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Home finances under scrutiny as Britons feel the bite

Thursday, April 7th, 2011

As the austerity measures introduced by the Coalition Government continue to bite, homeowners across the UK are becoming more aware that their monthly income is being squeezed from all directions. Many households are now asking themselves what they can and can’t afford. It is at times like this that the value of household insurance becomes a matter of debate.

Britons worse off

A recent survey by a financial institution in the UK showed that for the first time in many years the average person in the UK had considerably less disposable income in their pockets. The results of the survey came as a shock to many financial experts but possibly not to householders in the towns and cities of Britain.

The increase in VAT, the exorbitant price of fuel, the increasing price of food commodities in the shops and the insidious, ever increasing, advance of hidden taxes are creating a crisis for lots of families. Many now have to question every item of expenditure leaving the family wallet.

A risk worth taking?

In a situation like this it is natural for people feeling a financial squeeze to question the cost of their insurance cover. Of course motor insurance is required by law, but other kinds of insurance most certainly are not. It is also an expenditure that you see nothing for, unless of course you have need to claim and that really is the nub of the question. Are you prepared to lose everything?

Disaster does strike

It may sound a little dramatic but that really can be the outcome of a property without home insurance. We read every day about disasters in other parts of the world and in our hearts thank our lucky stars that we live in the UK, but disasters in the UK happen every day on a smaller scale. House fires, floods, lightening strikes, explosions and other rare occurrences completely destroy homes in Britain every year, and without some sort of insurance cover those poor householders are left with nothing. It is not being alarmist to say it could happen to you because basically it really can happen to anyone.

Find cheaper cover rather than cancel

Perhaps the soundest course of action for Britain’s under pressure population is to examine their finances and in the case of insurance for example, to take the time to look around and find cheaper home insurance which could easily give them the same level of protection at a more affordable price.

Tags: Home finances, household insurance
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Banks prepare to cut and run

Tuesday, April 5th, 2011

Homeowners in the UK could find banking and mortgage facilities available to them may radically change in the next few years as the finance sector waits with bated breath on judgements from two sources over the next few weeks.

Unwelcome attention

It’s fair to say that most people take only a passing interest in what the finance sector is about unless it affects their mortgage, household insurance or their savings. The sector is in a state of flux at the moment, and the fact that profits are back, bonus’s are back and lending most definitely isn’t, has attracted unwelcome attention as far as the city boys are concerned.

Mortgage providers nervous

Last Friday ex Financial Services Authority (FSA) chairman, Sir Howard Davies, said that mortgage providers deserved some sort of decision sooner rather than later on how both the FSA and the European Commission (EC) will frame new legislation around the lending market. The rumours emanating from the EC on how any lender turned down for a loan via automatic processing will have to be given a personal explanation on the refusal is already giving mortgage providers nightmares as to how they will be able to afford the extra staff to manage this. The EC is expected to confirm that any costs on this cannot be directly passed on to the customer.

Protection for retail arm

At about the same time as Sir Howard was making his speech, the Treasury Select Committee were contemplating just what measures to take in ensuring retail banking was protected in future from the whims of gambling gauchos in the prime and subprime investment markets.

It is no secret that the committee feel there may be a need for more legislation to protect the public, and the constriction of the market due to the forced mergers that followed the collapse now makes them think there may be a lack of competition amongst banks. The committee feel that the retail banks who feed upon the needs of consumers to arrange their mortgage, home insurance and ISAs would benefit from a level playing field in attracting customers, who in turn would benefit from a more competitive sector.

A place overseas

The bigger fish are not at all convinced by the argument and have already started muttering in the appropriate circles that they may be forced to move elsewhere if things don’t go their way.

Tags: banks, household insurance
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Pets attracting pests like never before

Thursday, March 24th, 2011

It is no secret that Britons are regarded as the most pet loving nation in the world, almost half of the homes in the UK harbour some sort of pet and according to recent research they may be harbouring other forms of life they will not be so keen on having.

Can I cover against pet damage?

A recent report by researchers at Bristol University revealed that Britain’s best loved pets, in the shape of dogs, were carrying far greater levels of pest infestation than was previously thought. Of course that also means that households across the UK will be home to the uninvited guests. In the past few years there has been a glowing clamour for household insurance companies to provide policies that cover pet owners from damage caused by pets, this latest report may well put paid to the chances of this happening.

Visitors from overseas

To make matters worse the researchers discovered that one of the ticks found on the pests was an invader from abroad. The foreigner was found to be prevalent in South East England and West Wales and is said to be a well known transporter of a number of diseases that can affect humans including Lyme’s Disease.

