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Low rates set to stay with us for some time

Thursday, August 18th, 2011

Homeowners already paying record low interest levels on their mortgages can breathe yet another sigh of relief after the Bank of England’s (BoE) Monetary Policy Committee decided to leave interest rates at 0.05% earlier this week.

Committee solidly behind chairman

They can also plan ahead a little more comfortably as the prospects of any rate changes seem to have disappeared for the rest of this year. The committee voted unanimously to keep the rates on hold, the first time it has happened this year, and a sign that the entire bank is solidly behind Mervyn King and his approach to the financial pressures embroiling the UK. It now seems more likely that quantitative easing will be the preferred option on bringing the UK back to more comfortable growth figures. The committee believe inflation will peak at around 5% and start falling back in the winter.

Stable rates should boost home sales

With some city experts now predicting rates to stay low throughout 2012, it does open the door for homeowners to make plans for the future. Many in the housing sector will hope the predictions of city analysts will kick start home sales, and that prospective home buyers will at long last be tempted to buy household insurance on a brand new property. Certainly estate agents across the country have been quietly noting a small increase in sales over the last couple of months and in Cornwall, holidaymakers have not only been spending their time on the beaches they have been spending it on holiday home insurance quotes as properties that have been on the market for many months are suddenly flying off the shelves.

Banks hold the key

There have been bargains galore for several years in the housing market but the restrictive offers made by lenders have made it almost impossible for young investors to get a foothold on the property ladder. If just a few decent mortgage deals are put forward by lenders, estate agents now feel the market would open up very quickly. The signs are certainly there and a buoyant housing market would certainly give some impetus to the economy. The question is will the banks let the purse strings loose?

Tags: Bank of England, Holiday homes, household insurance, Low rates, Monetary Policy Committee
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Cushions don’t always cost pin money

Tuesday, August 16th, 2011

Decorating a home is very much dependant on the taste of the individual, homes across the UK are personalised in so many different ways that it is really difficult to put some into a category such as minimalist, contemporary or classic, and to be honest it doesn’t really matter.

Owner should feel at ease

The main concept when it comes to decorating your home is will it make you comfortable? If the answer to that question is yes then you are on the right lines. All that is necessary from that point on is to plan a budget and try and keep to it, it does not have to be a massive amount of money and where you can make or create items that decorate your home yourself then the finished product will not only be more economical but give a more homely feel. It is always advisable to set aside a little extra money to pay for extras such as homeowners insurance, as accidents do happen when you are decorating.

Soft furnishings

One item that many people can make themselves, and add massive amounts of personality to a room, are cushions. Cushions add so much presence to the room as well as colours and comfort. Unlike furniture or wall paint they are easy and flexible home décor elements.

Plenty of choice

All types of cushions are available to suite all tastes. Plain cushions will be very easy to coordinate and would suite all types of rooms. If you have country style interior then stripes, checks and floral print cushions would be suitable. If you want to add a luxurious touch, choose decorative and embroidered cushions such as silk, damask, brocade and crewel work. Velvets cushions will also add an elegant sheen. If you like something special, how about tapestry, faux fur or chenille cushions for extra texture and unique patterns?

Mix and match

While you can choose cushions which match the colour and style of the room, you can also choose completely different ones and use them as accents. A mixture of large and small cushions would be good for family/living rooms. Use riser cushions if your family members need assistance when rising from an easy chair. Draught excluders are alternative cushions which will keep out those cold draughts in the winter in a very attractive and stylish way.

All budgets catered for

If you are on a budget choose all-in-one cushions which are machine washable with polyester fillings. These types of cushions are especially suitable for children’s rooms. Other, more costly cushions come with removable covers with synthetic or feather-down fillings which can be either machine washed or dry cleaned. The prices range from £7 to £60 and so should be covered with some sort of affordable house insurance quotes. Online shops are probably the cheapest places to buy, but if you really want to be sure of the textures, volumes and colours then you should visit shops and check these yourselves.

Tags: Cushions, Decor, Homeowners insurance, interior design
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Low interest rates good news for some

Thursday, August 11th, 2011

City experts were split over the effects of the latest inflation figures released by the Bank of England (BoE) but at least in the short term homeowners can expect to see little change in their mortgage interest rates. How and where savers can find a safe haven for their money, however, becomes more complicated by the day.

Inflation and growth overestimated

The report suggested that the BoE’s prediction for growth in the economy and the inflation rate may both have been too high and they now forecast both to be less than they first thought. Following on from the announcement of the USA’s federal bank’s assumption that low interest rates will be around for at least the next two years the BoE seem to be suggesting the same thing in the UK.

