Are you covered for bonfire night?

Homeowners are being advised to make sure that they check their home insurance policies and plans before the festivities of Bonfire Night, as they need to make sure that they have the right level of cover for their needs and to ensure that they have adequate cover in place in the event of accidents or injuries. Many people do not even think about the fact that they may not have adequate cover in place and therefore any incidents that take place could end up costing them a fortune.

Whilst households may have insurance cover in place there is a chance that certain things are not covered on their policies, and this is what officials are urging households to check before Bonfire Night comes around. For example, if you are having fireworks and a bonfire in your garden your insurance cover may not offer any public liability protection in the event that someone is inured or worse on your property, which would effectively be your responsibility.

Officials have said that every year thousands of people are injured at bonfires and fireworks parties and households that do not have the right level of protection in place could find themselves in very hot water in the event of an injury occurring on their property. A quick phone call or just checking your policy could enable you to determine whether you have the right level of cover in place and if not you can upgrade your cover before November 5^th.

One home insurance expert said: “For those hosting a fireworks party at home, it is essential to ensure your home insurance policy is up to date and that you have adequate personal liability cover. In the event of an accident such as someone getting burnt on the bonfire, you could find yourself liable for any injury or damage if you are not covered by insurance.”

Tags: home insurance, bonfires, adequate cover, chance, date, phone, public liability protection

Insurance premiums could soar for flood victims

It has been revealed in a recent report that consumers who live in flood risk areas in the UK could be hit with huge insurance premiums as a result of insurance companies getting tougher. Over recent years insurance companies have had to pay out a fortune as a result of severe flooding in certain areas, which has devastated homes, and it now appears that the industry is determined to clamp down.

According to a recent report some homeowners could be hit with insurance hikes of 500 percent, and may be forced to pay the first £6000 of any claim themselves. The claims come from a report from the consumer charity the National Flood Forum, and is being prepared for a summit that will take place this month between a number of parties, including government officials, insurance industry officials, local authority officials, and representatives from the charity.

The summit will take place to try and determine how flood insurance can still be available to consumers on a widespread basis. The consumer charity surveyed three hundred flood victims, and found that the average increased that they had seen on their premiums was a massive 500 percent. One tenth of those surveyed also had flooding excluded from their policies when they came to renew their cover following a flood claim.

An official from the National Flood Forum said: ‘There’s no consistency in the treatment of flood victims by insurers. And you can’t simply move to another insurer, as they don’t want you. We found Axa, Aviva and Halifax were worst for raising premiums and excesses. The biggest danger is what happens after 2013. If you can’t get insurance, no one will give you a mortgage and you can’t sell your home.’

Tags: health insurance, aviva, Forum, Insurance, home insurance, insurance hikes, Flood insurance, insurance industry officials

Norwich residents urged to ensure home insurance up to date

Residents in the Norwich area of the UK are being urged by officials to make sure that their home insurance is up to date and adequate. The warning comes after several break-ins in the area, which took place at the end of May and the beginning of June.

Whilst most people are well aware of the importance of having home insurance in place many forget to get their policies renewed or fail to ensure that the policy is amended to provide adequate coverage. This can cause big problems in the event of a break in, as the homeowner may find that he or she is unable to make a claim because of lack of coverage.

Residents in the area are being warned to check both their buildings and contents insurance to make sure that it is all up to date and provides adequate coverage. Officials are now stressing the importance of having home insurance policies in place for residents in Norwich, particularly given the spate of break ins that has been seen over recent weeks.

Police are still appealing for information with regards to the break ins, and in the meantime are warning residents in the area to be on their guard and do as much to protect themselves and their homes as they can.

Consumers that are looking for affordable home insurance coverage are able to choose from a range of options these days, and it is therefore possible to get a low cost policy that provides adequate protection. Police have confirmed that a number of high value gadgets and cash were taken in the recent break-ins, so consumers could save themselves a fortune in the cost of having to buy replacement simply by ensuring that they have insurance cover in place.

Tags: home insurance, insurance cover, norwich, police, protection, business, Insurance

What to consider when you take out home insurance

Every year many people renew or take out new home insurance policies to protect their belongings against theft and damage, but a recent report has highlighted how many of these people overlook necessities when taking out home insurance cover and forget to take into consideration basic needs that could end up costing them big time in terms of their finances. Read more

Tags: home insurance, home insurance cover, home insurance policies, garden tools, Insurance, Types of insurance

FSA cracks down on sale and rent back schemes

Over the past few years an increasing number of people have had to turn to sale and rent back companies to try and get themselves out of a sticky situation with their homes. Read more

Tags: mortgage, Real estate, finance, Economy of the United Kingdom, Financial Services Authority, Renting

Many homeowners could have worthless insurance

It has been revealed that millions of homeowners in the UK could be hanging on to insurance policies that are actually worthless as a result of a loophole relating to past convictions, according to a recent report. Read more

Tags: economics, policy, home, group, Household, homeowners insurance, home insurance, tiny fine

Insurance hike for users of Facebook

It has been announced that higher insurance costs could be applied to those that use social networking sites such as Facebook on a regular basis, because insurance firms see these consumers as being higher risk due to the possibility of personal and sensitive details being viewed by others. Read more

Tags: Insurance hike, facebook, facebook insurance, doubt in my mind, gain confidence, home insurance, Criminals, burlaries

Getting Married? Do You Have Wedding Insurance?

