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.
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.
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.
Is your technology covered?
Story link: Is your technology covered?
Many people that hold insurance for their property do not actually know what the premium covers.
Home insurance companies have literally been flooded by claims, a lot that are directly related to technological equipment. To the horror of some insurance holders, their insurance company does not actually cover technology based items, so its worth checking.
Are you insurered if your computer fails and leaves you without precious music, pictures and video. Richard Dyson investigates.
The price of computers is falling, but the value of what we store on them, such as music, films and games, is rising sharply.
No cover for some couples
Story link: No cover for some couples
It is a reality for some people that cover is just not an option. Whether that be because of the stupidly high cost, or down to the fact that they just can’t get insurance companies to look at them is another story though!
Next weekend marks an unhappy anniversary for many in low-lying areas across much of the country. A year ago saw the start of flooding that ranged from Yorkshire across to Gloucestershire. Rising waters claimed 13 lives and brought misery to hundreds of thousands.
After a week of torrential rain in many areas, Stephen Womack assesses the impact of last year’s floods, the lessons learnt and the prospects for homeowners.
Covered, but not for the first £25,000
Story link: Covered, but not for the first £25,000
For me, this seems to completely miss the point of what home insurance cover was for in the first place.
Cover was put into place so that when something did eventually happen to our properties, we had nothing to worry about, as we had been slowly ‘saving’ for it.
How many claims are actually over £25,000!?
Covered, but not for the first £25,000
A couple whose home was devastated by last year’s floods have been told by their insurer that they must pay the first £25,000 of any future flooding claim.
Penny and Philip Hall previously had a flooding ‘excess’ of just £50 on their Norwich Union policy, but they have been told they need to provide evidence of the flood-proofing of their home if they want the new higher ‘excess’ cut.
Boiler insurance
Story link: Boiler insurance
Boiler insurance may not seem like a good investment, but believe me, in the long run it is.
A boiler in the UK needs fixing every 20 seconds, with most repairs costing in excess of £500.
Most insurance cover starts from around £4 a month, so in the event of a breakdown, it pays for itself.
Taking out insurance for boiler breakdown might appear an unnecessary luxury in lean times, but with a household boiler breaking down every 20 seconds and average repair bills of £500, it could make financial sense to get cover before winter grips.
Most energy companies offer standalone home emergency insurance cover, costing between £4 and £26 a month, depending on the level of cover.
Inform your insurance company
Story link: Inform your insurance company
It is always worth flicking through the small print on any policy, as this is likely to highlight any nasty surprises, but also, is likely to be where you will find the maximum time you are allowed to leave the property, with it still being covered.
People who are planning on leaving their house empty for an extended period of time have been warned they may need to let their home insurance provider know.
The British Insurance Brokers’ Association (Biba) explained most policies stipulate the maximum amount of time a property can be left unoccupied.
Bogus officials
Story link: Bogus officials
If you hold a home insurance policy, I’m sure you do not want to claim unnecessarily so it’s worth taking a few precautions.
Apparently, in a few parts of the UK, scam artists/burglers, have been posing as officials from water and gas companies to gain access to peoples homes.
It’s always worth confirming appointments, getting the name of the official and asking for identification.
Residents in West Yorkshire keen to avoid a home insurance claim are being urged to be on their guard against bogus officials.
Police issued this advice following two burglaries in Halifax during which thieves posed as representatives of the Water Board.
Get ready for more bad weather
Story link: Get ready for more bad weather
Home Insurance companies and weather analysts throughout the UK are warning home insurance customers to brace themselves for the possibility of more bad weather.
Even if we do not see any bad weather for a while, it would be worth protecting our homes for when it does hit in the future.
Get ready for more bad weather
Home insurance customers are being urged to remain vigilant in the face of more bad weather.
Moneysupermarket.com has warned householders a second week of poor conditions means some people may have to deal with the threat of flooding.