Could Social Media Lead to Break-ins at Home Whilst Occupants are on Holiday?

For many years the dangers of using social media outlets to publicise the home have been reported-on regularly. From Facebook groups that publicise a party to the posting of home addresses on profiles, there are many ways in which thieves can use such sites to decide on their targets. But another way in which thieves are getting an easy ride from social media sites is through the posting of holiday details. So if home owners do not want to face making a claim on their home insurance then ensuring that they do not publicise the times in which their property is empty could be a first step. read more »

Insurance Providers LV= Encouraging Customers to Keep Their Gold Insured

With any form of insurance one of the areas that customers are encouraged to keep an eye on regularly is whether certain areas are covered by their policy. So when there were threats of BA cabin crew workers going on strike those with travel insurance were told to check that they would be covered in such a situation. read more »

Not Doing Enough to Secure Homes, says esure Home Insurance

It is a message that is regularly heard coming from insurers all over the world – make sure your home is properly secured and avoid taking unnecessary risks with your belongings.

Now esure Home Insurance is adding to the calls, claiming that homeowners are still taking too few steps to protect their properties. This includes homeowners failing to properly conceal their keys outside and failing to securely shut doors and windows.

With Sainsbury’s Finance recently reporting that burglaries and other types of theft are on the rise, the message, based on research carried out by the home insurance firm, comes at a particularly important time.

The results of their study found that as high of 42% of those asked admitted to leaving the house whilst failing to lock the back door, with a further 64% failing to shut windows in their absence.

Home Insurance companies expect homeowners to do everything they can to properly secure their homes and if they find that the owner is at fault following a burglary, they could decide not to pay out.

“Most burglars are looking for an easy target and leaving windows and doors unlocked is practically inviting them in,” said Mike Pickard, the Head of Risk and Underwrting of esure, “Homeowners should make sure their property is as secure as possible because if they can’t prove to their insurer that they took steps to keep their home and contents safe – then a claim may not be paid out.”

The Home Insurer is particularly concerned by the number of people hiding a front door key outside in the event of losing the original key or misplacing it when returning from a night out. 39% of those surveyed said that they hid it in the garden. esure urges people to choose hiding places that are sensible and if possible, avoid doing it at all (particularly as you could be spotted by a thief doing so).

They cite 7% of people who have been burgled as a direct result of someone finding the spare key hidden outside. Insurers are unlikely to pay out if a thief was easily able to find their way into a property.

Last month it was also reported by LV= that people are hiding to many important documents in the same place, so whilst personal belongings and property are being left at risk, people are also leaving themselves open to ID theft.

Sources: esure Press Release, Sainsbury’s Finance Press Release & LV= Press Release

Sainsbury’s Home Insurance Warns People Against ‘Dumming Down’ Their Policies

 Over the last year or so, we have all been feeling the burden of the global financial crisis and in times of financial hardship it is not uncommon for people to cut back in certain areas to make ends meet.

However, Sainsbury’s Finance is warning against the current trend of cutting back on Home Insurance and other important areas as this might lead to greater financial hardship in the future.

Whilst it might seem desirable to cut out the cost of home insurance altogether, particularly if a person has not had to make a claim for a long time, the costs of putting things right should something occur without cover outweighs any such benefits.

The leading insurance provider cites figures that demonstrate how many people have cancelled or failed to renew they home insurance policy over the last year. According to the figures from ABI, 1 in 4 people fall into this category.

Ben Tyte, the Home Insurance Manager for Sainsbury’s Finance warns of the false economy associated with insurance cancellation, “In the current economic environment many people are looking to dumb down on their insurance or do away with it completely in order to save money.

“However, this is a false economy because if disaster strikes they could be left in ruin.  Rather than risk inadequate cover, they should shop around for better deals – it is possible to find quality cover at a competitive price – and find a policy that does not penalise them for paying on a monthly basis.”

As a direct result of this Sainsbury’s Home Insurance is offering a no claims discount of 30%, unlimited buildings cover and the chance to spread out the costs over a year without cost.

Recently, Sainsbury’s released figures pointing out that whilst the amounts of burglaries have been on the rise, the number of people making claims on their insurance has in fact dropped, leading some to conclude that it demonstrates that some people are underinsured. It means that whilst everyone should take effort to ensure they have home insurance, they should also check that their current policy adequately covers their needs.

Source: Sainsbury’s Finance Press Release Nov 2009

CompareTheMarket.com Warns Policy Holders to Ensure Their Garden is Covered

There have been many stories in the news recently that directly tie in to home insurance and the consequences of not being covered. Whilst the recession has inevitably left some people cutting back on their home cover, the recent floods across the United Kingdom have highlighted the importance of home insurance once more. 

But whilst it is easy to dwell on our homes within the walls of the house, how many people are covered in case of damage to the garden?

According to research carried out by comparethemarket.com, Britons that fail to find adequate insurance for their gardens may incur significant financial hardship, with the total cost for people in this country amounting to £10 billion.

