25% of Britons lack home contents insurance
by Richard Kilner
Story link: 25% of Britons lack home contents insurance
According to Confused.com 25% of all homeowners lack home contents insurance.
The vast majority of homes now have goods that are of significant value, such as plasma televisions, computers, games consoles and so on, which makes the high figure even more surprising.
A typical family of four could need to spend only £43.98 per week to insure […]
Easter to see rise in DIY claims
by Richard Kilner
Story link: Easter to see rise in DIY claims
Over the course of Easter DIY mishaps are forecast to cause £25m worth of damage, according to home insurers.
The prediction is based upon previous experience, when the break has been seized upon as a time to attempt DIY projects, only for more harm than good to be caused.
Home insurers typically see a spike in claims […]
Flood overtakes heat as major UK insurance risk
by Gill Montia
Story link: Flood overtakes heat as major UK insurance risk
EMB, the actuarial and business consultancy, has reported that flooding is now the major “act of nature” risk to the UK insurance industry.
According to research carried out by EMB through the country’s leading insurance companies, the hazard has moved into first place ahead of heat and wind.
Prior to 2007 UK insurers were dealing with […]
Rise in weather-related complaints keeps ombudsman busy
by Gill Montia
Story link: Rise in weather-related complaints keeps ombudsman busy
Complaints received by the Financial Ombudsman Service (FOS) about weather-related insurance claims increased by one-third in 2007.
Since last summer’s flooding, insurers have been under pressure to deal with both the volume of weather-related claims and the financial losses incurred.
The 2007 floods are estimated to have cost the industry £3 billion, while claims from February’s earthquake […]
MarketGuard to launch mortgage interest-rate insurance
by Gill Montia
Story link: MarketGuard to launch mortgage interest-rate insurance
MarketGuard, the derivatives trading company, has announced plans to launch the first interest-rate insurance product this year.
It will cover homeowners against rises in their mortgage payments resulting from a hike in the Bank of England’s base rate.
The standalone interest rate insurance (Sari) works by covering a mortgage holder against rises in the base rate […]
Homeowners urged to get garden coverage
by Richard Kilner
Story link: Homeowners urged to get garden coverage
According to new research conducted by Nationwide, 35% of homeowners value their garden contents at between £250 and £1,000.
By definition, garden contents are almost always exposed and not under lock and key, and therefore it is vital that homeowners have the proper insurance should thieves strike.
Nationwide provides insurance of up to £1,000 for garden contents. […]
Widespread lack of proper home insurance
by Richard Kilner
Story link: Widespread lack of proper home insurance
The effects of the recent storms that have struck across the UK may be exacerbated by the high proportion of homeowners who lack the proper insurance, according to fresh research from Sainsbury’s Home Insurance.
There are over one and three-quarter million people in the country who lakc buildings insurance, the research reveals.
Surprisingly, over half a million […]
Storms rage as 1.78 million forego buildings insurance
by Gill Montia
Story link: Storms rage as 1.78 million forego buildings insurance
This week could see some homeowners in desperate financial straits because their properties are not insured.
As severe storms affect large parts of the country, research from Sainsbury’s Home Insurance suggests that 1.78 million homeowners are without buildings insurance, with a further 656,000 people not certain whether they have the cover in place.
According to the research, […]
Insurers braced for Atlantic storm claims
by Gill Montia
Story link: Insurers braced for Atlantic storm claims
While insurers are still receiving claims for damage caused in last month’s earthquake, an Atlantic storm is raging across southern Britain.
Winds of up to 80 mph are forecast and the Environment Agency has issued seven flood warnings around the Cornish and Devonshire coasts.
Graeme Leitch, public weather assurance manager at the Met Office, says: “Westerly severe […]
Precious metal prices leave jewellery lovers underinsured
by Gill Montia
Story link: Precious metal prices leave jewellery lovers underinsured
The soaring price of gold and other precious metals could leave some jewellery lovers underinsured.
Household insurers are urging their customers to check the contents of their safes and jewellery boxes to make sure they have adequate cover.