Having a wedding insurance policy in place can avoid huge financial losses if something goes wrong in your home one or before the big say or even shortly after. This is something that all engage couples should consider as they plan the events of their wedding day, but the fact is that not many people know that this insurance cover even exists. Read more

Tags: home insurance, loss, wedding insurance, weddings, couples, home insurance division, large cost, wedding gifts

Insurance policies being compromised due to credit crunch

There are many different ways in which UK households are trying to cut back on their monthly outgoings in the current financial climate, as most people are struggling to make ends meet properly due to their finances. Read more

Tags: financial climate, insurance policies, different ways, home insurance, insurance fraud, insurance cover, finance, Association of British Insurers

Save money by cutting insurance costs

As most of us know the recession is underway, and with finances already very tight for most this has resulted in the financial situations of many households going from bad to worse. Read more

Tags: difficult times, certain ways, fat cat pocket, home insurance, cases insurance firms, saving, insurance cover

Rate cuts may not prove of benefit to many homeowners

With the aggressive rate cuts that have been applied to the base interest rate by the Bank of England over recent months homeowners on variable rate interest deals should in theory be delighted. Since last November the base interest rate has plummeted by nearly two thirds, plunging from 5.75 percent to just 2 percent. It now stands at its lowest levels in nearly six decades, and many think that it will fall further over the next couple of months. Read more

Tags: homeowners, variable rate, base rate cut, Floating interest rate, Mortgages, future rates cuts, home insurance, bank of england

You don’t have to sell up to make money from your home

The years of the property boom seem like they were a long time ago, but in reality it has only been a couple of years since the property bubble exploded with a resounding bang. During the years of the boom many homeowners in the UK made a killing on their investments, having seen the price of property soar in the UK. However, with property prices having plunged many have lost some or all of the equity in their homes, and this has left them unable or unwilling to sell their homes. Read more

Tags: advertising boards, Loss mitigation, Renting, mortgage, home insurance, Real estate bubble, Real estate

Why is home insurance so important at this time of year?

Many people have valuable and expensive items in their homes at all times of the year, but at this time of the year most people have additional valuables in their homes, having stashed loads of expensive gifts for loved ones and also having received gifts from friends and family. Having a good home insurance policy in place is important at the best of times, but at this time of year when the value of items in your home tends to go up you need to make sure that you have adequate home insurance in place to protect your valuables against loss, damage, or theft. Read more

Tags: flooding, financial losses, check, case, home insurance, valuable items, fire, side

Watchdog to probe sale and rent back

The UK’s watchdog, the Office of Fair Trading, recently announced that it would be launching an investigation into sale and rent back scheme, which have been gaining popularity over recent months due to the rising levels of people facing repossession due to high mortgage arrears. Whilst the sale and rent back industry has claimed that this is an ideal solution for many struggling homeowners, many campaigners have expressed concern over how fairly sale and rent back customers are treated. Read more

Tags: bank, office of fair trading, change, Subprime mortgage crisis, home insurance, sale and rent back, public improved protection, office

Garden thieves take average of £291

People who leave their gardens and sheds unsecured can expect to lose an average of £291.30 if someone breaks in, according to Sainsbury’s Home Insurance.

Neil Laird, manager at the company, said that the number of burglaries of gardens is on the up and homeowners should be wary of leaving their garden sheds unlocked.

According to Confused.com, people leave an average of £800 worth of items in their garden sheds.

Furthermore, Mr Laird warned that some homes may be targeted by burglars more than once.

“Homes seen to have ‘rich-pickings’ that are left unsecured, may be targeted again so as well as tightening up security, it’s worth picking a home insurance policy that allows you to benefit from and protect your no claims discount,” he commented.

According to the research from Sainsbury’s Home Insurance found that 11 per cent of items stolen from gardens are worth between £401 and £1,000.

Tags: Sainsbury's Home Insurance.Neil, garden, Sainsbury's Home, burglaries, picking, home insurance, home, Confused.com

Endsleigh: We won’t pay for loss from poor workmanship

Homeowners planning any big changes to their houses should make sure they employ reliable and skilled workmen because their insurance may not cover loss or damage if the design or materials used are faulty, according to insurance provider Endsleigh.