Borrowers will benefit

This is good news for homeowners who have held mortgages for some years and have benefited from the low interest rates that currently are attached to their mortgage. It is also good news for those looking for a home insurance quote on a new home if they have the wherewithal to find the huge deposits that lenders are now looking for. It is not such good news for savers who seem to be running out of options for safe places to put their money.

Riots will make investors think again

The riots in London and other Provincial cities will have caused many homeowners to make household insurance claims; the same will apply to landlords and property investors. The letting and housing sector in London has been booming for the last 12 months and much of the investment in the housing market has come from savers who have been looking for a good return on their cash.

Banks have only offered miserly interest rates for over two years now and the uncertainty of the currency exchanges has ruled them out for all but the boldest of investors. Gold has been a safe haven in times of trouble down the ages but the current price of gold means that opportunity has now passed. That left property and the stock markets as the best two choices for the average investor. The astounding fall in share prices across the globe last week may have decided many global investors to turn their wallets towards the London property markets, the disturbances of the last four days will have ensured that idea is put on the back burner for many, and investors and savers across the world must be wondering just where is a safe place for their money.

Tags: Home Insurance Quote, Homeowners, Mortgage, property market
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Insurance bill will run into billions as London burns

Tuesday, August 9th, 2011

As areas of London endured their third night of rioting this week, the value of household insurance cover has never been better illustrated. Cars, business and homes have all been damaged by the disturbing anti-social behaviour, and homeowners without household insurance must be worried that they could lose their entire possessions through absolutely no fault of their own.

Tottenham the catalyst

The riots which started in the North London district of Tottenham brought confrontation between groups of hooded youths and a police force that struggled to maintain law and order. The damage to cars, buildings and personal possessions will run into millions and the riots in Tottenham proved to be a catalyst for similar scenes in London suburbs over the last two nights. Enfield, Walthamstow and Brixton all came under a prolonged bout of rioting where it seems criminals and anarchists took advantage of tensions between police and youths in the area.

Damage in other cities

Last night Peckham in the south and Hackney also endured a night of rioting with the police force struggling to keep crowds under control while fire fighters damped down burning buildings. In Croydon homes were ravaged by fire as youths had free reign over the district for hours, before police gained control. Looting was widespread across the capital with homeowners complaining they were left to protect themselves and their property with law and order forces nowhere to be seen. By the early hours of morning, copy cat rioters in cities such as Birmingham, Leeds and Liverpool had also wreaked havoc with looters and thieves exploiting the situation.

Value of insurance

The cost to house insurance companies will be significant and in the long run will once more be passed down onto customers. For some the riots are a chance to vent their anger at society, and law and order in particular, for others it is a nightmare and the destruction of their dreams. Many local businesses popular with local people will be gone forever as thieves helped themselves to the merchandise within the shops.

In times of austerity home insurance is sometimes considered to be something that can be done without, the scenes across London this week have reinforced the value of protection more than ever before.

Tags: Businesses, Homes, house insurance, London riots
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Memory stick lost after contractor stops for drink at his local pub

Monday, August 8th, 2011

Two London housing bodies are in trouble with privacy watchdogs after one of their contractors lost an unencrypted memory stick in a pub. The memory stick held data on 27,000 tenants of Lewisham Homes and Wandle Housing Association.

Privacy watchdogs revealed the unencrypted stick also held the tenants’ bank account details. Thankfully no harm was done because the lost stick was found by a Good Samaritan who handed it into the police. Despite this, both housing bodies have been publicly named and shamed over the lapse by the ICO (Information Commissioner’s Office). The two housing bodies have been ordered to improve their data security and ordered to make sure all portable devices which are used to store personal information on tenants are secure and encrypted.

Sally-Anne Poole, from the ICO, said “Saving personal information onto an unencrypted memory stick is as risky as taking hard copy papers out of the office. Luckily, the device was handed in, and there is no suggestion that the data was misused. But this incident could so easily have been avoided if the information had been properly protected. Using a memory stick to transport sensitive information may be convenient but it’s certainly not secure.”

Both housing organisations will now be subjected to a stricter monitoring regime by the information commission. They have apologised to all tenants and assured them it will not happen again. Tenants are angry that the property they rent and protect with household insurance could have been at risk if the memory stick had been found by a less honest person, had this happened the repercussions could have been severe. Newspapers have reported similar cases over the last few years and it does seem that data protection is still not taken seriously by many companies.

Tags: household insurance, privacy, tenants
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Centurions on the march

Thursday, August 4th, 2011

A report out today suggests the youngsters of today will be paying much more on products such as life insurance and home insurance in the years to come as they live much longer lives.

The study by the Department for Work and Pensions (DWP) was based around figures provided by the Office of National Statistics (ONS) and suggests that today’s youngsters will not only live longer but will have to work longer and pay more for their pensions if the fabric of UK society is to remain the same.

