Home Insurance Archives - Beverley Property Guide

Brits Urged to “home in” On Insurance Savings

Mar 232010

Households are wasting £131 a year by sticking with their existing home insurance provider instead of shopping around, according to moneysupermarket.com

Analysis from Britain’s number one comparison site found home owners are missing out on massive savings by staying loyal and not comparing home insurance policies. Further research reveals only 16 per cent (or 7.9 million) of people took out a new home insurance policy during 20091, meaning collectively Brits are really losing out on potential savings by renewing year after year with their insurance provider. Home insurance doesn’t have to be expensive, with combined buildings and contents cover available from as little as £124 a year with Churchill.2

Julie Owens, head of home insurance at moneysupermarket.com said: “By not shopping around for home insurance Brits are effectively watching their hard earned cash go down the drain. While home contents insurance is not a legal requirement, I would urge every household to have combined buildings and contents insurance in place.

“Comprehensive policies will cover your home against problems such as subsidence, burst pipes, personal liability and even boiler breakdown in some cases, all of which could land you with a bill into the thousands of pounds. This is in addition to more common incidents such as theft, burglary or loss of possessions away from the home. Without insurance to protect you, you could end up having to foot a very expensive bill. I would always recommend checking the small print of your policy to find out what you are covered for as being underinsured is also a dangerous position to find yourself in – if in doubt, speak to your insurer to find out whether you need to increase your cover.”

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Value of Home Contents Increase by 115% in 15 Years

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Mar 232010

New research from Confused.com has identified an increase of 115% in the value of Britain’s home contents over the past 15 years.

Figures from the price comparison site, shows the value of home contents has leapt from less than £5,000 to over £10,700 in 15 years. The increase has been attributed to a shift in items deemed ‘most important’ to homeowners over this time period. When thinking back to ‘must have gadgets’ 15 years ago, items such as the hostess trolley, fax machine and soda stream were named. Flash forward to the modern day, and these items have been replaced with gym equipment, plasma TV’s and Ipods.1

With modern day technologies taking over in the home, Confused.com has created the iPhone application ‘Home Calc’ which takes the confusion out of content calculations. iPhone owners will now be able to log their contents on a centralised portal which will provide a true picture of the valuables they own – thus enabling them to gain adequate home insurance.

Darren Black, head of home insurance at Confused.com said: “What fills our home changes every year with continuous new must-have gadgets. As the British public buy more and more of these items, the content value of our home increases year on year. To help customers we have created an iPhone application which will help people assess the value they have under one roof and the type of cover they will need to insure it all. Underinsurance is still a massive problem with the research highlighting 79% of our contents are still overlooked. I hope people take advantage of the new way to calculate contents, which will dramatically reduce this alarming figure.”

Black continued: “Our new tool is quick and easy to use and will provide a snapshot for homeowners, detailing their valuables, which can be updated on a regular basis. This will avoid many people learning of inadequate cover when they come to make a claim on content policies. It is hoped this will help people avoid only learning about inadequate cover when they come to make a claim – by which time it’s too late”

With one in 10 homeowners saving specifically to buy the latest technologies for their home, the increases experienced in recent years are only set to continue. With this in mind, homeowners need to be accurate with content forecasting and obtain insurance which reflects the values of their assets.

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Make Garden Security a Priority this Spring

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Mar 222010

* M&S Home Insurance policy provides unlimited cover for garden greenery, theft of property from a shed and items in the garden

As the clocks go forward this weekend and many Brits look forward to getting back out into the garden, M&S Home Insurance is reminding householders about the importance of garden security.

According to a survey by M&S Home Insurance, 17% of people with a garden know someone who has had plants, bushes, trees or shrubs stolen from their garden.

Plants are also a favourite target of vandals – 10% of people have had plants, bushes, trees or shrubs in their garden maliciously damaged.

The survey found that the average shed contains £888 worth of property, making them a prime target for thieves. However, almost a quarter of shed owners (24%) have failed to take steps to secure their shed, such as using a lock on the door.

M&S Home Insurance covers for loss or damage to plants, bushes, shrubs and trees in the garden. The policy also provides unlimited cover for theft of property from a shed. Policyholders must take reasonable steps to ensure they have secured their shed.

David Wells, M&S Head of Insurance, said: “Many householders invest a great amount of time and money in their gardens. It’s therefore surprising that so many people fail to take simple security steps to deter thieves and vandals.

“Before you get back into the garden this spring think about how a thief might get into your garden and take steps to reduce the risk. It’s also wise to check that your home insurance policy covers property in your garden and shed. Remember that even if you do have insurance, unless you secure your shed, any claim may be invalid.”

M&S Home Insurance urges garden and shed owners to take the following security steps:

* Ensure that items of high value are not left unattended in the garden
* Where possible fit all outbuildings and sheds with good quality locks and replace plastic windows with glass
* Fit security lights to the side of the house
* Ensure that keys to outbuildings and sheds are locked away to ensure burglars can’t easily find the keys and gain access
* Where items of high value, such as garden heaters or barbecues, are left permanently outside ensure these are anchored to the floor or other permanent structure so they cannot easily be removed.

Marks & Spencer Home Insurance is available by telephone on 0800 068 2742 and online at M&S Inssurance

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Home Insurance Claims top £35 million

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Mar 192010

Home insurance claims for water damage top £35 million in coldest winter for decades

With the UK experiencing its coldest winter in decades, Sainsbury’s Home Insurance estimates that since the beginning of the cold snap in December the UK insurance industry has received nearly 16,000 home insurance claims linked to water damage under the category of ‘forcible/violent bursting’ (1).

It estimates that the value of these claims is around £35.21 million(1) and says the freezing weather conditions have contributed to many of these claims.

Ben Tyte, Sainsbury’s Home Insurance Manager, said: “There have certainly been more home insurance claims linked to water damage in recent weeks than we’d expect to see when the weather is milder. We experienced a similar surge during last year’s cold snap, but this year it has been much more prolonged and intense. Temperatures have dropped to as low as -22C (-7.6F) at night in some parts of the UK and with more cold weather predicted, we expect to see more claims linked to water damage.

“We have seen cases where people have gone away for a few days and switched their heating off and returned to terrible damage; this really is a no, no. Warm water must be kept circulating even if it’s for a short period each day. Having good quality home insurance is also invaluable as with the average claim for water damage caused by burst pipes coming in at £2,218(1), if your pipes do break you may find yourself with an expensive bill that you just don’t need so soon after Christmas.”

Winter Weather tips from Sainsbury’s Home Insurance:

* Make sure you have a good level of buildings and contents cover
* Find your main stopcock and make sure you can turn it off and on. If you have a water meter, the ‘off’ switch is on the meter, which is probably outside the house
* If you are away for a few days, leave the heating on a low setting as it’s advisable to maintain an air temperature of at least 10oC (50 oF)
* Ensure your pipes are insulated, especially if they occupy attic spaces, which are notoriously cold
* If you suspect a pipe may have cracked, ensure you turn the water off and call your insurer right away
* Make sure you have the telephone number for your home insurance company because many like Sainsbury’s Finance offer a 24-hour emergency helpline which can arrange for emergency / temporary repairs

About Sainsbury’s Home Insurance:

As well as being competitively priced, the bank also offers an extensive range of cover and benefits. This includes:

* Unlimited buildings cover
* Unlike some home insurers, Sainsbury’s Bank does not apply charges for customers paying their premiums monthly
* No-claims discount – you may be eligible if you have been claims free for 5 years or more.
* No-claims discount protection(2)
* Cover for accidental damage – even by pets(2)

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