Rhiannon Harris, a spokesperson for Endsleigh, said the company’s insurance policy would not cover loss or damage that was the result of poor workmanship or that came about from mechanical or electrical equipment breaking down or from people not following the instruction guide when using the equipment.

Ms Harris went on to say that the following would also not be covered by the company’s policy: “Emollition or structural repairs or alterations to your home or outbuildings, structural alteration, repair maintenance, decoration, restoration, dismantling, demolition, renovation or breakdown, or process of cleaning, drying, dyeing, heating, or washing.”

According to figures from Zurich, 73 per cent of homeowners do not know whether their home insurance policy provides cover for any DIY mistakes they might make.

Tags: insurance policy, skilled workmen, structural alteration, Business and Economy, dyeing, insurance provider endsleigh.rhiannon, Financial economics

Doing DIY? Tell your insurer, says expert

People carrying out DIY projects at home could risk invalidating their home insurance if they neglect to tell their insurance provider about it, Sainsbury’s Finance has said.

Neil Laird, home insurance manager of Sainsbury’s Finance, said people can make small changes to their homes, such as replacing doors or decorating the interior without informing their home insurer first, but they should let them know about any major changes.

Mr Laird noted that structural changes would warrant telling the insurance policy provider beforehand.

“We want to make sure that homeowners are aware that they could be left underinsured or even invalidate their insurance entirely in the event of an incident during or after works if they have not informed their insurer.”

According to figures from the UK home insurance company Zurich, nearly half of all homeowners fail to inform their home insurer of major DIY changes they make to their properties.

Tags: small changes, finance, neil laird, insurance policy provider, home insurer, UK home insurance, Laird, home insurance

UK Insurance overview

Consumers in the UK can enjoy a wide range of insurance options to provide them with protection against a range of issues and eventualities, and with some really good deals on offer from a wide range of insurance providers it is possible to enjoy protection and peace of mind without having to break the bank when it comes to premiums. You can get all sorts of insurance policies these days, and below are some of the most popular types of insurance currently available in the UK. Read more

Tags: loan, form, insurance types, life insurance cover, bank, home insurance, Recent insurance articles, life insurance

Tenants advised to take out contents insurance

Tenants should take out contents insurance and speak to their landlords about investing in improving security, since this could reduce their insurance premiums, says Direct Line.

People renting property from landlords should make sure they have contents insurance that covers the full value of their belongings, particularly since it is “often a lot cheaper than you expect,” according to head of Direct Line home insurance Andrew Lowe.

A Homeserve survey from April 2008 found that more than 60 per cent of people in the UK had experienced a home emergency in the past 12 months, with the average bill totalling £494.

Despite this, Moneysupermarket.com recently reported that 40 per cent of property owners do not have home insurance.

The cities where people are most likely to be burgled are Nottingham, London and Bristol, whereas Guilford, Dundee and Norwich were found to be the safest cities by insurance company Endsleigh.

“Investing in good quality locks for doors and windows will not only offer you peace of mind, but will also reduce your premiums,” advises Mr Lowe.

Tags: home insurance, mind, guilford, GBP, mr lowe, head, norwich, Dundee

Legal cover on home insurance may help avoid costly bills, claims expert

Home owners are being advised to take out legal cover on their house insurance to safeguard them in the event of a dispute with neighbours.

The Association of British Insurers (ABI) says that legal expenses can be very pricey if people get into a dispute and with research showing that a third of people have argued with their neighbours, insurance may be a sensible option.

According to a recent survey by Allianz Insurance, more than 1.1 million households have argued with their neighbours about noise and one in three of the 3,000 homeowners questioned have had a disagreement.

Kelly Ostler-Coyle, spokesperson for ABI, said: “The thing with insurance is you never know if you need it till you need it, so it’s always there to protect against the unexpected.”

If people think they would not be able to pay the legal fees in the event of a dispute, they should consider getting legal cover when they take out their home insurance policy, Ms Ostler-Coyle concluded.

Tags: policy, home insurance, Coyle, spokesperson, Financial economics, option, noise, British Insurers

Up to £68bn needed to cover school holiday accidents in the home

Parents may have to pay up to £68 billion each year to cover damages to their homes incurred from children being off from school, new research shows.

According to findings from Abbey, almost three quarters of families in the UK have had at least one household item damaged by a child in the past ten years with the average cost being £140.61 each time an accident occurs.

Lloyd Wilson, head of Abbey Insurance, said: “School holidays are prime time for breakages so parents be warned.”

“Although it can be expected that children will clumsily damage household items, the cost of replacing damaged goods can come as a nasty shock,” he added.

The research showed that more than half of 16-18 year olds have apparently damaged electronic equipment, the highest percentage across all age groups.

Meanwhile, the average annual premiums for car and home insurance in those in Islington in North London are the highest in the country according to a study conducted by actuarial consultancy EMB.