15% not up to scratch

The research involved the testing of over 3,500 dogs by over 170 veterinary surgeons, other interesting facts to emerge included that at any given time in the UK approximately 1 in 6 dogs were affected by ticks and fleas and that, unsurprisingly long haired dogs were more susceptible to infestation. Dogs in the South-West, East Anglia and parts of Scotland were worst affected by the pests but no region was “clean”.

Check with home insurance provider

Pet loving homeowners will know that there are many sprays and tablets on the market that promise to get rid of fleas and ticks on dogs, and that many sprays can be used around the house to stop the pests breeding. It is however, important that homeowners read carefully the instructions on the can and check with their home insurance broker on how it can affect their policy before going ahead and using it. The sprays can discolour carpets and furniture and may also leave an unpleasant odour in the atmosphere for a short time.

Tags: Contents Insurance, household insurance, pests
Posted in Advice for Tenants, Home Insurance | No Comments »

Homeless services revamp increases fears for residents

Wednesday, March 23rd, 2011

Homeless families in South East Birmingham will now face an extra long journey to try and find a roof over their heads after services in the city dedicated to helping the homeless have undergone a massive shake up.

The homeless advice service which has for a long time been first port of call for anyone finding themselves evicted or having their home repossessed in the city has now been squeezed into just 4 locations, Newtown, Small Heath, Northfield and Erdington, a radical change from the 20 offices dotted around the City previously.

Now the council’s housing watchdog committee have expressed fears that residents in areas such as Yardley and Acocks Green will be faced with several bus journeys to process their applications, and the worry is that some may give up or end up sleeping rough. The fear is some will become depressed at losing their home and will not make the long journey for help. Only once an application has been processed and accepted can temporary accommodation be issued and their name entered on the housing waiting list. Only then of course can they think about getting household insurance cover once more.

Lib Dem Committee Member Iain Bowen said “These offices are not very accessible for people from the south-east, in areas like Acocks Green and Yardley. There should be something there so people can see a homeless officer. People from my ward will need two or three buses to get to the nearest office.”

Council bosses insist the new system will be more effective with experts concentrated together rather than spread out in several neighbourhood offices. The council have also pledged to pay the bus fare, and in exceptional cases they will pay a taxi fare to get people to the office where they can be helped. The council are also planning to use homes formerly set aside for asylum seekers to help anyone who becomes homeless.

Tags: Home Insurance, Homeless services, household insurance
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Policy updates vital for home insurers

Friday, March 11th, 2011

Homeowners across the UK are being advised to check their household insurance policies to ensure they are not underinsured.

A leading provider of home insurance said a survey carried out on homeowners showed that 65% of them only gave a cursory estimate of their contents value when filling out their application form. Others also deliberately undervalued their possessions thinking it would get them a cheaper quote.

The folly of under insurance is a concept that many homeowners still have to grasp. It may well save them a few pounds on their yearly policy and may still not affect them if they make a claim say for a carpet stain but if disaster strikes, and that is really the reason we insure our possessions, then they could be in for a big shock.

When disaster does strike the insurance assessor visits the property and gives his opinion of settlement. If the home is under insured then the insurance provider will reduce the settlement by the same percentage as the projected under insurance. The difference can be massive and can be a massive setback for those that have already experienced trauma through the loss of their home in the first place.

The survey also revealed that 1 in 3 of us never update out policies, which in a way is just like under insuring. The home we moved in to 20 years ago will not be the same as the one now. Perhaps a new kitchen and bathroom has been put in, a new conservatory or even a converted attic. All these things will add value to your home and require additional contents to be placed in it.

Insurance providers point out the folly of spending money on something that will not do the job they want it to do with John Kenny, a claims manager at the company, saying “There’s nothing worse than paying for something that won’t work when you need it most, unfortunately, people are unlikely to appreciate the value of insurance cover until they need to make a claim.”

Tags: home insurers, household insurance, Policy updates
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Stay put, lock up and bring down your costs

Tuesday, March 8th, 2011

As the credit crunch continues to bite, many homeowners have decided to put off moving home and decided to stay put. The ever escalating cost of living has not only put people off moving, it is making them more conscious of where they can make savings in the property they have. It is without doubt that savings can be made on a whole host of things, and one of these is definitely household insurance.