So home owners are urged to make sure that items within the garden are covered by their household insurance policies. It could make the difference in claiming back on damage to items such as barbeques, plants and event furniture.

However, it is not just flooding that can cause damage to gardens with comparethemarket.com warning home owners to be vigilant against vandals as well. This amounts to over 600,000 garden owners that might have been targeted, with a further 1.2 million affected by robberies.

“It’s important to remember that home insurance policies can cover garden plants and furniture as well,” says Jeremy Moll of comprethemarket.com, “Although the value attached to vandalism and theft is high, we know UK weather conditions can also wreak havoc on our homes. There are steps people can take to save themselves money.”

The recessions is often cited as the reason many people are not covered in the modern day and the comparison website addresses this as well,

“Even with money tight, it’s not worth taking any risks and not having your home totally covered.”

So whilst ensuring that people take particular steps to protect their garden (such as securing or storing vulnerable items, taking apart large objects, covering immovable plants, fitting locks on gates and fitting lights, and making sure fence ownership is known), people should take extra steps to make sure their garden is properly protected.

Source: Compare The Market Press Release

Many People Being Ripped Off on Home Insurance

In the modern world it is easier than ever to find the best deals in insurance, with comparison websites and an abundance of other assets at our disposal helping us to secure a policy that suits our needs.

However, according to a recent article in the Guardian, too many people are still being ripped off on their home insurance, with a large number of homeowners failing to shop around for the best deal.

It is a message that is often found in the appendices for numerous press releases issued by leading insurance providers – homeowners should shop around to ensure that they do not have to pay more than they need to. Doing so can also mean the difference between landing an inadequate insurance policy and one that covers all of the necessary bases.

The newspaper refers to a Leicester teacher who is urging people with older relatives to take steps to ensure they are not being charged more than they need to by insurance companies. In a world where many of our financial transactions are carried out over the internet, the elderly could be particularly vulnerable to being ripped off.

So whether you are finding an insurance policy for the first time or aiming to renew your insurance after the old one expired, shopping around is vital to ensure you are not paying more than you should. People have been known to save excessive amounts of money by changing to a new provider after sticking with their original insurer for many years previously.

The Guardian reports on a particular elderly man who had stuck with a particular home insurance provider for nearly 60 years and it was only when a relative intervened that they made changes. Not only did they subsequently find a policy that would save them money, they also found that the details of the original policy were inadequate, so he was being overcharged for an inferior service.

The story echoes a recent press release from Sainsbury’s Finance, which urged people not to purposely downgrade their home insurance in light of the recession. With some people failing to shop around and others dampening the ones they already have, it points to a number of people in the UK who do not have adequate home insurance.

Source: Guardian.co.uk 27^th Nov 2009

Reports on the Weather Issues Facing the UK

Each year the UK faces extreme weather conditions that often lead to flooding and gale force winds and as Cumbria struggles to get back to its feet following the horrendous flooding it has seen over the last couple of weeks, MoneySupermaket.com and the BBC refer to insurance premiums during this time.

Flooding can cause considerable damage to the home; this much is a given, but both sources give indications as to the habits of insurers and those who have suffered at the hands of flooding and other weather-related damage.

In light of the recent floods in Cumbria, Dumfries and Galloway, Julie Owens of MoneySupermarket.com highlights the need for Home Insurance: “Unfortunately this sort of event serves as a reminder to those living in flood risk areas to make sure they are prepared for these eventualities and making sure they are fully insured is paramount.

“People living in ‘at risk’ areas should check the details of what their buildings and contents policies cover, as well as the limits and excesses on both. It pays to make sure that the quality of your insurance is high and you won’t be left out of pocket if you have to make a claim.”

She highlights that in recent years, insurance providers have improved the way in which they handle large scale flooding incidents like this. However, home owners, who may have to make claims on both contents and building insurance, should take extra steps to minimise damage, such as moving valuables upstairs and tying down garden appliances that could cause damage to the house.

“Your insurer will expect you to make attempts to minimise your claim”, she adds.

The BBC refers to a deal that was agreed upon between the government and the insurance industry that means that insurers will continue to insure homes at risk of flood. However, the real difficulty in this situation may be switching to a new insurance provider.

The average costs of flood damage to the home each year amounts from £20,000 to £40,000 according to the ABI, with these figures expected to rise with global temperatures. In the current situation in Cumbria, Dumfries and Galloway, the claims could exceed £100 million in total.

Source: MoneySupermarket.com Press Release Nov 2009 and BBC News

A Quarter of Burglary Victims Affected

When applying a monetary figure to the consequences of suffering a burglary, the first task that might come to mind is weighing up the costs of numerous possessions, such as the television set, a DVD collection or other items around the house.

However, if recent figures are to be taken into account then home owners should take other costs into account – those associated with identity theft.