Tags: three quarters, home insurance, Lloyd Wilson, prime time, islington, EMB, half, electronic equipment

Highest number of insurance calls since 2007 floods

The recent storms and bad weather have generated the highest number of calls since the floods of last summer, according to one insurer.

Abbey stated that call volume doubled by half with people enquiring about their insurance cover while claims increased by over 55 per cent.

Findings from the financial expert said that the average claim total for 2007 storm damage stood at £913 while the average claim total for flood damage is £15,350.

The Association of British Insurers (ABI) said that some of its members will already have started contacting policy holders in the hardest hit areas.

Speaking to the Guardian, spokesman for the ABI, said: “Insurers will be contacting customers and saying that they know they are in the eye of the storm, as it were, and offering them help with their claim.”

Abbey insurance advised homeowners to keep all insurance and important documents in a water tight container and ensure you have a copy of your insurance hotline telephone number in the event of an emergency.

Tags: container, event, home insurance, Storm damage, the Guardian, insurance hotline

‘Blase attitude’ to home insurance to blame for lack of cover

Consumers’ blase attitude to home insurance could be the motivation behind many consumers failing to take out cover, claim financial experts.

Norwich Union estimated that, out of the 25 per cent of home owners who are supposedly without contents insurance, more of them are to be found in larger cities and built up areas as opposed to rural communities.

Alison Palmer, household underwriting consultant for Norwich Union, said that many people take the view that “‘well, it’ll never happen to me. I’ll be alright, I haven’t got anything worth insuring anyway’”.

“As you’ve probably seen from the events that happened last summer it can happen easily. People lose everything and it’s a horrible thing,” she added.

The number of consumers without contents insurance has not changed in the past few years, concluded Ms Palmer.

New research from Legal & General, shows that Britons keep their most valuable personal possessions and documents in their kitchens.

According to reports, the UK insurance industry paid out £9 million to householders for property damage or loss of possessions in 2006.

Tags: norwich union, number, Household, claim financial experts, home, lack, home insurance, property damage

A quarter of home refit projects go over budget say experts

Up to one in four of home makeover projects end up going over budget, according to figures from Halifax Home Insurance.

An estimated million under-budgeters have to find an extra £4,690 to afford £10,000 which is the average cost of completing a home improvement project.

This works out at a total annual budgeting shortfall of approximately £4.7 billion.

Martyn Foulds, senior claims manager at Halifax Home Insurance, said: “It’s interesting to see that the major reason for spiraling costs is often due to homeowners adding extras to a project half way through.”

He added: “Clearly it is all too easy to get carried away with adding more expensive fixtures and fittings as the project unfolds.”

The most commonly cited reason for escalating costs, from over half of the survey’s respondents, was upgrading to higher specification fixtures and fittings.

A further 20 per cent said costs had risen after building works had unearthed problems with their house that needed urgent attention.

Meanwhile, more research from Halifax has found that over two thirds of respondents believe the government could be doing more about the number of vacant properties in the UK.

Tags: expensive fixtures, home insurance, home makeover projects, house, Real estate economics, respondents

Extra home insurance needed during Christmas

Consumers need to make sure they have adequate home insurance cover to protect them from theft as well as damage during the festive period, warns Bradford and Bingley.

With 76,000 homes the target of unwelcome intruders, the bank has said that shoppers need to ensure they have enough insurance cover taken out to protect Christmas gifts.

Dave Foyle, head of general insurance at Bradford and Bingley, said: “With so much money and effort invested in the Christmas period, people should make sure that they don’t overlook the necessity of protecting their home and its contents from unwanted visitors.”

He added that by making sure adequate home insurance cover is in place consumers can make the most of the “fun time” which is Christmas.

The Deloitte Christmas Retail Survey for 2007 revealed that consumers were set to spend seven per cent more on Christmas this year, with the total average spending now at £706 compared with £662 in 2006.

The total predicted spend for this Christmas is £33.6 billion.

Tags: christmas, extra, place, average, home insurance

Check your home this Fire Safety Week

Bonfire night may have been and gone but there are plenty of fireworks still going off every night, and fire hazards remain a major risk.

According to figures from the Association of British Insurers (ABI), 200 homes a day are damaged by fires.

For that reason, November 14 to 21 has been declared as Fire Safety Week.

Organised by the Fire Protection Association and first held in 1975, Fire Safety Week is aimed at drawing attention to fire risks by bringing local fire brigades and the communities they serve together.

Halifax Home Insurance is joining in, by urging householders to conduct a fire safety check on their homes.

Measures people can take to cut their risk of a fire breaking out or being harmed if a fire does occur through simple measures like leaving internal doors closed at night, ensuring exits are clear, making sure all electrical wiring is in good condition and not smoking in bed.

Vicky Emmott of Halifax Home Insurance said: “With 200 house fires happening every day, there’s definitely more that could be being done to protect people’s homes and families from the risks of fire. We are urging all householders to spend a bit of time during Fire Safety Week checking their homes and improving fire safety measures.”