According to the study, 1 in 3 girls born in the UK this year will live to reach their one hundredth birthday, 1 in 4 boys will do exactly the same. The DWP say that this means there be at least half a million people in the UK over 100 by the year 2066. The figures suggest a child born in 2011 is 8 times more likely to live to 100 than a child born in 1930 and it doesn’t stop there. The report says a twenty year old today has double the chance of living to be 100 than their generation older parents. It is a remarkable figure and one that explains the DWP’s urgency to sort out pensions and retirement age issues quickly.

This year has already seen industrial action by workers in the public sector who are now being asked to pay a lot more into their pensions and at the same be prepared to work longer. It has come as a bitter blow to some, especially those in their fifties and near retirement age. Women in particular have been hit hard. Teachers, Nurses and Civil Servants expecting to retire at 55 on full pensions are now looking at retiring at 66. It has happened in a few short years and has caught many out. Not only are they being asked to pay more and work longer before they get a pension, but their present jobs are in danger and the prospects of finding something similar negligible.

Tomorrows Nurses and Teachers may well be looking at a 60 year working life and still a long and healthy retirement. It is a strange fact that as the human race manages to elongate its life expectancy to such high levels the material things we produce have a smaller and smaller life expectancy all the time. How many homeowners insurance and motor insurance policies will the little girl in her cot today take out before her life has run its course?

Tags: Department for Work and Pensions, Homeowners insurance, Life Insurance, Office of National Statistics, Youngsters
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Security the key to a successful move

Tuesday, August 2nd, 2011

Moving home is said to be one of the most traumatic non emergency experiences we go through in the day to day routine of our lives. It is also a period when home security is more at risk than usual and is a time when homeowners need to be aware of the problems inherent with inviting strangers into ones home.

Household insurance a must

From the moment you advertise your home for sale you should realise that your daily routine is going to be disrupted. Depending on how long the house takes to sell will depend on how much disruption you have, but it is for sure that you will be encountering more visitors than usual. It is imperative to ensure in this period that your household insurance is up to date and covers accidental damage as well as other conventional precautions.

Choose wisely

The first stranger to visit will more than likely be the Estate Agent. It is always tempting to go with the agent who provides the lowest price estimate for selling your home but remember the agency may well be holding a set of keys to your home, bringing strangers to look around the home while you are not there, and generally have access to your property. It is far better to investigate thoroughly the credentials of the agent rather than go with the lowest bidder. Ask friends and relatives if they can recommend any from personal experience and also bear in mind that a company that has been around for a number of years must be doing something right.

Don’t invite trouble

It is also their job to vet any would be purchasers, but that does not mean you should presume that people coming round to look at your house are bona fide customers. Without being rude, because after all most people will be genuine, make sure you do not leave them unaccompanied. It is a mistake to take them a quick tour around your home and if they seem enthusiastic invite them to go round again on their own, by all means be pleasant and informative but do not give them free rein.

Keep on your guard

As the sale progresses you will encounter more and more visits, from people such as surveyors, utility companies, removal firms and even tradesman, measuring up for the new incumbents. At all times ensure your own security by checking their credentials before they enter, and when they do enter make sure they are suitably attired. The last thing you want is to make a claim on your buildings and contents insurance because of a clumsy workman with dirty boots. Moving home can be exciting as well as traumatic but it is always worth remembering to keep your security levels as high as normal in the run up to the big day.

Tags: buildings and contents insurance, Estate Agent, Moving home
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Holiday period not the time to dispense with insurance

Thursday, July 28th, 2011

With the holiday season well and true upon us many people will be relaxing for the first time in many months and looking forward to a fortnight by the sea in some foreign clime. They won’t be thinking too much about affordable home insurance quotes, personal possessions insurance or even travel insurance, but they should.

Most people feeling the pinch

It is without doubt that many homeowners and holiday makers have had a troubled financial year. The austerity measures brought in by the incumbent Government have affected almost everyone. Even those lucky enough to have held on to their livelihoods have still encountered hugely inflated energy bills, unbelievably expensive fuel charges and motor and home insurance quotations that frankly shock!

Wrong Decision?

It is against this backdrop that many families have squirrelled money away to pay for their holidays, and there is no doubt that some will have decided to forego insurance protection to ensure the family gets a holiday. It is a decision that some will sympathise with but it could be oh so costly.

EHIC not a solution

UK residents travelling to European countries such as Spain, France and Germany may well believe they are covered by the European Health Insurance Card (EHIC) scheme, and to a certain extent they are. They will get cheap basic health care in any of the mainstream European countries; however, it is not travel insurance. It will not pay out if you miss your ferry, lose your luggage or break down in your car. It is handy but it is most certainly not travel insurance.

