Homeowners may be leaving themselves exposed to underinsurance, according to a new report from Direct Line.
The report indicates that as much as £212.9bn in home contents could be at risk, with over a quarter (26%) of people with contents cover underinsured by as much as £20,000.
Furthermore, one in five people have no home contents insurance at all, leaving an average of £14,000 at risk.
Direct Line’s head of home insurance Andrew Morrell warned that people concerned about belt-tightening should not underestimate the importance of appropriate insurance.
Morrell added that turning a blind eye to the true value of home contents risks putting belongings and finances in jeopardy.
The report also discovered that 39% had not accounted for the increasing value of family heirlooms such as jewellery, furniture and antiques.
Direct Lines valuer Kris Coombes described the level of underinsurance in British homes as worrying, and stated that underinsured homeowners could find themselves in for a shock should they have to make a claim.
In November independent financial research firm Defaqto analysed 299 home contents insurance policies and found that 26% offered less than £500 coverage for cash at home, with 4% providing no coverage whatsoever.
At the start of the new year, many companies will be reviewing their health insurance and other business insurance policies to make sure they are up to date with new regulations and provide the best possible coverage for employees.
This is especially true with the arrival of the winter flu season, as many employers may find an unexpected rise in the number of workers taking sick days.
In some parts of the country, this season’s flue rate has been higher than others. Read more…
Legal expenses insurer, Arag, has revealed that it is considering launching divorce insurance in the UK, following a government announcement that almost all Legal Aid for divorce disputes settled by the courts is to end.
Justice Minister, Jonathan Djanogly, has already highlighted the need for insurance to cover divorce-related legal costs, and speaking on BBC Radio 4’s Money Box programme on Saturday, Arag managing director, Tony Buss, said he would be examining the German market over the coming year, where couples can typically buy €30,000 of cover for €100.
Policies have a waiting period, usually three years, before they can be triggered and carry an excess in the region of £500 per partner.
With regard the UK market, Mr Buss said that insurers have previously shied away from divorce insurance as it has not been regarded as socially unacceptable, but that he is hopeful launching a product in 2012.
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In his life, Alex Von Furtsenberg has a sister, called Princess Tatiana von Furtsenberg. As two young children, they were both raised and grew up in New York City. Unfortunately in the year 1972, their parents divorced.
As the time goes by, Alex grew into a man and went to the Brown University and by the year of 1993, he earned his title as a Bachelor of Arts. It was in the same year when he first met his beloved wife, Alexandra von Furtsenberg (her name was Alexandra Natasha Miller). His wife is the youngest daughter of Robert Warren miller, the American born billionaire, who owns the Duty Free Shop.
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Home insurance is now the number one target for insurance fraud, with latest industry data showing that 170 of the 335 fraudulent insurance claims detected each day, on average, are cheating householders.
According to the Association of British Insurers (ABI), typical fraudulent household claims involve “accidental” damage to carpets and furniture due to drink spills, which have been caused deliberately.
However, fraudulent motor claims are the most costly: 108 bogus motor insurance claims, worth £1.12 million, are exposed by Britain’s insurers each day, out of a total of £2.3 million in fraudulent claims.
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In recent months, many auto insurance companies have been diversifying the types of coverage they offer, extending pay-as-you-drive programs and other unorthodox payment systems, which allow them to offer more inexpensive policies to drivers.
As a result, drivers may be left wondering if their current insurance will be able to cover damages that may be incurred in an accident during the winter.
Making matters more confusing is the fact that most states differ on their mandatory auto insurance policies, Online Auto Insurance reports. For example, drivers in Florida are required to hold $20,000 in protection. By contrast, car owners in Maine must hold a policy of up to $127,000. Read more…
