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UK Insurance Costs RisingThose living in Islington have been paying higher insurance for their cars and homes according to some new research. The study by International Insurance EMB shows that Islington home owners are spending about 745 pounds a year on insurance premiums, which is more than anywhere else in the UK. About half of the premiums are based on the likelihood of thefts which apparently has been found to be quite high in Islington. Islington has a large group of young unemployed males, and according to the study these individuals are more likely to commit crimes against property and vehicles. Islington is also an area of high subsistence with the government making it a large factor in the premium costs. Even though Islington has an upbeat market image it is the fourth largest place in the UK with deprivation. In other words in London Islington is considered to be filled with crime and unemployment making it less safe. A TV show in the UK rated Islington the 7th worst place to live in the London area. It seems that all of the London Boroughs are suffering from crime, but Islington is the one falling the fastest into the high crime rate. The good news is that in the last year the crime rate has slowed. In fact it seems there were 373 fewer burglaries and 767 fewer auto related crimes. The EMB is wondering when the high insurance costs are actually appropriate for the area. Mr. Neilson believes the reports are full of false information. He believes that while there are a few roads in the Highbury area that has subsidence it is actually more related to the tree preservation orders rather than crime or other reasons. He believes the generalisations are going to hurt the area and do not in any way mean the insurance should be high. Back To Financial News April 2008 |