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The growing trend among consumers to self-insure by putting money aside each month to cover instances of damage or theft cannot protect people against large-scale problems, it has been suggested.
According to the British Insurance Brokers Association, while self-insuring is worth considering for property of relatively low value, taking out a home insurance policy will provide cover for more expensive problems.
Graeme Trudgill, technical and corporate affairs executive at the group, explained that home cover also provides liability insurance to protect consumers in events such as children causing an accident while riding their bike.
"I'm not sure that there would be many individuals out there that would want to put aside enough money to cover those sorts of circumstances," Mr Trudgill suggested.
Research by independent financial advice site Fool.co.uk has shown that nearly one in four (23 per cent) of people try to self-insure where possible, while one in ten said that insurance was a waste of money.
InsureandGo home insurance policies provide cover to suit individual requirements.
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