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Controversial drilling procedure may affect home insurance premiums

Thursday, November 3rd, 2011

$fracking$ Homeowners in the North West of England may find themselves paying higher home insurance premiums in the future as scientists working for a drilling company admitted that that their gas exploration activities probably caused the two minor earthquakes that hit the region earlier this year.

Geological risks associated with fracking

Workers for the Cuadrilla Resources Company have stopped their controversial method of extracting resources from the ground, known as fracking, until more tests have been carried out. The process which involves the injection of water and chemicals into layers of rock under high pressure is done to produce quantities of Shale Gas. The procedure is known to cause minor problems in the geological structure of the immediate area but companies believe the profits generated from the mining, warrants the small risk to the local area. Already France has banned the technique and protesters who say fracking is dangerous and contaminates drinking water as well as destabilising the ground staged protests in London at a mining conference and on Merseyside earlier this week.

Mining set off dozens of tremors

Earlier this year two small earthquakes hit the Fylde region, one measuring 2.3 on the Richter scale and another smaller one measuring 1.5. Although experts assert that quakes of this magnitude do not cause structural damage,several residents in the Fylde area did claim on their home contents insurance policies for damage to glassware, pottery etc. Many householders said they felt the shocks in their homes. The scientists also revealed that the mining triggered off up to 50 very small tremors as well as the two quakes. The scientists said that unusual geological conditions at the well base probably caused the problem and other wells in the area may not trigger off the same effect.

Costs homeowners can do without

Home insurance providers are certain to factor in the possibility of earthquakes in the region if the drilling continues and although the increases in premiums may be small the fact is that they could have an effect on incomes, at a time when financial pressure is coming to bear on most homeowners.

Tags: Cuadrilla Resources Company, drilling, fracking, home contents insurance, Home Insurance, Homeowners
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Sunny Side Up

Thursday, October 27th, 2011

With the cost of solar panels dropping by almost 60% in the last three years, sustainable energy in the guise of solar photovoltaic panels are now becoming an affordable option for homeowners and householders in the UK.

Buying an option for the comfortably well off

There are two distinct ways properties can benefit from solar heating. The first option is to pay for the system yourself and benefit from the Feed in Tariff (FIT) set by the Government, which on a 3 WP system should return around £1200 a year, including the money saved on electricity bills, the FIT and the small amount of energy sold back to the grid. Such a system will cost around £11,000 to buy and so should only be considered by those with comfortable savings. Experts reckon the solar panels will have paid back the investment in around 8 years and from then on the owners will be making a profit. The FIT rate is expected to be cut next year so many companies are advising consumers to get them fitted now.

Get a system free

The second way to get solar panels fitted to your roof is by allowing a company to fit them free of charge! This may sound too good to be true, but the fact of the matter is, many companies are prepared to do this. The homeowner benefits from the electricity generated by the panels in the day time while the company take the money generated by the FIT. Industry experts say this will give most homes a saving of between £3-£4 a week. Not a lot but it would certainly pay for most home insurance policies. The company are basically renting the homeowners roof to generate the profit from the FIT.

Factors to consider

There are several important factors to bear in mind before you go ahead with such a project. First of all you need to ensure your roof is suitable for the installation. South and south west facing pitched roofs are the most appropriate for solar panels, whereas north facing roofs are not worth considering. The roof must be clear of overhanging trees and anything else that can cast shadows, and it must also be strong enough to take the frame and the panels. Your home insurance provider must be informed about the project although most will sanction the scheme, and if your home is listed then you will probably need planning permission.

Check accreditation

Ensure you get more than one quote and make sure the companies who offer their services are covered by the Microgeneration Certification Scheme (MCS). Only companies belonging to the MCS can qualify for the FIT. Also ask to see their membership of the Real Energy Assurance Limited (REAL) assurance scheme. This will ensure any deposit you pay will be safe.

Tags: Energy Efficiency, Home Insurance, home insurance policy, Solar Panels
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Winter weather will kill thousands of UK citizens

Thursday, October 20th, 2011

As the UK prepares for winter, experts are warning that extreme cold spells will push up the already worrying numbers of Britons dying from the cold weather.

Uncomfortable choices

With the nation in the grip of economic downturn the last thing the country needs is a bad winter to rival the last two. Homeowners are already struggling to pay for items such as household insurance, luxury food items and non essential motoring. If heating requirements shoot up because of a cold snap, experts are warning the choice between buying food or fuel may well cost some people their lives.

