Many homeowners house insurance does not cover stolen oil - which is booming due to the current economic downturn, it is being claimed.
Abbey revealed its new analysis found one in ten of homeowners insurance policies do not cover against the theft of stolen oil and of those that do more than half (53 per cent) protect less than the cost of filling an average domestic tank for a year.
It found only two per cent of home insurance policies cover for an unlimited amount of stolen oil.
Thierry Campet, head of sales and marketing at Abbey Insurance, said as most tanks are located on the outside of homes commented they can pose as easy targets to thieves.
"Average oil prices have doubled since the start of the year and rising inflation has meant that many people can no longer afford the premium prices. This has helped the growth of a black market economy in domestic oil fuel," he added.
Part of the Santander Group, Abbey claims to offer unlimited home insurance cover.
Home insurance 'doesn't always cover oil'
Financial Services > Home lnsurance > Home Insurance News
Home insurance 'doesn't always cover oil'
Tue, 26 Aug 2008
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