Home Insurance News
We will be keeping you updated on all the home insurance news during 2011.
Don't Underinsure Your Home Or Possessions! - July 2011
Recent research says that up to one third (66%) of homes are underinsured. Most people haven't taken an inventory of their possessions for many years.
As the years go by many personal items will go up in value, especially antiques and art. As we accumulate precious items over the years we need to increase our insurance, "Sum assured". It is important to inform your insurer that your possessions have gone up in value.
Every two years it is advisable to make a list of all your possessions and give them an approximate value. Remember the value you give should reflect the fact that you would have to replace most items with new items. The ones that cannot be replaced are of course your most valuable items. Sentimental value is more important than financial value.
If you have any single items that are very expensive they might only be covered up to a certain limit. Most insurers will pay out a limited amount on any single item. Even if you have unlimited buildings and contents insurance always check to find out the maximum your insurer will pay on any one item.
Don't Announce On Social Media Sites That You Are Going On Holiday
It might seem obvious but you should not tell people on your social networking sites that you are going on holiday. This advice comes from the Association Of British Insurers (ABI).
They also say you shouldn't "Friend" someone you do not know. Thieves can use the information you post for their own criminal activities.
Always take precautions before going on holiday. Install a burglar alarm. Fit time delay switches. Ask friends and neighbours to keep an eye on your home.
Insurance Fraud Rises
According to the Association Of British Insurers (ABI) insurance fraud has doubled in the last five years. There were more than one hundred thousand fraudulent claims in 2010. Fraud costs insurance companies approximately £2 Billion pounds a year.
The losses are passed on to other insurance policy holders. The recession has been blamed by some for the recent increase in home insurance fraud.
We pay an average of £44 extra every year because of insurance fraud. The most typical fraud is to overestimate the value of ones possessions. Fraudsters inflate the value of their possessions to receive a higher payout.
The Insurance Fraud Bureau has set up an insurance cheat hotline on 0800 328 2550. They use special techniques to investigate fraudulent claims.
"Green Deal" Announced by Energy and Climate Change Secretary Chris Huhne.
The coalition government has announced that home insurance policy holders will benefit from a new "Green Deal".
Energy and Climate Change Secretary Chris Huhne is behind the new scheme.
People who spend money insulating and improving their property may benefit.
Please take a look at the green deal to see if you can benefit.
The scheme encourages people to be greener.
UK Home Insurance News
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