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Flooding demonstrates the need for good cover

Tuesday, October 25th, 2011

The value of a good home insurance policy has once again been demonstrated over the last 24 hours as flash floods and torrential rain have blighted many areas of the UK and Ireland.

More to come

Homeowners have found that their household premiums of just a few pounds a week will have saved them thousands of pounds after floodwaters entered their homes. It would seem that others in the east of the country, who don’t have home contents insurance, still have the chance to get covered but only just, as weather forecasters predict floods in the North and South East over the coming days.

Homes flooded for a second time

Yesterday it was Cornwall, Wales and Ireland that bore the brunt of the rain, and in some cases homes that had just been renovated after similar disruption last year were once more under water. In Mevagissey, Cornwall, the Ship Inn and adjacent properties in Chapel Street were flooded in similar circumstances to last year with residents distraught that their painstaking work over the last 12 months had been in vain; fortunately the floodwater was not as bad as last November although several homes were damaged. Floodwaters caused problems in Par, Camelford, and Liskeard and over the border in and around Exeter and Torquay.

Pembrokeshire on flood alert

In Wales two inches of rain fell in Milford Haven and many homeowners protected their valuable possessions by placing sandbags around their homes. Most of the damage in Wales was restricted to roads and cars but households across the principality have been on flood alert as rivers in Pembrokeshire threaten to burst their banks if the rain forecast by meteorologists proves to be correct.

Ulster suffers worst from deluge

Northern Ireland suffered most in the UK yesterday with many properties in County Tyrone being flooded. In Beragh, residents were trapped in their homes with swirling floodwaters at their feet, in all, sixteen homes suffered from flood damage and a brand new civic hall was ruined. In Strabane a electricity substation was at one time in danger of flooding threatening to leave thousands of people without power but emergency services managed to keep the waters out. Many roads were closed due to the rising waters and once again weather people are forecasting more.

In times when many households are suffering financial hardship and family budgets are closely scrutinised to see what savings can be made, the unpredictability of our climate illustrates the need for good insurance.

Tags: Flooding, home contents insurance, home insurance policy, household insurance, UK
Posted in Contents Insurance | No Comments »

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
Posted in Contents Insurance, Home Insurance | No Comments »

ITEM club urge interest rate cut to encourage growth

Tuesday, October 18th, 2011

On the day when the UK Government is expected to announce inflation has hit record heights, an influential group of financiers has said the economic situation in the country has deteriorated over the last three months and drastic action is needed to redress the balance.

Rate more than double the target

The continuing spiral of increased costs affecting fuel, food, heating and home insurance quotes will be reflected in today’s latest inflation figures. Experts expect the figure to be around 5.2%, well over the Bank of England’s target of 2% and one of the main reasons why growth in the economy is coming to a grinding halt. The Governor of the Bank of England (BoE) will once more have to write to the Chancellor telling him where we went wrong!

Experts fear trouble ahead

It is against this worrying backdrop that the Ernst and Young ITEM club, a collective of economic and financial experts warn the Government that the British economy is at a “dangerous junction”. The financial experts have slashed their expectations of growth in the UK economy drastically from their prediction in the summer and now expect the home economy to grow by less than 1% in 2011 and by only 1.5% in 2012.

Easing policy wrong

The ITEM club went on to say that the BoE’s Quantitative easing programme is misguided and that the £75 billion pumped into the money supply will not do anything for exports and business investment, the two factors they believe will pull the economy round. The Euro Zone crisis is of course having its effect on the UK but the club have offered advice to Chancellor George Osborne in the shape of a few policies of their own.

Chancellor urged to help housing market

They suggest another cut in stamp duty will get homeowners thinking about purchasing new household insurance on a new property which in turn will help the building industry. They urge the BoE to instigate a further cut in interest rates to 0.25%, this they think will convince even more homeowners that they can afford to move, and in any case will give consumers more disposable income they can go out and spend. They also suggest the Chancellor cuts National Insurance rates for under 21’s in a bid to stop the unemployment rate hitting three million in the months to come.

Tags: Home Insurance Quotes, household insurance, Inflation, interest rate, ITEM club
Posted in Home Insurance | 1 Comment »

Energy companies misleading customers on cheapest deals

Thursday, October 13th, 2011

At a time when clarity in costing and pricing is becoming all important to the UK’s beleaguered homeowners, the tactics of Britain’s largest energy companies are being called into question.

Consumer experts catch companies out

There is little doubt that the cost of energy, fuel, household insurance and food is responsible for a big slice of the inflation cake that is currently rising on the back burner of the UK economy. While financiers and politicians warn of a double dip recession households throughout the country are taking the advice of experts and trying to find the best deals available to them, unfortunately according to consumer champion Which, when it comes to asking energy companies the best deal you cannot trust their answer.

