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Home insurance premiums rise again

March 25, 2011 By Katrina Campbell Leave a Comment
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Recent figures have shown that the cost of the average home insurance premium has risen by 6% since the start of the year.

The statistics were collected by leading insurance price comparison website, moneysupermeraket.com, who believe the hike in insurance costs is down to the costly clean-up bills the industry has been faced with following the big freeze at the end of December last year.

With thousands of homes across the UK putting in claims for burst water pipes and other damage caused by the plummeting temperatures, home insurance rates have increased in order to compensate for the high number of claims which have been made over the course of the last few months.

On average, moneysupermarket.com found that all home buildings and contents insurance policies have increased by 6% since the start of 2011, which means that the cost of an average policy has increased from £142 to £151 during this time.

However home insurance has got a long way to go before it can catch up with the rate at which car insurance premiums are rising; over the course of the last year, car insurance prices rose by a staggering 31%

According to insurance experts, the hike in premiums isn’t likely to stop any time soon either, with increases in insurance cost predicted to continue to rise over the coming years. However there are steps you can take to help battle the rising cost of home insurance – fitting a burglar alarm, and also joining a local neighbourhood watch group could help keep your home insurance rates from increasing dramatically.

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Is your garden adequately insured?

July 5, 2010 By Katrina Campbell Leave a Comment
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This is the question being asked by insurance experts after it was revealed that a third of Britons spend more on their garden than any other part of their home, so if you are one of those keen gardeners who likes to splash their cash on their outdoor space, it’s essential you check your garden has adequate cover.

Many people assume their garden is covered by their home insurance policy, however this isn’t the case with all policies so it’s vital home owners check this. Objects which can be moved from your garden such as patio furniture and expensive pot plants, can be excluded from policies so if this is the case with your insurance, it’s recommended extra cover is obtained to protect against theft and damage.

The average cost of garden articles in the UK is estimated at £825 with garden furniture, sheds, greenhouses, and lawn mowers coming in as the most expensive articles.

During the summer months, theft from gardens is more common as homeowners are more likely to leave these articles outside. Even the most unlikely articles such as children’s toys and freshly laid turf can be a targeted by thieves so the advice is to ensure all garden implements are covered by your policy.

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Cyclists advised to check their bikes are insured on their home contents policy

June 16, 2010 By Samantha Lewis Leave a Comment
bike

M&S Money Insurance is advising cyclists to check that their home contents insurance policy covers their bicycles in case of theft or damage.

The comments have been made after the insurance company carried out a survey which discovered that 76% of UK households own at least one bicycle.

The poll also revealed that one quarter of the cyclists questioned had had their bike stolen in the last two years, and with the average cost of bicycle standing at £240, it’s not the kind of article you can afford to leave uninsured.

As the weather warms up, more and more people are likely to take up cycling. Plus everyone is being urged to help reduce carbon emissions, and cycling to work as opposed to driving, is a great way to make a help reduce your carbon footprint.

However M&S are warning bike owners, or those thinking of investing in one in the near future, to ensure they have adequate insurance for their bike.

Some home contents insurance policies, like the one offered by M&S, covers bicycles, however not every policy does so you are well advised to check this in case your insurance provider is one of the latter. It’s also crucial that your bicycle is insured against theft outside your home, as well as outside your property.

With National Bike Week due to kick off on June 19th, the advice couldn’t have come at a better time.

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