According to LV, the Liverpool Victoria Friendly Society, around a quarter of those that have suffered a burglary in recent times have also succumbed to ID theft, with the average cost of solving the problem amounting to £2,150.

As a result, the Friendly Society, which provides home insurance and other policies, has offered help to those that are covered by its home insurance policy. Those with LV’s home insurance will now be able to access an identity fraud helpline, which is free of charge.

LV= points out that when burglars enter a home, it can often be too easy for them to find  personal documents as the majority of home owners keep them in the same place. They quote an anonymous fraudster that highlights the issue:

“So many people make my job really easy by sticking all the key documents together in one place. And for all the family too, so you often get three or four identities for the price of one, so to speak”

Fraudsters can easily steal a person’s identity with items such as credit cards, ID cards, National Insurance cards and statements from the bank. As a result, they are highly valued on the black market, making them prized possessions for would-be thieves.

So as well as ensuring that home owners have home insurance, it is being urged that they also have security measures in place to protect themselves. This includes ensuring that personal documents are secure and are not all located inside say, a single handbag.

The problem could be of particular concern if statistics from Sainsbury’s Finance are taken into account from November. From the beginning of April to the end of June 2009, the insurer states that 67,000 claims on home insurance were made as a result of theft.

Sources: LV= Press Release Sept 2009 and Sainsbury’s Finance Press Release Nov 2009

Home Owners Urged to Take Extra Care

When we take out any form of insurance, we might be doing so because we fear a range of incidents occurring, from theft and damage of items to structural damage.

However, one way in which both of these areas comes under great threat is through fires. In a recent press release from Aviva Insurance, they cite statistics released from the Association of British Insurers that shows a rise in fire claims from early 2007 to early 2009.

It means that the costs associated with fire damage are now at an all time high, with figures at their greatest amount since records began.

However, whilst these statistics are worrying enough on their own, more shocking is the report that many of the fire claims on home insurance are as the result of arson attacks on property.

“Fire claims are at their highest and we are seeing an increasing number of arson claims crossing our desks” said Allister Smith of Aviva, “Over 40% of all fires in industry and commerce are now started deliberately [according the figures from claims in 2009]”

He warns home and, in particular, business owners to be vigilant against such attacks. He cites a common cause of arson being waste storage outside of properties, where arsonists have been known to ignite bins and place them up against or near the property.

A range of preventative measures are encouraged by the insurer, ranging from businesses isolating electricity supplies to ensuring regular inspections are carried out on vacant or unfinished properties.

“Property owners should undertake risk management by implementing a number of cost effective measures.

“The Regulatory Reform (Fire Safety Order) 2005 (RRO) emphasises that the owner or employer in every workplace has a legal responsibility for implementing and complying with the Order. Businesses should have a strategy in place for managing fire safety, which includes identifying the risk of arson and acting to reduce it.”

Aviva cites statistics that claim 9,000 fires take place in empty buildings annually and damage caused the properties that are yet to be finished or generally unoccupied, are of great concern to insurance providers.

So having home insurance or any other form of insurance does not mean that people should not take necessary preventative measures to protect their property. With fire a serious threat, people should be very careful.

Source: Aviva Press Release Sept 2009

Large Number of Students without Home Insurance

Being a student is about liberation; leaving home and finding new-found freedom living in your own flat or house. It is often cited as the best years of people’s lives, with flat parties, plenty of free time and of course studying. However, there is large concern over the amounts of students that do not have home insurance when living in a student property. The consequences of such actions could take the bite out of some people’s student years.

According to research from Sainsbury’s Home Insurance, around 34% of students to do have any form of cover for their possessions, which is worrying considering the average value of student belongings (£3,500).

The study of 1,000 students across 134 institutions of Higher Education also found that in addition to those that say they do not have insurance, 10% of those asked were not sure if they had any cover.

Student housing can therefore be under great risk from burglaries, with the total amount of student belongings in the UK that are uninsured amounting to £573 million. This figure was reached by Sainsbury’s Finance based on the average worth of student belongings and the average number of people in a house (four). Some student properties can include an even higher amount of bedrooms, meaning that the amounts of uninsured items inside a property could be worryingly high.

Sainsbury’s Finance therefore urges students to make sure they have cover, whilst also taking the usual preventative measures to keep their property secure (such as locking doors and windows and marking possessions with ultra-violet pen).

 “With an estimated one in three students falling victim to some sort of crime each year [based on Home Office figures], it’s worrying that so many students go off to university without any insurance cover in place for their possessions” said Ben Tyte of Sainsbury’s Home Insurance. 

“However, before splashing out on insurance, students should certainly check to see if their parents’ household contents insurance policy might provide cover whilst they’re studying away from the family home, and also to check that this cover will be adequate should they need to make a claim.”

It is common for young people leaving home for the first time to think they are covered by their parents’ contents insurance; however this is not always the case. It is similar to the case with television licences, where students also fall foul to laws requiring them to purchase a licence.

Source: Sainsbury’s Home Insurance Press Release Sept 2009