Many prefer to use the phone

Of course many millions of people use computers and the internet to find out how they can cut their bills, the use of home insurance comparison sites and energy comparison sites such as Uswitch are now commonplace. However, not everyone is comfortable using such sites, and many prefer using the phone to find the best deal. This is exactly the method employed by Which investigators and the results were disturbing to say the least.

Poor response from providers

Researchers from Which called each of the six major energy companies over the space of 7 days. They asked for the cheapest deal according to their circumstances and noted the results. Southern Electric only managed to correctly guide the callers to the cheapest in 25% of the calls and fared worst of all the providers; however, they were not alone in giving poor service. EDF only came up with the cheapest deal for the consumer in 5 of the calls and Scottish Power failed to tell 75% of the researchers that they charged a £51 exit fee for those changing suppliers.

Why so many tariffs?

The secret research led a spokesman for Southern Electric to say there was a case for their call centre staff to be given more training but said there was little difference in the tariffs suggested to the one that was actually cheapest. Amazingly, Which believe that the leading 6 energy suppliers have over a thousand different tariffs available and the real question is; are the tariffs in place to give more choice to the customer or to confuse them?

Tags: energy, Energy companies, Fuel, home insurance comparison sites, household insurance
Posted in Home Insurance | No Comments »

Is it a post code lottery when it comes to insurance?

Thursday, October 6th, 2011

While most homeowners realise the value of a good home insurance policy, it is doubtful that many know how much the premiums of a policy depend on the geographical situation their home is in.

Riot torn London and Channel Island haven come out best

According to a recent report by a well known home insurance comparison site the difference in an identical policy from one area of the UK to another is staggering. In many cases the differences in prices are also very hard to understand. For example the report, which uses post codes to glean the information, compares 2011 prices with those in 2010. The three post codes that have benefited most by seeing a decrease in policy premiums are; JE, the post code for the Channel Island of Jersey, London SE, a post code in South East London, and London EC, a post code in East London. Not much difference there!

From top to bottom in a few miles

One can understand that perhaps a small island in the middle of the English Channel will have a small crime rate, an older, wealthy population and a comparatively temperate climate, although it did have its fair share of snow last winter. So it’s not a surprise to see it at the top of the list. That is of course until you look at the post code at the other end of the list, the one that has seen the biggest increase in premiums over the last 12 months. Believe it or not the post code at the bottom of the list is GY, the post code for Jersey’s nearest island neighbour Guernsey!

Massive difference

While residents of Jersey have seen an average decrease in the cost of their household insurance by 12%, those across the water in Guernsey have seen theirs rise by an incredible 32%. Talk about a post code lottery! To further confuse the issue two other island communities, Kirkwall in Orkney and Lerwick further north in Shetland fare badly as well. It may well be that Kirkwall and Lerwick do tend to suffer from more inclement weather but one cannot imagine either being a crime hotspot.

There seems little householders can do in areas where premiums are high, except for grin and bear it or of course move house. However, it does seem insurance providers could do more to justify their pricing.

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

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 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
Posted in Home Insurance | No Comments »

Green roofs could be the future

Thursday, September 15th, 2011

Imagine a rooftop oasis that actually lives, grows and cleans the air. Green roofs have been popular in parts of Europe and Canada for many years but are now starting to gain popularity in the United Kingdom. They give energy efficiency to a building and can actually increase the longevity of the roof.

Two types to consider

The laying of a green roof starts with the introduction of a rubber membrane which will protect the underlying roof before adding the soil and plants. Green roofs are normally divided into two categories, extensive and intensive. An extensive green roof will have very little soil so the plant selection is quite limited while an intensive green roof is able to have several inches of soil and this means it can very easily accommodate any size plant and even some small trees.

Specialised insurance available

A green roof can be installed on flat roofs or on a roof that has a slope of up to 45 degrees. The addition of a green roof to a property means that it will aesthetically enhance the living space while at the same time it is helping to protect the environment for everyone else. Almost all green roofs will need very little weeding if they are planted properly and the wide array of flowers will bring colour to the living roof. It is also possible to get a home insurance quotation specifically for a green roofed building. Household insurance providers should be asked for a green or living roof policy and you should make sure the cover is suitable for your building.

Many advantages

Green roofs offer many benefits to the environment over the more traditional form. Following heavy rainfall a green roof will retain the rain which will minimise the initial heavy run-off which happens on conventional roofs. The rainwater will then drain off slowly, allowing more rain to remain in the natural water cycle. A green roof will absorb sound, as opposed to many conventional roofs which reflect it. In what is an already noisy environment this can be beneficial. Adding a green roof to a property will increase its thermal insulation properties. This will make it warmer in winter and cooler during the warmer months which will help to reduce those expensive energy costs.