Compare your deal

Anyone spending a couple of hours watching TV will realise that home insurance comparison sites exist. They will also realise that some are spending quite a lot of money in competition with each other via adverts rather than substance. However, it really is a good idea to try and get a better deal than you already have.

Once you have selected an insurance company there are still other ways you can bring that quote down. It is of the utmost importance that you fill in your insurance application form honestly and to the best of your knowledge, but just by looking at the questions you will see how easy it is to bring your quote down.

Ways to bring down your home insurance

If someone is occupying your property day and night; for instance you are retired or work from home, then this reduces the risk of burglary, fire and flood and will bring in a cheaper quote. If you have a burglar alarm that has been fitted and maintained to a professional standard and you can prove it, then once again this should reduce your premium.

Window and door locks are another aspect of security that can bring down your costs. Questions on what sort of locks are on your doors can seem a little tricky and the best way to find out exactly what sort of security is installed in your doors is to ask the firm who fitted them, failing this a quick call to your local crime prevention officer will probably get you the information you need. The better the locks, then the cheaper the quote.

Pay up front and in bulk

You will usually save money by organising your home contents insurance and buildings insurance at the same time and with the same company, you will also save money by paying up front i.e. paying the full cost of the premium in one lump sum as opposed to paying by a monthly direct debit.

Tags: Contents Insurance, Home Insurance, household insurance
Posted in Advice for Tenants, Home Insurance, Home Security, Saving Money | No Comments »

Pet damage enough to confuse any insurer

Tuesday, March 1st, 2011

A survey by a leading online home insurance comparison website shows that it is impossible to insure against one of the most potentially dangerous risks affecting many homes in the UK.

According to the site whose name could never be confused with that of any other insurance comparison site, the average cost of damage caused by pets let loose in the domiciles of the UK is £690 per household. The astounding figure when added up comes to over £3.3 billion and, as any home insurance broker will tell you, none of it is reclaimable on your home contents insurance. There is not one major insurance company that offers accidental pet damage in its policies although after this report that may well change.

Blaming cats and dogs

Not surprisingly the biggest culprits were cats and dogs, who accounted for 4 out of every 5 incidents, but don’t think the most innocent of pets, are without blame. According to the report the humble goldfish is responsible for 2% of the damage. How exactly a gold fish can cause millions of pounds worth of damage is not entirely clear but apparently they do.

The survey found that 1 in 6 homes in Scotland fell foul of marauding pets, with most of the damage caused by the claws and teeth of dogs with a penchant for carpets and sofas. Cats, however, did their fair share of damage also. They also took a dislike to sofas but were not averse to damaging books, ornaments and table tops. One cat even managed to completely flood not only his owners flat but the one below as well just by turning the kitchen tap on.

Hard to believe you may say, but having had the experience of walking in to a kitchen where one’s cat is stood on the kitchen side helping himself to ones chicken dinner and at the same time knocking scraps off the side to the pet dog waiting slavering below, I for one do.

All our own fault

Pet psychologists of course blame humans, who should know better than to leave their pets home, alone and bored. The upshot being of course, that in future household insurance policies will include a pet accidental damage option, they are just preparing us for the premium in advance.

Tags: Home Insurance, household insurance, Pet damage
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Heating the home

Tuesday, February 15th, 2011

With inflation rising and the impact of the austerity cuts imposed by the Government still to fully bear down on the wealth of the nation, the general public can hardly be blamed for getting cold feet about planning any major expenditure. For those moving into a new home, however, there is little choice, necessities such as heating systems, household insurance and council tax must be sorted out quickly.

Fuelling inflation

The aforementioned inflation figures are to a great degree being driven by the spiralling cost of fuel. Most Britons associate the cost of fuel with motoring but in fact expensive fuel prices usually mean expensive heating bills and this affects even more people than does the price of petrol. It is important therefore for homeowners moving into a new home to select the right type of heating.

Which system?

Gas central heating systems are by far the most popular choice of heating for most Britons, but it is not every house that is connected to gas, and for the millions that are not the choice of fuel is definitely more of a complication. Central heating of any kind is welcomed by the majority of homeowners in the UK, as our cold winters mean the entire house needs some sort of heat to make it comfortable. Central heating systems are available in solid fuel, electric and of course oil.

Home insurance claims drop

Nothing looks better than an old fashioned fire place or wood burner and of course an open flame still evokes in many of us warm memories of a childhood where we sat in front of a fire to get warm and even toasted bread there. This no longer happens because open fires are few and far between. It is no coincidence either that home insurance claims have dropped as the number of open fires has diminished in the UK. For all their homely beauty, open fires were the cause of numerous disasters in homes and the cause of many deaths.

