Lloyds insurance help for redundant
Lloyds TSB has said that it would waive home insurance premiums for six months for new customers who were made redundant.
The group, which is the UK's biggest home insurance provider, is offering the deal to anyone who takes out its Home Solutions policy through a branch between April 6 and June 6, and who is made compulsorily redundant between purchasing the policy and the end of 2009.
The offer also applies to people who are self-employed who involuntarily cease trading.
The move follows a recent meeting between the Home Office, Association of British Insurers and leading insurance firms to discuss how the industry could support policyholders during the recession.
Recent research carried out for Lloyds found that 60% of people were worried about their financial circumstances, while 26% believed their job could be at risk during the next 12 months.
As a result 75% of people are reviewing their annual commitments and trying to cut back on household bills.
Around 15% of people have cancelled their home insurance policy in a bid to save money, while 10% say they would do so if their financial situation deteriorated.
This is despite the fact that 65% of people believe they are more likely to be burgled because of the recession.
Mike Canniffe, retail banking insurance director at Lloyds Banking Group, said: "Our pledge offers extra breathing space to British homeowners who increasingly find themselves in a 'Catch-22' situation.
"Despite feeling more concerned about the security of their homes, many are having to seriously consider cutting back on household essentials, such as insurance, just to make ends meet."