Tags: time, Fireworks, home insurance, vicky, fire protection association, Fire safety

Insurance switching gains momentum

There has been a marked increase in insurance switching, an industry expert has said.

According to MoneyExpert.com, the car and home insurance markets have seen a dramatic rise in people changing policy.

In the last six months, insurance customers for these sectors have abandoned in excess of 9.2 million uncompetitive policies.

The website’s Switching Index shows that, in the same period ten per cent have switched home insurance policy while 15 per cent have changed motor insurance policy.

In total, 9.27 million policies have been swapped in the last six months, which represents a staggering increase of 1.6 million from the previous quarter this year.

Sean Gardner, chief executive of MoneyExpert.com, said: “The good news is there are plenty of excellent offers out there and many product sectors are incredibly competitive – insurance being a prime example.

“It will almost certainly be the case that everyone can save money by switching and we would urge consumers to continue to seek out the best deals.”

Tags: home insurance markets, insurance policy, best deals, case, Financial services, home insurance, momentum, economics

‘Common room valuables’ may not be covered

As the academic year gets underway for thousands of students, one organisation is warning them to keep an eye on their belongings or risk losing out financially.

Graeme Trudgill, technical services manager for the British Insurance Brokers’ Association, said that items left in communal areas like the kitchen or living room may not be included in some insurance policies.

“Don’t leave valuable items where they’re visible through windows, and they need to keep their laptops and things in their locked room when they go out,” he advised. “If it’s stolen from a communal area, it may not be covered.”

According to the London Student Housing Guide, the average cost of a student burglary is £900 – and what’s more they are more at risk than other Britons.

“Students are three times more likely than the average homeowner to be burgled,” Mr Trudgill said. “One in three students fall victim to crime each year.”

A separate report from Abbey revealed recently that each student will have on average £3,300 worth of possessions with them at university.

Tags: victim, insurance policy, Don, technical services manager, home insurance, the London Student Housing Guide, Common room valuables

Students urged to cover contents

A significant number of the UK’s students could be starting the year’s learning with inadequate home contents insurance, putting them at risk of financial loss.

That is according to new research from Abbey, which found that around 30 per cent of undergraduates will probably start the academic year without protecting their belongings.

Despite the fact that 95 per cent own a computer, some 14 per cent of students have not thought about insuring their possessions or think they are not of a high enough value to warrant cover.

Some seven per cent said they would not afford the cost, while nine per cent didn’t get around to arranging it or spent the money for it on something else.

“Over 60,000 students believe the value of their belongings does not justify buying insurance, but we find many people are shocked with how much their belongings are actually worth,” said Abbey’s head of insurance marketing, Prasad Shastri.

The study also found that students will take around £3,300 on average worth of items with them to university this year.

A separate report from Cornhill Direct encouraged parents recently to check their own home insurance policies to ensure they cover student offspring’s belongings.

Tags: home insurance, belongings, Business and Economy, student, money, home, risk, university

Homeowners urged to prepare for winter

With Britain’s wettest ever summer confirming that people are no longer safe from “extreme weather” at any time of the year, Defaqto has urged homeowners to check that their buildings and contents policies offer adequate levels of cover.

The independent financial research company warned policy holders to pay particular attention of exclusions incorporated into their buildings and contents policies, particularly those which might concern storm damage or flooding.

Although storm and flood damage is usually standard in most contents policies, they do not all include “contents in the open” such as garden furniture, Defaqto warned, revealing also that nearly all buildings policies exclude cover for weather damage to fences, gates and hedges.

Mel Gray, senior researcher at Defaqto, said: “A lightning strike could set your property on fire, resulting in your home and all your possessions being destroyed.

“So it’s essential that people check that the sums insured under their buildings and contents policies are adequate to cover such a catastrophic event.”

Last week, Lloyds TSB Insurance urged people to act quickly if they need to make a claim for damaged properties, following the tornadoes that wreaked havoc in Hampshire, Warwickshire, Bedfordshire and Derbyshire.

Tags: policy, Product Issues, event, home insurance, claim, tornadoes, Insurance urged people, lloyds tsb

Poor home security affects insurance, Halifax says

Insurers at Halifax warned today that poor home security can invalidate claims.

According to statistics released by the insurance provider, claims for unforced burglary tend to rise hugely at this time of year, with a full 50 per cent increase in August 2006 over the figures for January of that year.

Received wisdom that the increase is caused by claimants jetting off on their holidays is also incorrect: 55 per cent of claims are made from those who occupied their home at the time of the robbery.

Open windows and doors due to the warmer weather was cited by the insurer as the main reason behind the break-ins.

Underwriting manager at Halifax Vicky Emmott said: “During the summer, we invariably see claims for unforced burglary increase dramatically, as people leave doors and windows open to keep their homes cool.