The recent turmoil on the global financial markets has pushed the gold price through several psychological barriers and predictions […]
Launch of Islamic insurance business
by Gill Montia
Story link: Launch of Islamic insurance business
A new insurance business set up to comply with Islamic beliefs has appointed Capita, the outsourcing company best known for operating London’s congestion charge, to provide backoffice functions.
From April, Capita will sell car and home insurance products for British Islamic Insurance Holdings.
The initial launch will be followed by life insurance, investment, savings and ethical financial […]
Earthquake claims could amount to tens of millions
by Gill Montia
Story link: Earthquake claims could amount to tens of millions
In the early hours of yesterday morning, the UK experienced its largest earthquake for almost a quarter of a century, and the damage caused may cost the insurance industry tens of millions of pounds.
Although injuries were minimal, claims are expected from people with structural damage to their homes and ruined possessions.
The quake occurred at around […]
Competition in home insurance keeps prices low
by Richard Kilner
Story link: Competition in home insurance keeps prices low
A report compiled by Datamonitor analysts reveals that house insurance costs are unlikely to rise, due to the increasingly competitive nature of the marketplace.
As consumers have become less naive and more sophisticated in their approach to home insurance, price comparison sites have flourished.
This has driven up competition, and correspondingly prevented prices from increasing.
In recent years […]
Competition keeps home insurance profit low
by Gill Montia
Story link: Competition keeps home insurance profit low
Predictions of a rise in home insurance premiums in the wake of last summer’s flooding are challenged by new research from Datamonitor, the independent market analyst.
Last year, home insurers paid out over £300 million in flood claims but fierce competition in the market is expected to prevent insurers recouping losses by increasing the cost of […]
CCTV is no route to lower premiums
by Gill Montia
Story link: CCTV is no route to lower premiums
Norwich Union is warning its customers that installing CCTV at domestic premises will not necessarily result in lower insurance premiums.
While CCVT is still regarded as something of a niche product in the domestic market, demand for the security systems is increasing.
Electrical retailer, Maplin, has reported a 70% increase in its sales of domestic security […]
Renters put home contents in jeopardy
by Richard Kilner
Story link: Renters put home contents in jeopardy
Zurich Insurance has conducted research which reveals that those who rent are putting in jeopardy £8bn of goods that may not be insured.
Over a third of respondents, corresponding to nearly half a million people, do not have home contents insurance.
The finding is particularly surprising given the constant threat of burglary and the immense flooding that […]
Paymentshield has four star home contents rating
by Richard Kilner
Story link: Paymentshield has four star home contents rating
Paymentshield’s home contents insurance has been promoted from three to four star Defaqto rating.
The firm already has the same rating for its buildings cover products.
The buildings and contents insurance offered by Paymentshield can either be taken out separately, or in a combined package.
The reasons for the promotion of its home contents insurance policies up to […]
Sheilas’ Wheels launches household product
by Gill Montia
Story link: Sheilas’ Wheels launches household product
Sheilas’ Wheels, the motor insurance brand that forms part of the esure group, is entering the household insurance market at the beginning of February.
The standard home cover product will include features that have been designed to appeal strongly to women, such as free online access to the CreditExpert identity fraud service provided by Experian (worth […]
British weather puts homes at risk
by Richard Kilner
Story link: British weather puts homes at risk
Abbey Home Insurance has warned that ever increasing numbers of British homes could be at risk from hazardous weather conditions.
Dangerous weather conditions cause an average damage of £2,699, the firm has estimated.
In addition, 5% of damage is reckoned to occur within a home, a fact that is often overlooked.
Abbey Home Insurance’s chief of product development, […]
Mortgage approvals decline
by Richard Kilner
Story link: Mortgage approvals decline
The British Bankers’ Association has released statistics that reveal mortgage approvals for home buying has fallen by more than a third, year on year.
The decline of 37.8% is the third month in a row that has seen such a fall and marks the lowest ever performance since the British Bankers’ Association eleven years ago.
Contrasting with […]
