Lloyds TSB offers waive home insurance for redundancy victims

With many employees being laid off as companies try to economise during the credit crunch, victims of redundancy have been offered a six-month waiver of home insurance premiums.

Any customer who takes out the company's Home Solutions option between April 6th and June 6th will receive the offer, which means that home insurance will be free for six months for those made redundant between taking up the offer and the end of 2009.

The deal comes after new research by the home insurance provider revealed that 15 per cent of people had reduced or cancelled cover to save money .

A further 13 per cent said that they would not renew their home insurance when it reaches expiration.

Mike Canniffe, retail banking insurance director at Lloyds Banking Group, said: 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.

Recent research by price comparison site Confused.com showed that home insurance owners are overpaying £1.3 billion because they have not searched for the best deal.