November 18, 2009
More house insurance reviews
Story link: More house insurance reviews
Finance Markets continues to publish a range of home insurance reviews on their site, and underlines the caveat that you get what you pay for.
It seems budget providers come under particular fire for not providing enough support or clearing claims faster.
We’ve already covered Prudential, LV, and Aviva here, but FM includes a few more:
Barclays Home Insurance
Churchill Home Insurance
Columbus Direct Home Insurance
Direct Line Home Insurance
Nationwide Home Insurance
There’s something different for everyone, but the message remains clear - make sure you have the house insurance cover you actually need, and don’t skimp on price.
Flood risk threatens home insurers
Story link: Flood risk threatens home insurers
Insurance companies are laying into developers, warning that the best interests of property buyers are not being looked after as planning officials continue to allow building developments on flood plains.
Astonishingly, as many as 1 in 6 homes in the UK is at risk of flooding, which is a stagger figure:
Floods could cost £4bn per year by 2035
Home insurance firms are set to lose £4 billion a year by 2035 on repairing flood water damage unless the industry takes the lead in creating a flood prevention strategy.
Insurance companies should work with the Environment Agency and local authorities on putting flood prevention measures in place and making homes flood proof, Co-operative Financial Services said.
This is certainly a different tact that insurance companies normally make, usually looking to push discounts onto consumers in order to get them to buy.
Perhaps there is a discontinuity between the sales teams and risk assessment teams? :)
February 26, 2009
NU home insurance reviewed
Story link: NU home insurance reviewed
Norwich Union get their home insurance product reviewed, and it gets a general thumbs up:
“Norwich Union Home Insurance receives a surprising number of complaints, especially considering the otherwise well received and praised insurance services otherwise provided by Norwich Union.
However, most complaints seem focused on the length of time to get a home insurance claim completed, which is a remarkably common complaint raised across most home insurance providers.
The main thing to watch for is a price increase on renewal, so it’s probably worth shopping around after your first year, or else challenging Norwich Union to match its original quote. ”
It seems that complaints about how long it takes to complete a claim are annoyingly common among home insurance providers, at least Norwich Union does retain a general well regarded level of customer service.
LV home insurance reviewed
Story link: LV home insurance reviewed
Liverpool Victoria also gets a review of it’s home insurance product at Finance Markets - but the company seems to be let down by a general impression of trying to be cheap and cheerful, resulting in complaints about the level of customer service:
Liverpool Victoria offers a competitive price on their home insurance policy. They also offer a wide range of benefits when you sign up to the policy.
However, while LV competes on price points, the danger is that this comes at the expense of good customer care.
If it’s budget home insurance you’re after, then LV certain competes with the best in terms of price. The question is, which is more important, the level of service or the cost of the policy?
Prudential home insurance reviewed
Story link: Prudential home insurance reviewed
Prudential gets its home insurance product reviewed at Finance Markets, and it’s nice to see a generally positive impression of the service and quality:
Review: Prudential Home Insurance
Prudential offer a professional, straight-forward home insurance service.
In terms of value for money, this may be one of the best. The customer service is strong and it is relatively simple to process a claim.
That’s quite a positive overall view, so congrats to Prudential on the big thumbs up. :)
February 11, 2009
Mortgage cover
Story link: Mortgage cover
There are many protection schemes that do actually cover mortgage payments. The payment protection scheme is one of these schemes, which can cover your mortgage if you have difficulty paying repayments due to lack of work etc.
There are some exclusions as to who can purchase the payment cover and most policies wont allow a claim within three months of the policy being taken out.
Robert Clifford of broker Mortgageforce replies: You were probably offered mortgage payment protection insurance when you took out your loan. You can still buy this cover, but often you cannot make a claim within the first three months.
With such insurance you must look closely at exclusions. Some insurers reject claims unless you have been continually employed for more than six months.
Government ‘flooded’ with requests for help
Story link: Government ‘flooded’ with requests for help
The government is helping the unemployed, they are helping banks that do not sign any sign of stability in the near future and they are helping struggling businesses throughout the UK, but what are they doing for flood victims?
Some flood victims have found them selves homeless over the last few weeks, and should be classed as a priority!
Government ‘flooded’ with requests for help
In a forthright attack, insurance boss Stephen Haddrill criticises the Government for failing to tackle the floods threat
Fostering good relations with the Government should be second nature for Stephen Haddrill, director-general of the Association of British Insurers. As a former civil servant at the Department of Trade and Industry, relations between the insurance industry and Whitehall should be cosy.
Are you insured against rats?
Story link: Are you insured against rats?
Weather conditions of late have made our homes perfect communal areas to rodents.
The cold and frosty weather conditions means that their outdoor supply of food has slowly dried up, leaving rodents no option but to venture indoors.
But the question is, are you covered if they cause any damage to your property?
This is the busiest month of the year for pest control firms. The first frosts spell an end to the ready supply of outdoor food for rodents, so they forage, nest and breed in the nooks and crannies of warm homes.
But eating, sleeping and breeding is not all they do. They spread disease and can chew through wiring, pipes, even wooden joists and brickwork.
Home insurers to deny cover
Story link: Home insurers to deny cover
In the very near future, homeowners being denied cover for their properties is likely to be become very prominent in the home insurance market. Although we feel it’s home insurance companies duty to serve us, they simply can’t survive financial paying out all the flood claims every year.
Tougher planning controls are needed if flood insurance is to remain widely available for new homes, an insurance trade body warned today.
The Association of British Insurers (ABI) said a third of the three million new homes the Government planned to build by 2020 would be on a flood plain.
The price of a postcode
Story link: The price of a postcode
High priced insurance policies doesn’t directly relate to the value of properties in the area. In fact a lot of the times it is the complete opposite, as insurance companies take into account crime in the area including burglaries and of course, flood risks.
When purchasing a property it is always good to try and gauge how much your insurance will set you back each year.
They share the dubious honour of being three of Britain’s most expensive areas for home insurance. The residents of West Norwood, south-east London; Bacup in Lancashire, and Anfield in Liverpool, pay up to three times as much for buildings and contents cover than those living in the cheapest areas, which include Stonehaven in Aberdeenshire, Barnstaple in Devon, and Meifod in mid Wales.
The figures come from price comparison website moneysupermarket.com, which has analysed all the quotes given by insurers to its customers.