Oil central heating is the preferred choice of many but the escalating price of oil at the moment will be enough to put off most people from installing such a system at this time. The cost of benzene, the fuel used in oil central heating, has risen so much this winter that it is actually being investigated by a Government committee this week.

Electric heating has for many years been frowned upon by the general public in the UK because of its expense and the lack of any real aesthetic quality of electric heaters. Both of these problems have now been addressed and systems from countries such as Germany and Sweden which use tiles instead of bricks to store heat, inside radiators which look very much like those used in Gas Central Heating systems, have made them attractive to consumers. These systems make temperature control easier, energy output more controlled and they look much better than the old bulky storage heaters that put many people off choosing electric heating.

Tags: heating, Home Insurance, household insurance, wealth of the nation
Posted in Advice for Tenants, Contents Insurance, Home Insurance | No Comments »

Solar heating salesmen spread their sunshine

Thursday, January 27th, 2011

With the Government showing no lack of resolve in pursuing green energy solutions for the problematic issue of how the country keeps itself warm. The next few months does seem to hold promise for householders on the look-out for a bargain. Homeowners who are familiar with looking for ways to keep their home insurance costs down can now do the same with their energy bills.

Sales consultants for companies looking to benefit from the massive interest in solar heating are proliferating at what some would say an alarming rate. Properties across the UK are being flooded with brochures and pamphlets about the benefits of solar heating and all promise cut price energy with the prospect of boosting ones bank balance at the same time. It is indeed reminiscent of the 1970’s and 80’s when double glazing salesmen seemed to be on each and every street corner.

Government Grants?

Of course this time the solar heating salesmen can indeed promise something a little special… Government support! Through the Feed in Tariff (FiT) the Government have decided to promote the use of renewable energy installations by paying the owners of the project 41.3p per Kwh produced. It doesn’t matter if the homeowner uses the energy himself he will still be paid. What’s more, any excess energy that is fed into the National Grid will attract payment as well. The payments for solar energy are index linked and guaranteed for 25 years.

What exactly is the deal?

Currently companies around the country are offering two distinctly different deals. The first deal involves the company installing the panels free of charge and they benefit from the Feed-in Tariff payments from the Government, the householder benefits from free electricity. The second system involves the installers charging for the installation and then leaving the homeowner to benefit wholly from whatever energy he produces.

Will it affect my home insurance?

There are one or two qualifying criteria for a home to be suitable for the installation of solar heating. It should have a roof facing south and not be in shadow. The roof itself should be maintained well and be robust, apart from that there is little else to worry about. Of course you should always notify your household insurance provider if you make any alterations to your property and a big cluster of solar panels on your roof will certainly do that.

Tags: Advice for Tenants, Home Insurance, household insurance, Solar heating
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Make good use of the basement

Thursday, January 20th, 2011

Not every home has a basement, but the ones that do give the homeowner a great opportunity for extra living space. Refurbishing a basement offers the homeowner a less expensive alternative to adding extra rooms to the house. A newly decorated basement is a good example of a green project. Because basements stay cooler in the summer and are a little bit warmer in the winter. This will help to save some money on utility bills. Adding a finished basement to the property will also increase the value of the home.

Change the basement into a bar; it is more a man’s idea, but a bar, complete with beer taps and cocktail shakers is a popular choice and a great place to have friends come over. A craft/tool area is a good choice if there are children in the house. It can often be difficult to have any kind of hobby in the house, because the children will want to join in. If the hobby includes woodcarving or other crafts, then a basement will be perfect. The door can be locked so the children can’t get in and the adult can enjoy an hour or two relaxing and working on a hobby. A refurbished basement is also perfect as a play area for children. Keeping all the toys down there and not on general show leads to a tidier looking home.

A home theatre room is another popular choice for the basement and remember with concrete walls, the basement is a great place to sit in relative peace and quiet as the rest of the world goes on above, so a library or home office also fits the bill. A games room is another man’s dream, with a pool table, poker table, plasma screen television for sport and movies and a pinball machine. Just remember the household insurance policy will need to be updated if expensive items are being bought.

Basements can be anything you want, from an extra bedroom to a home gym. Too many people focus on decorating the main floors and forget about the basement. With a little ingenuity, and maybe a professional contractor, the basement can be turned into a room to be proud of instead of a cobweb infested area of the home.

Tags: basement, Home Insurance, household insurance
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