Ignoring black market could impact on home insurance, suggests survey

Tue, 09 May 2006

Many Brits are comfortable buying stolen goods from people they meet in pubs and bars and this activity could affect home insurance policies, suggests research.

Approximately two-thirds of the people questioned by Halifax insurance said they would willingly buy stolen goods on the black market.

People are spending roughly £1 billion on illegal products in pubs and bars and 5.6 million Brits admitted to buying goods illegally in pubs. About 66 per cent of these said they wouldn't be put off by the fact that the goods may have been stolen from someone's home.

However, the home insurance company Halifax says that consumers' desire to get a bargain is fuelling a "cycle of theft" through providing a market for goods stolen by burglars.

"People should be aware that this is not a victimless crime, their pursuit of a bargain is part of the reason burglary remains a widespread social problem," commented Vicky Emmott from the home insurance provider.

This in turn means that more homeowners have to make insurance claims if they are burgled or pay higher insurance premiums if they live in a more high-risk area.

The insurance provider urges people not to turn a blind eye to black market activity and report suspicious people trying to sell goods in pubs.

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