Winter weather brings on illness

Figures obtained from the Office of National Statistics suggest that already 27,000 more people die in winter than at any other time in the UK, the majority of which die due to the cold temperatures. It is not a case of people dying from hypothermia it is a case of people typically with heart and lung problems having their illnesses brought on by the cold weather. Worryingly, research is now suggesting that at least 10% of the extra winter deaths happen in homes where the inhabitants are in fuel poverty (a home that spends 10% or more of its income on heating). It seems many people really do have to make a choice between eating or heating.

UK figures worse than Scandinavia

The figures are far worse than those of Sweden, Norway and Finland, countries that all suffer from more severe winters than the UK. Experts are warning the Government that if the austere financial conditions are combined with freezing weather conditions many more households will have to make agonising choices about the quality of their lives. Home contents insurance, hot water and three square meals a day will be luxuries indeed for thousands of homes.

Help is at hand but some will miss out

Charities are concerned about the problem as well, with many demanding that the Government do more. However, the Government will point out they have already introduced the Warm Homes Discount which should knock about £4 a week off winter heating bills and of course millions receive the winter fuel payments. Energy companies are already giving discounted or free insulation to many impoverished households and the “green deal” initiative should offer even better levels of insulation for many in the coming years. Unfortunately there are always people who somehow miss out on the safety net provided by Governments and charities and for those the coming months will prove to be a challenging time.

Tags: Contents Insurance, energy, Fuel Poverty, heating, Home Insurance, household insurance, winter
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The ultimate DIY job

Thursday, September 29th, 2011

Every year in the UK around 15,000 couples take on one of the most testing challenges a relationship can experience. No it’s not entering a Mr & Mrs contest, nor is it listing each other’s faults, it’s more serious than both of those, it’s building their own home.

A rewarding challenge

At a time when mortgages for first time buyers have never been harder to find, it would seem ludicrous that couples should actually think of going out, finding a loan provider and taking out new home insurance on a property that doesn’t even exist, but thousands do and though it isn’t easy, the great majority will tell you it’s the best thing they ever did, apart from that special day of course.

Land prices have dropped

In fact building your own home may not be such a bad idea. The current stagnation in the housing sector has not just been restricted to house prices; the cost of land has also plummeted. If you bought a plot of land in 2008 for £100,000 the same plot of land today would cost about £75,000, so there is plenty of scope with regard to costs. Of course it will help if the couple have some of the skills that fit comfortably into house building as well as an appetite for hard work.

The profit is all yours

The other great financial benefit comes in at the end of the build. If a building company can complete a house for £200,000 they then bump the price up to make the profit that all companies need to survive. This does not apply to someone who is building a home for themselves. Looking at the bare facts one can easily see the sense it makes, but what must not be underestimated is the time it will take to create the property, it could take up to a couple of years.

New builds VAT exempt

For those serious about the prospect of building their own home, further good news is that a lot more mutual societies are prepared to lend money out on this type of project. Norwich and Peterborough, Chorley, Ipswich and Hanley are just a few of the societies now prepared to provide a mortgage and household insurance to people with the determination to self build. And one last financial gain you get with building a new home is that they are VAT exempt and that should also apply to materials and labour done by any professionals who are employed on the project.

Tags: Build Your Own Home, Home Insurance, household insurance, Mortgage Lenders, mortgages
Posted in Build Your Own Home, Home Insurance, New Homes | No Comments »

Don’t spend money on things you have no need for

Thursday, September 22nd, 2011

Everyday homeowners in the UK seemed to be faced with yet another dose of bad news. If it isn’t a rise in the inflation rate then it is a rise in fuel prices, if it isn’t the price of energy bills going up then it’s the soaring cost of household insurance. Money is getting tighter and most people are struggling to make ends meet.

Vicious circle

People are now trying to go without buying new products which in turn is bad news for the shops on the high street and therefore jobs. It is a vicious circle but there is a way to find the cash to buy new products, it’s just that not many people realise what they have at home and don’t use.

Make a hobby pay

Setting up an eBay account or something similar is quite easy to do and many local newspapers allow an element of free advertising. All you have to do is recognise objects you own and never use, and before you know it you have a new hobby and a new income stream.

Free up space and earn some cash

When was the last time you read a book, a proper book? Millions of us now use eBooks and although nothing in a home looks better than a well stocked bookshelf, how many books do you possess up in the loft, on the bottom of coffee tables, and basically just spread about the home? If they are in decent condition they have a sell on price and also help you un-clutter your home. The beauty of this is that you never need to pay to read a book again if you own an e-reader. Project Gutenberg is a website that allows visitors to download books for free, and they have a library of literally thousands to choose from.

