Insurance

The shocking truth about the UK home insurance market has been revealed by the Financial Inclusion Commission (FIC). The commission which consists of industry experts, peers and Members of Parliament shared that insurance has become a tough bet for many home owners in the UK. They revealed a statistical report which declared that nearly 16 million people in UK are living without content insurance. The commission has also reported that around 60% of home owners with low wages that are earn less than £15,000 or equal, are living without content insurance. They basically cannot change the contents of their home even when it gets damaged. These are also either low wage earners or young couples that live in rented places and thus, cannot afford home or content insurance. The report also mentioned that home insurance providers have paid an average of £2,500 to 1.2 million households who claimed content insurance. […]

Read More

A study by charity network Citizens Advice suggests that UK home insurance providers are overcharging their loyal customers. The research done by the service suggested that around 13 million people are overcharged and the elderly are the worst hit. According to the research, home insurance companies charge 70% less to lure new customers to buy new home insurance cover. On the other hand, they charge more from customers that have stayed with them. As most customers aged above 65 years have a tendency to stick to the same home insurance provider, they keep paying 70% more on their home insurance premiums than the new customer. As per statistics, 13 million customers are paying around £110 a year more on their home and content insurance cover than what is offered to the new customers. Companies often charge more when the customer renews their content and home insurance cover and around one […]

Read More

According to industry experts, claims made for home improvements has generated a stir and crisis in the UK home insurance market. As per the reports of EY, the UK home insurance sector would make losses in 2018 as the cost of home repairs increases. Home insurers claim that the rise is due to the increasing repair cost. There are maximum cases of water leak damage, which has become expensive than previous years. The low quality cheap plastic pipes are the cause of leaks and thus frequent repair cost are the biggest reason for increase in home insurance cost. As per statistics, the cost of repairing water leaks has increased from £1,750 in 2013 to any amount more than £2500. The home insurance market seems to be crumbling due to skyrocketing amounts that it is getting paid for claims. Home insurance provider Esure confirmed that it has faced a 14% fall […]

Read More

We cannot deny the necessity of home insurance and content insurance to protect the home from natural calamities, thefts, damage due to unexpected reasons and more. However, it has become a tad bit expensive last year with an added payable amount equal to £131. These statistics are in accordance with the reports by Consumer Intelligence, market specialist for insurance and banking sector. Consumer Intelligence blamed the rise in home insurance premiums on the increasing payment to fraudulent cases and increase in cost of claims. Point to note here is that the rise in home insurance premiums is much more than the increase in the rate of inflation, which is 3%. As per reports, UK home owners are reporting maximum claims for water leakage. Moreover, the rising cost of jewellery has resulted in the increase in content insurance premiums. All of these factors have an overall effect on the home insurance […]

Read More

One of the major clauses in content insurance is the single item limit, which we will discuss in detail today. Most of us live in an impression that our content insurance cover will manage the losses of all belongings and contents in case of a robbery or loss of item. However, the catch is that most home insurance providers apply the criterion of single item limit on the cover. The idea is to offer you a part of the actual cost of the expensive item and is limited to a set amount. What is a single item limit in content insurance cover? When you think about a regular content insurance cover , you can claim for the entire amount of the cover. The catch is that in the policy there would be single item limit which would be an assured amount of the range of between £1,500 and £2,500. So, […]

Read More

With Christmas around the corner, most of us are busy planning a good vacation with friends and family. If you are one of them then do not forget to buy travel insurance for your trip. Make it a priority as it is a proactive measure to manage financial losses if anything goes wrong during and before the trip. The best way is to insure the entire trip and buy content insurance for all the valuables that you carry with you. Today, we will discuss the common mistakes travelers make when they insure expensive items while travelling and how to avoid them. Common travel insurance mistakes and ways to avoid them If statistics are to be believed, the percentage of Brits choosing travel insurance has reduced compared to last year. It is mostly due to reluctance towards paying expensive travel insurance premiums but continuing with this behaviour is certainly not advisable. […]

Read More
Compare Over 30 Travel Insurance Providers Save Up To £39.78* On Your Travel Insurance

Social