly more rational to pay little premium for tenant’s content’s insurance and have all your belongings secure rather than spending thousands when the worst happens to you.
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