Put your camera out of the picture

The same applies to CDs, when was the last time you actually played a CD to listen to your music? You more than likely pay a monthly contract fee to use your mobile phone and most of the time you use it to listen to your albums. So sell the CDs and don’t buy another. The savings are starting to mount up and the mention of a mobile phone should provide you with something else in the home that is redundant. That’s right, the digital camera, how many people realise most mobile phones have a very good digital camera. They are easier to handle and store and once again included in the price you are already paying on your contract. Sell the digital camera.

Who needs a landline?

Guess what’s coming next. The landline phone of course. You will be paying a monthly rental charge no matter how little you use your phone and if you have good reception and are as reliant on your mobile phone as many are today, then ditch the landline and save even more money.

The savings you can make on selling unwanted items and just not replacing goods you no longer use can easily pay for something like your monthly home insurance premium or even the fuel to get you to work and back. It is just a matter of approaching a problem in a different way.

Tags: Generating Money, Home Insurance, Home Insurance Premium, Selling Unwanted Items
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Don’t forget your clothes!

Tuesday, September 20th, 2011

The latest unemployment figures show just how much the financial downturn is affecting people across the UK. The figure of 2.5 million people unemployed can only be seen as a massively disappointing amount, but experts are warning that over the next few months even that figure may be surpassed. With such a worrying backdrop affecting families in every corner of the country many will be looking to cut their outgoings as much as possible, and it is at this time that people should be wary of just where they cut down.

Hard to see the value?

One area that many people consider doing without is insurance. It is easy to see the reasoning behind anyone who is struggling to pay their bills; cutting out a payment they can’t tangibly see the benefit from. That is the idea of insurance and in a perfect world perhaps no-one would need to purchase cover against disaster striking. Unfortunately we don’t live in a perfect world.

Don’t break the law

It is even illegal to go without some insurance. Car insurance is a legal necessity and if you have a mortgage then your loan provider will legally require you to have household insurance that covers the external shell of your property. It is when we get down to things like home contents insurance that some people consider doing without or indeed cutting down on the cost of their premiums.

A bargain is always worth looking for

It is always a good idea that home owners consider whether they are paying too much for a product, and in the case of home insurance they can easily get a good idea of what they should be paying by visiting a home insurance comparison site and filling out a quick and easy form. It really is a simple process but not something that should be done without first identifying your needs.

Make a note

First of all it is worth remembering that being under insured is little better than not being insured at all. Insurance companies can easily nullify your claim if it is apparent that you are massively under insured. So first of all take a pen and paper and go from room to room. Don’t forget things such as kitchen utensils (you’ll be amazed at how many you have), ornaments and bowls dotted around the house, books, DVDs, and photo frames. If you didn’t go from room to room you would probably forget about your clothes, your shoes, your camera and maybe your mobile phone. That little list will come to several thousand pounds as will your clothes and shoes. It is amazing how many fashion conscious ladies forget to include them all together.

Tags: Contents Insurance, Home Insurance, household insurance, Legal Requirement, Unemployment
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Take time in organising insurance

Tuesday, August 30th, 2011

For those families lucky enough to be purchasing new home insurance for the first time it is important they consider how much cover they need and exactly what sort of cover is requires.

Legal requirement

Of course the mortgage provider will insist that the skeleton of the home (bricks and mortar, fixtures and fittings) will be covered by buildings insurance. The inside of the home is a different matter completely and it is up to the new home buyer whether they want to buy contents insurance. Most neutral observers would advise that covering such a prized possession by some sort of insurance is a wise choice.

Don’t forget apparel

Insurance does not have to be expensive, there are hundreds of different companies offering thousands of different policies, and cheap home insurance is relatively easy to find, although you should always bear in mind what exactly you want covering. A new home usually requires a considerable amount of expense to fit out and it may well be worth adding up all the bills as they come in just to figure out how much your contents are worth. New carpets, curtains, and electrical items will quickly start the figure rising and then you should consider clothing. The clothing you bring with you to your home may well not be new; however, it has value, often great value, and the cost of replacing such items in a fire for instance would be urgent and necessary.