Personal possession a must

The same applies to personal possession insurance. For around £25 extra on a household insurance policy you can insure your valuables whilst you are away from home. Your laptop is another thing not covered by the EHIC, it may not even be covered by your travel insurance, but it will be covered by personal possession insurance, and so will be gold watches, mobile phones and anything else of value you take away with you.

Not worth the risk

A holiday is great tonic for hard working families; it is a time when they can relax and have fun together, unfortunately it is also a time when accidents happen. When we relax we are off our guard, this applies not only to our possessions but to our own personal safety it would be a shame to spoil a well earned break for the comparative cheapness of a good insurance policy.

Tags: Holidays, Homeowners, household insurance, Travel Insurance
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House price report raises a few eyebrows

Tuesday, July 26th, 2011

The news this week from Zoopla that house prices are once more on the rise will come as a shock to many homeowners who have had their homes on sale for many months and despair of attracting offers anywhere near the asking price.

Out of kilter

Thousands of households across the UK are getting cheap home insurance quotations on a property they thought they would have moved out of months ago, simply because they cannot sell their home at a price that will enable them to finance their planned move. The news from Zoopla seems highly surprising when comparing it to recent reports from institutes such as the Council for Mortgage Lenders (CML) who noted that home loans are at record low levels and the Royal Institute of Chartered Surveyors (RICS) who reported that sales and house prices have been stalled all year and forecast more of the same for the rest of the year.

Top end of the market driving price rise

According to the report house prices on average have risen over £200 a week throughout 2011 with houses at the luxury end of the market being the main driving force. Apparently families looking to purchase new household insurance on four and five bedroom homes are prepared to pay premium prices in most regions of the UK. The reasons behind the resurgence are put down to a number of factors with low interest rates, the weakness of the UK currency attracting overseas investors, plus the inevitable effects of supply and demand being seen as the major contributors.

Big difference between asking price and sale price

The report has been greeted enthusiastically by some in the industry but not all will be immediately seduced by the promise of a new dawn. It is difficult to pinpoint whether the report is based on sale prices or asking prices and as everyone in the industry knows there is a massive difference. The London housing market is without doubt buoyant at the moment but elsewhere there is a different story to tell. Vendors new to the market have read reports of falling house prices for months on end and a conversation with anyone who has had their home up for sale at any time over the last 12 months will have confirmed their worst fears. There are not many buyers around and those that do make a bid put in an offer well below the asking price.

Phoney market

It is not all impossible that we are seeing a market where buyers are bidding low, and to compensate vendors and estate agents are inflating valuations. So we get to a point whereby house valuations are going up by the day and bid prices are going down. It creates a phoney market and impedes the selling of property. Unfortunately it is possible that the UK market has now come to this point, the next few months will probably show us what is really happening.

Tags: cheap home insurance, Council for Mortgage Lenders, Homeowners, Royal Institute of Chartered Surveyors, Zoopla
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Contrasting figures but all agree crime rate is too high

Tuesday, July 19th, 2011

The continued necessity to have good home insurance was once again highlighted this week with the release of the latest batch of crime figures by the British Crime Survey (BCS).

Massive increase questioned

According to the report, based on interviews with members of the public, house burglaries in the UK went up by a massive 14% and violent crime by a disturbing 6%. Incredibly, on the same day as the figures were released by BCS, a report released by the Government based on figures collated by the various constabularies around the country showed crime had fallen in the UK by 8%. The disparity in the two reports had politicians and police chiefs arguing which set of figures were the most reliable.

Are criminals winning the battle?

It seems the disparity may be that the Home Office report accounted for crimes reported to the Police whereas the BCS report asked householders if they had suffered from criminal activity. Whatever the truth both parties accepted that the level of crime was too high and that after a decade of falling levels across the board there is a danger that criminals are once more gaining the upper hand. The BCS report suggested an increase in the overall level by about 100,000.

Hard to compensate for loss

The BCS report did show a disturbing increase in the activities of sneak thieves. The incidence of thieves nipping in to an open door or window and stealing purses, watches, mobile phones and jewellery increased by 10%. It is this type of crime that often proves to be the most distressing for householders. It is often the case that the merchandise stolen in this way is indeed covered by a home contents insurance policy, but the sentimental value of a wedding ring or a photo of loved ones in a purse or wallet just cannot be replaced.

Wait and see

With the prospect of job cuts across the constabularies of England and Wales in the coming months, homeowners across the country will be worried by the increase in house crime at a time when community “bobbies” may become a rarer site. Chief Constables accept they may have to lose up to as many as 20% of their staff, although Home Secretary Theresa May has said there is no reason why “front line policing” should suffer. It may well be we have to wait for 2012 BCS survey to be released before we know who is exactly right in this debate.

Tags: crime, Home Insurance
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