Nature will also benefit

Green roofs can help to compensate for the loss of any green areas which were sacrificed to build new housing developments. They will also help to provide an environment for birds, plants and insects which will increase the biodiversity of the area. When the property is located in an urban area, the addition of a green roof will introduce a very welcome green area in what is otherwise a heavily built up town or city where green spaces are sparse.

Tags: Green roof, household insurance, Specialised insurance
Posted in Home Insurance | No Comments »

Dinner may be a little later than usual

Tuesday, September 13th, 2011

Monday September 12th was the day the banking sector in the UK found out just exactly what it would have to do to bring its own house in order; unfortunately millions of ordinary Britons were left underwhelmed by the findings of the Independent Commission on Banking. It would seem for sure that none of those people who queued outside the Northern Rock Bank to make sure their life savings were not served up on a plate to bankruptcy courts sat on the commission, although one or two representatives of the banks may well have found a seat at the table.

Crumbs of discomfort

Chairman of the committee Sir John Vickers stood up and told all present the deliberations of the committee, and the recommendations it found would need to be put in place to ensure the banking crisis of 2009/2010 never happened again. This was a time for bankers to eat humble pie …or was it.

Predictable menu

The splitting of the banks retail and investment sectors had always been a certainty and so surprised no-one, it was the starter widely anticipated by all who had been invited. The enforced sale of some of Lloyds banking group was widely expected to be on the menu and the cooks did not disappoint. Although it may have been hard to swallow for some of the banks’ hierarchy everyone knew it would be served up. The sweet of course was delightfully presented in the form of a “redirection service” that ensured mortgages, loans and savings accounts would be safe from the wolves in the investment arms that looked to devour easy prey. No-one would be in danger of losing their mortgage or household insurance.

So far so good then, it was a menu that was totally predictable and guaranteed to satisfy those at the table, but still there was a surprise waiting for those ready to eat from the table. Ahem, dinner may be a little late. Well 8 years late to be precise!

Guess who’s paying for dinner

Sir John’s committee have stipulated the new measures must be in place by 2019 and although some bankers made suitably irate noises about how much this would cost the industry they must have been chortling away inside. The banks have got away with it again. They will not even be required to do anything in the term of this Parliament, nor will they really have to dip into their own pockets or those of their shareholders to pay for the changes. Those mortgages, loans and home insurance packages Joe Public buys from the banks will probably just have a little tweak on the percentage rate in the next couple of years to make sure the money is in place just in case anyone remembers what was suggested all those years ago.

Tags: Banking, Dinner, household insurance, Independent commission
Posted in Home Insurance | No Comments »

Berkeley’s square deal for shareholders

Tuesday, September 6th, 2011

The latest figures provided by South East building group Berkeley show they are having no problems whatsoever persuading customers to commit themselves to mortgages and household insurance on a home built by the well known group.

Sector taken aback by strong performance

In a move that has rocked the housing market they have announced that they will double their profits in three years as opposed to the five year plan they originally aimed for. The group’s success provides strong evidence that the South East corner of the country is experiencing different conditions from the rest of the country which seems to be lagging far behind. Berkeley only operates in this lucrative area of the UK and it definitely shows.

Location attracting overseas investment

The company’s report shows that almost three quarters of their building programme is centred right in the middle of the capital, with the average price of the houses they sell coming in at around £300,000. This is almost double the national average of a home in the UK and shows the wisdom of Berkeley’s modus operandi. Another interesting insight into the sort of customer who buys a Berkeley home is provided by the information that only 30% of their house buyers require a mortgage. This points to the fact that overseas buyers are still ploughing money into the London property market despite the recent riots, and are obviously content to get a good home insurance quote to cover their investment.

AGM brings good news for shareholders

At the recent Annual General Meeting (AGM) meeting, investors were told that the company had purchased a further seven sites in the South East, including some in Kent and saw no reason why their success story would not go on. To the delight of shareholders the company decided that profits would be largely channelled into big dividend payouts rather than investment in the business, with the profits in the first third of the current financial year yielding even better results.

Sector split on Berkeley’s future

It is no secret that others in the business have looked at Berkeley with envious eyes over the last couple of years and some housing sector experts are predicting the recent drops in share markets across the globe could bring about the end of their run of success. However, there are plenty of companies out there who also look at Berkeley as the leaders of the sector and would only be too happy to follow in their footsteps.

Tags: Berkeley square, Home Insurance Quote, household insurance, London, Mayfair
Posted in Home Insurance | No Comments »