“Burglars can be in and out in seconds, so we are advising people to keep valuables out of sight, and avoid leaving doors and windows open when rooms are unoccupied, or when out in the garden.”

Other top tips offered by the insurer looking to boost their security, such as recommending that neighbourhood watch schemes be joined and that safety latches on windows be used.

National Home Security Week begins on August 25th.

Tags: cent, manager, Types of insurance, out of sight, August, January

Insurers count costs of floods

The floods in the West Country last month, along with the Central England floods in June, have cumulatively been termed the worst in 60 years in the UK.

Now, as the waters have receded, Britain’s insurers have been counting the costs.

Aviva, owner of Norwich Union and the biggest insurance company in the country, announced last week that it faced £340 million-worth of claims, split evenly between the two deluges.

Royal Bank of Scotland, the UK’s second-largest home insurer said that the floods would cost them around £250 million.

Insurance premiums for extreme weather conditions are likely to go up nationwide, with those in areas which have previously flooded likely to be most severely affected.

Last month, the Association of British Insurers (ABI) was forced to revise its estimates upwards for the recent floods to a grand total of £2.5 billion.

According to Risk Management Solutions, the damage caused by the floods was much smaller than that wreaked by those in 1947, which would cost “between £4.5 billion and £6 billion” if repeated today.

Tags: June, West Country, insurers, Central England, economics, damage

July move ‘popular’ among older Britons

July is regarded as the most popular month for people over the age of 50 to move house, according to Saga Home Insurance.

Figures released by the group indicate that more people in the over-50s bracket have moved house in July in the last five years than any other month.

Downsizing appears to be popular among over a third of respondents in the poll, with many wanting to move to a smaller home.

Some 34 per cent of respondents also cited the desire to be closer to family as a motivating factor to move.

Andrew Goodsell, chief executive of Saga, said: “We can see that family is a key influencer on where future retirees will migrate to, but we can also get a sense of just how people plan to spend their retirement – with shopping and social activity as key attractions when searching the area to retire to.”

Mr Goodsell said that people moving home might consider taking on Saga Home Insurance, which might help them minimise the stress of moving home.

Tags: stress, home insurance, bracket, month, minimise, retirement, Health care, activity

Home insurance customers ‘pay more when loyal’

Loyal customers to home insurance companies are being penalised as firms battle out to cheapen prices rather then to extend services, according to a new report.

Defaqto, a data collection company, has found that rather than retaining established customers through extending cover or offering new and improved services to customers, firms would rather lower prices to attract new business.

This means that newer customers pay far less than loyal customers through various cash back deals, which have risen in frequency by 60 per cent in the last 12 months.

“It hardly seems in keeping with the Financial Services Authority’s rules for Treating Customers Fairly that two customers with exactly the same risks should pay markedly differing amounts for their policies,” said Brian Brown from Defaqto.

“It would appear that increasing loyalty never goes unpunished and rewards are only available for the disloyal.”

He recommends that consumers double-check their home insurance deals to see that any new purchases are still covered and that they still have a competitively-priced deal.

Tags: company, data collection company, Financial Services Authority, Business and Economy, customer, home insurance, Insurance, competitively-priced deal

Brits spend billions on conversions

British homeowners have spent over £90 billion on converting ‘dead space’ in their homes.

Research by AA Financial Services shows that 20 per cent of mortgage holders have converted attics, garages, cellars and sheds to make them liveable areas.

The main driving force for the majority of people was to increase the value of their property, with 27 per cent citing this reason.

Money appears to be a major factor when it comes to conversions, with 17 per cent of those asked saying that they would have preferred to leave the ‘dead space’ as it was but needed to room and could not afford to move.

Others though were simply keen to get the most from their property, especially as house prices continue to rise.

“Many homeowners relish turning unused or ugly areas of their homes into liveable rooms as it means more space for family and less dusty boxes and clutter,” said Janet Pell from AA Insurance.

“But it is important that you ensure you have the appropriate building regulations approval before going ahead.

“And make sure you update your home insurance cover following an extension or conversion – your three-bed cottage might suddenly become a four-bed house – and of course, you’ll have additional furniture and possessions too.”

It is worth noting however, that if your property does become a four-bedroom house, it will be subject to the new Home Information Pack regulations from August 1st.

Tags: three-bed cottage, mortgage holders, research, possessions too."It, cover, home insurance, cent

The death of DIY?

The Great British love affair with DIY may be coming to an end as people become more concerned about making a claim on their home insurance.

Research by Woolwich Mortgages shows that more and more people are turning their backs on DIY and opting to get professionals in to do the job instead.

Nearly half of those questioned said that they do not enjoy DIY, with 37 per cent avoiding the work in case they get it wrong and have to claim the money back from their insurer.

A further 40 per cent say that they simply do not have the time, while 22 per cent see DIY as a chore that takes up valuable leisure time.