Consider the extras

Home insurance providers will often put a ball park figure of around £40,000 to £50,000 on a conventional three bedroomed house but it is up to the homeowner to decide if it is enough, or indeed too much. Remember accidental cover will cost more, as will cover for items away from the home, and items that hold exceptional monetary value. Make sure items are not covered twice, for example your TV may be covered under its warranty for damage and therefore may not need to included in items of outstanding value.

Use expert advice

It is always worth taking a couple of hours making a note of the value of your home, and making a list by physically walking from room to room is often the best way of getting an accurate figure. Your household insurance provider will be willing to help in this matter and it is often worth listening to the words of experts if insuring your new home is your first venture in the world of insurance.

Tags: buildings and contents insurance, Home Insurance, household insurance
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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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Homeowners look for bargains as inflation continues to rise

Thursday, July 7th, 2011

The dismal news for homeowners continued apace this week as the latest figures from the British Retail Consortium showed that food prices are still racing ahead as the headline rate of inflation hit its highest level for 30 months.

Largest increase for years

The monthly increase is the largest since 2008 and it seems as though anything that can adversely affect the price of food is happening right here and right now. The four horsemen of a modern day apocalypse seem to have been given full rein. Droughts in Russia and China have affected the grain harvests so much that China is becoming a net importer. In Australia cyclones and storms have destroyed crops, the horn of Africa is suffering yet again from drought and the worldwide increase in fuel prices is just metaphorically pouring oil on a burning fire.

Buy one get one free tops the shopping list

Back in the UK the BRC have noted that consumers are managing to keep spending under control by looking for bargains. Household costs such as home insurance and utility bills are being sourced from price comparison websites, while supermarket shopping by the savvy consumer means promotional offers are targeted for the bulk of the weekly shopping list. The BRC reckon about 40% of food purchases are now made from products on “offer”.

Down to the bare bones

Even basics such as milk, bread and sugar have risen sharply in price leaving the most vulnerable members of society with few cheap options for their shopping basket. It is at times like these that homeowners begin to cut down on products that they deemed as normal living costs but can no longer afford. Trips to the cinema, dining out and holiday bookings have all been put to one side by many families and some are still looking for other expenses they can cut away from their domestic budget.

Cancelling insurance can be a costly saving

There is no mistaking that household insurance providers are worried that households will begin to question if they can afford their current policies and will look elsewhere to see if they can procure a bargain, some are even considering not renewing their policies at all. It is a massive risk for any household to be uninsured and the news this week that many house fires have been caused by faulty fridges illustrates the point well.

Tags: Home Insurance, household insurance, Inflation
Posted in Home Insurance, Inflation | No Comments »

Cool that bedroom down

Tuesday, July 5th, 2011

The advent of summer is now well and truly underway. Wimbledon has passed but long hot summer nights are still something to enjoy or endure for the next couple of months.

It would be wonderful to bring the sunlight and breeze into your bedroom not only through open windows but by the use of colour. In general colours should be switched from dark to light. Sheets, bed covers and spreads should be changed to light coloured ones so that they reflect sunlight. Use of sheer curtains will soften the direct sunlight and heat and insulate the room White, light blue or light yellow walls will be refreshing, but as long as you use a light shade any colours should make the room look bright and ready for summer. Bed frames, chairs and other furniture can be repainted similarly. If you need some accent then deep yellow, orange, blue and red can be used for cushions and skirting boards. It is the type of home upgrade that can be completed without the help of a professional, if you are careful and covered by a good home insurance policy.

Get rid of the heavyweights

Materials should also be switched from heavy to light. Anything woolly, velvety or fluffy should be replaced with light and thin materials. Cotton is the ideal summer material as it soaks sweat and gives you a cool feeling. Nylon is light and water resistant and is a cheaper alternative. Linen has an exceptional coolness and freshness but is costly.

No need to lose sleep

The interior design should be kept simple with minimum furniture and decoration to create an airy, relaxed feel. Images of flowers, plants; sea, blue skies, birds and boats/yachts would be good for decoration themes. Rattan effect bed frames, chests and chairs would look pleasant and summery. You can use accessories such as baskets, glass bottles and fresh flowers, and hang pictures of your past summer holidays on the walls. There is no need to splash out on expensive items so you shouldn’t lose sleep over high home insurance costs. To ensure a good nights’ sleep on hot, humid summer nights no matter what may be worrying you, sprinkle citrus, tangy summer scents around the bed and it will be soon settle you down.

Tags: bedrooms, Home Insurance, interior decor, summer
Posted in DIY, Home Insurance | No Comments »