Home Insurance

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 […]

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Statistics reveal that around 16 million Britons have no home content insurance and the primary reason is the expensive home insurance premiums. However, that would not be the biggest road block if you know the methods to get lower content insurance premiums. Today, we focus on methods to minimize premiums so that home insurance becomes an affordable bet for one and all. Tips to reduce home content insurance premiums: Focus on the safety measures! Many home insurance providers in UK offer low premiums on a comprehensive cover only if the home is secured with BSI-approved locks. It is also the best way to safeguard your home so, equip the building’s windows and doors with the best quality locking system. To save on home insurance premiums, join Neighbourhood Watch Schemes to get essential security lights in your home. This will prevent chances of robbery compelling the UK insurance providers to offer […]

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Home insurance is often considered as a money sapping investment and nearly 20% of Britons live without a home insurance cover just to avoid the gigantic cost of premiums. A point to highlight here is that insurers do not charge premiums on the location of your home but on the risk associated with your claim. If you home is susceptible to manmade or natural damage then cheap home insurance premiums is difficult. Homes with lack of security features are susceptible to theft, fire and other kinds of damage. Such a home is a big risk for UK home insurance providers who charge higher premiums to gather the cost of payout in the event of a claim by you. Therefore, what you can do from your end is to make the home secure with the help of adequate locking systems, smart technology devices and features that ensure safety of your home. […]

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First of all, you need a pat on the back if you already have a home insurance policy as there are a considerable percentage of Britons who do not worry about insuring their home against adversities. Next thing that needs some serious thought is whether your home insurance gets auto renewed every year or not. If yes then you may be at a big loss as switching home insurance provider would have saved you a good deal of money then sticking to your age-old, favourite insurer. According to reports by the Financial Conduct Authority, UK customers can actually save somewhere between £64-103 million per year if they choose to switch home insurance providers instead of auto renewing their policy. Owners should compare the home insurance market at the time of renewal to get the best discount deals on home insurance. Either your current home insurer would offer discounts to keep […]

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Home insurance is an important part of one’s investment for the property and is considered as a safety measure against all odds including natural calamities. However, a huge mass of Britons do not think so and simply avoid investing in home insurance just to skip the additional cost of buying a home insurance policy. There are also many who have tried their hand at this and burnt their fingers. As per statistics, one in ten home insurance policy holders have made claims which were rejected due to an insufficient policy. The UK insurance providers and experts suggest that such failures are due to the fact that most of them could not find a policy that matches the requirements of their property. Prominent UK home insurance providers coverbuilder.co.uk performed research on 2,256 participants that were 18 and above to check the status of their home insurance in UK. They discovered that […]

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Whirlpool tumble dryers were declared a potential threat for homes as some of them had caught fire and had damaged the things in the vicinity. The manufacturer announced safety alert that the machines may catch fire if left unattended. It also promised its customers for modification and repair of faulty machines. However, the company has failed to provide proper service and many customers are still waiting for the modifications. It was observed in a survey that one out of five still carrying on using their faulty machines. Whirlpool is supposed to repair or replace at least 5.3m potentially faulty machines across the UK. The company found a safety defect in its machines in November 2015 and as a result many of the machines were catching fire. The company did not recall the product but, asked its customers to continue using the machine and wait for the modifications, which were supposed […]

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Supreme Court verdict suggests that insurers can accept collateral lies In a record breaking judgement, the Supreme Court has made new rules for all kinds of household insurance policies. Until now, if the insurance company finds out that people who have lied or fabricated some part of their claim then they would reject the whole claim. However, the court has passed the rule that if the ‘collateral lies’ do not affect the validity or value of the claim then it cannot be rejected. The judgement has been given when a Dutch cargo ship made a claim for £2.4m due to the flood damage caused by bad weather. The staff of the ship lied that they could not follow the alarm as they were in heavy waters. On investigation, this was found to be completely untrue and a deliberate attempt to get the claim. The court still passed the claim as […]

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