“It seems that the phrase ‘time is money’ applies to the UK’s new DFYers (done for you-ers),” said Andy Gray, head of mortgages at Woolwich. “People think their own time is precious and with the added concern that they are not going to do a good job, people are increasingly turning to experts to get the job done.

“Home improvements can make a tangible difference to the value of peoples homes, but a bad standard of work can drag the price down.”

Some tasks are considered to be more worthy of hiring a professional than most, with 65 per cent saying that electrical work should be left to a qualified individual.

Plumbing is also avoided by 63 per cent, building an extension by 59 per cent and installing a new kitchen and bathroom by 58 per cent.

Interestingly, 35 per cent of people think that painting and decorating should be done by a professional, while 38 per cent think the same about erecting a shed.

Tags: affair, home insurance, andy gray, added concern, professional, difference, home improvements, time

Don’t bodge it yourself (BIY)

Homeowners are being encouraged to avoid partaking in any bodge it yourself (BIY) over the Bank Holiday weekend.

According to Halifax Home Insurance, we spend £607 million on repairing the damage we do to our homes while trying to fix them up.

Traditionally the UK goes DIY mad over the Bank Holiday and this is often when the majority of damage is done.

However, Halifax is warning people not to take on a job which they are not qualified to do as it could end up costing a lot more to fix the job than it would have to have got a professional in originally.

“Whilst well planned and executed home improvements can add significant value to a home, getting it wrong can be a disaster,” commented Vicky Emmott, senior manager of underwriting at Halifax.

“We’d advise anyone planning any major improvements to their home to employ qualified and reputable tradesmen, rather than going it alone.

“Indeed trying to tackle certain areas that you are not qualified for, such as electrics or plumbing, could invalidate your home insurance and leave you liable for the cost of any subsequent damage,” she added.

DIY enthusiasts are encouraged to make sure there house is properly covered before embarking on a project.

Tags: major improvements, whilst, bank, holiday, home insurance, majority

Cost of running home increases

The average UK homeowner has to fork out around £11,035 each year just to maintain their property.

According to Sainsbury’s Bank Home Insurance, that is how much it costs to run a home in 2006.

It signals a big increase in costs when compared to the same figure for 2004/2005 which was £1,199 less – that is 12 per cent lower than today.

The biggest financial increases have been seen in utilities, with gas having risen in cost by 27 per cent, electricity by 19 per cent and water and sewage by 14 per cent.

Council tax is also on the rise, with the average homeowner in 2006 paying 14 per cent more than they were in 2004/2005, while mortgage costs have also increased by an average of 12 per cent.

“It’s becoming more expensive to run a home, which makes it all the more important for homeowners to shop around to make sure they are getting the very best deals available,” commented Robert O’May, home insurance manager at Sainsbury’s Bank.

“This is not only for their mortgages and utility supplies but also their home insurance.”

In response to the figures, Sainsbury’s Bank has produced a free guide for homeowners which aims to help them reduce their costs.

Tags: running home, home insurance, Nectar loyalty card, guide, tax, mortgage costs, Business Finance, Council

Buy-to-let insurance risk warning

With buy-to-let investments becoming an increasingly attractive proposition for consumers, Sainsbury’s Bank is encouraging landlords to ensure they are adequately covered.

With figures from the Council of Mortgage Lenders showing that the number of buy-to-let mortgages has increased to 21 per cent, there are also now believed to be more than three million privately rented properties in the UK.

With the properties being worth a collective £510 billion, landlords are being advised in the strongest terms to ensure that they take out a comprehensive insurance policy.

Sainsbury’s Bank policies ensure against rental income of up to £20,000, while also providing contents cover of up to £40,000.

“Robert O’May, home insurance manager at Sainsbury’s Bank, said: “There has been huge growth in the number of properties rented out and it’s a lucrative venture for many.

“It’s therefore important for landlords to pick a good home insurance policy to protect their investments,” he added.

Tags: insurance policy, buy to let mortgages, manager, income, good home insurance, warning

How to Save Money on Home Insurance

As a homeowner, if you are proactive in your shopping around, you can save on your yearly premium. There is no rule that states as a homeowner that you must wait till the end of your policy year to renew! By shopping around, if a cheaper price is found for the same (if not better) policy coverage, there is always an option to switch insurance companies as long as a claim hasn’t been made. Read more

Tags: home insurance, claim, best quote, internet brokers, mortgage, Social Issues, home insurance savings, buildings insurance

Garden and Outdoor Insurance Coverage

Even though your garden is a general area outside your home and considered the landscape, is your garden covered by home insurance? Some home gardens are more expensive than many rooms in a person’s home! A warning to garden enthusiasts – if you think your homeowners insurance covers your precious garden, do double check before assuming it does. Read more

Tags: high risk area, garden enthusiasts, home insurance, finance, Human Interest, garden insurance, outdoor insurance, high risk

DIY – Does Your Home Insurance Cover Your Work?

