Home Insurance Subsidence Danger

Last winter was one of the driest on record. Combine this with one of the warmest summers and there may be a dramatic increase in property subsidence claims in the UK according to the British Insurance Broker’s Association (BIBA).

By highlighting this potential problem BIBA are hoping that consumers will check their home insurance policies and in particular the buildings element to ensure they are adequately covered. For those who have a mortgage the lender will normally insist on buildings insurance as part of the terms and conditions.

Subsidence claims can be very expensive and for those homeowners who are insured, expect a claims excess of between £1,000 and £2,500 depending on insurance company covering the property should the worst happen.

It has been reported in the press that some insurers will refuse to insure properties that have suffered from subsidence in the past. Although this is true in some cases, most insurers will offer cover, however, BIBA is keen to point out its own insurance scheme sold through existing members which covers previously underpinned properties. For more information, visit the British Insurance Brokers Association.

Barclays Student Insurance Warning

Barclays are warning students of the risk of not insuring their prized possessions whilst at University or college. Today, many students are likely to own mobile phones, laptops, digital cameras, ipods, MP3 players, televisions, expensive text books not to mention jewellery, watches and other mementos.

Sadly according to Barclays, young people aged 16 to 24 are more likely to be a victim of property crime than their older counterparts. To reassure students and to encourage more of them to take out adequate insurance cover, Barclays are offering a comprehensive student insurance policy that covers living in halls of residence or shared student houses with premiums costing as little as £2 per month subject to eligibility and other terms and conditions. The main feature of the policy is Barclays’ commitment that claims will be dealt with on a new for old basis except for clothing and household linen. In addition, students can opt to pay their insurance premiums monthly at no extra cost.

Norwich Union Pay As You Drive Car Insurance

Heralded as the biggest shake up in the car insurance industry for years occurred on Thursday 5th October 2006, when Norwich Union announced the launch of its Pay As You Drive Car Insurance product.

The launch follows the successful 2 year pilot of the product in the United Kingdom using real motorists. The product itself utilises the very latest GPS technology to calculate a driver's car usage. A black box is fitted to the car and transmits back to the insurance company.

In doing so, Norwich Union can then provide an itemized monthly bill.
There will be two pay as your drive insurance products available aimed at the 18-23 and 24 to 65 age range. According to Norwich Union you are more likely to be involved in a car accident during certain time of the day and night. Therefore, to encourage policyholders to drive less during higher risk times, a tariff system will be employed.

It is hoped that pay as you drive car insurance will save on the cost of premiums for those drivers who are eligible, only time will tell?