Before spending your entire holiday time off doing renovations to your home by yourself, first check with your insurance company about coverage concerning accidental damage. If the insurance company does, the next step is to make sure it is enough coverage in case an emergency occurs in the middle of your home renovation project. Read more

Tags: diy, huge jump, Insurance, proper coverage, renovations

Don’t Skimp On Home Insurance

If you are worried about how much home insurance is enough, simply estimate the contents of your home and have your home market value appraised. Then shop around different companies for an insurance quote and make sure the amount is sufficient. For many people their home and the possessions it holds represents their entire life savings. Read more

Tags: home insurance, home contents, high expenses, life insurance, buildings policy, home insurance savings

£13bn worth of uninsured clothes

We are all buying more clothes, but research from Prudential Home Insurance shows that few of us are taking the time to insure them.

Around 25 per cent of us are said to own at least £2,000 worth of clothes, while six per cent of us have a wardrobe that holds over £5,000.

In spite of the growing value of the glad rags we own, Prudential has revealed that the majority of us do not take out insurance as protection, with £13 billion worth of shoes, clothes and accessories lying around uninsured in homes across the UK.

To make matters worse, Prudential points out that now is probably not the best time to be spending so much money on clothes, as the level of UK personal debt currently exceeds £1 trillion.

“It is concerning that despite the average Brit being in £27,455 worth of debt, many are still prepared to spend so much on fashion regardless of whether they have a steady income,” said Phil Southgate from Prudential Home Insurance.

“The increasing popularity of low-cost clothing shops means that people are encouraged to spend money on a regular basis with the growing trend for disposable clothing.”

One of the most surprising figures to come from the research is that those out of employment are more likely to own more shoes than those who work, with 38 per cent of unemployed people owning between six and ten pairs.

According to Prudential however, the most alarming thing is that so few of us insure our clothes.

“It’s amazing how so many people fail to insure the contents of their wardrobes, especially considering that a fifth own up to three expensive designer items,” said Mr Southgate.

“It is important that people assess the value of their wardrobes on a regular basis.”

Tags: designer, regular basis, wardrobe, Prudential Home Insurance."The, life insurance, American International Group, home insurance, Business and Economy

Danger of only investing in your home

We are being warned that we could be setting ourselves up for a fall by investing almost all of our money into a single property.

That is according to a report which states that almost two-thirds of us are running the risk of financial ruin by investing too heavily in a single asset.

Researchers at Durham University have discovered that as many as 62 per cent of us invest the majority of our money in a house and could face real difficulties if a housing market drop, like that seen in the late 1980s, were to take place.

“This study really draws attention to the precarious position of the majority of English homeowners’ savings,” said Susan Smith from the university.

“While many would think it strange to invest everything they have into one particular company, to all intents and purposes more than seven million people in England are doing just this by ‘banking on housing’.

“In fact, they are investing almost everything they have into just one building, in one neighbourhood, in one town, in one region, despite the hindsight of a recent housing market collapse,” she added.

The research found that 30 per cent of people take out a mortgage but do not see their home as a way of storing and accumulating wealth.

This apparent lack of vision when it comes to the housing market is even more alarming when you realise that 59 per cent have no other savings or investments to fall back on.

Homeowners are being advised to ensure that they have some secondary savings.

Tags: collapse, university, Susan Smith, property, fact, home insurance

Storms boost insurance claims

Britain is currently being ravaged by severe storms and thousands of people have woken up to find damage to their homes and property.

Weather experts are already predicting that there is worse to come in 2007 and hundreds of millions of pounds will be spent on insurance claims.

However, Abbey is warning that 36 per cent of all homes in the country are not insured at all, meaning the owners will be forced to foot the bill should the worst happen.

Speaking in December, Prasad Shastri from Abbey gave homeowners a warning that has been vindicated in the early part of 2007.

“Already we have seen a significant increase in storm related claims within the last month and this is expected to continue into 2007,” he said.

“Worryingly many people do not protect their homes properly despite the severe costs that storm damage can cause.”

Research from Abbey shows that 620,000 insurance claims are made every year as a result of storm damage, with estimates that each individual claim is worth £522.

Weather experts have hinted that another round of storms may hit the UK as early as next week and homeowners are advised to check their insurance policies and ensure that they provide adequate cover.

Tags: significant increase, abbey, severe costs, bill, finance, Abbey gave homeowners, Storm damage, home insurance

Home Insurance Advice

If you have a mortgage you will already have Buildings insurance for your home. This is required to replace anything connected to your home that will affect the valuation. This may include roof repairs, flooding, storm damage or damage to internal fittings such as kitchens, bathrooms or interior decor. Read more

Tags: overall insured figure, buildings insurance provider, home insurance, finance, room, advice, jewelry, home contents insurance