Ooooops Insurance

Home insurance is a type of personal insurance that covers the home.  Whether it is the possessions within it or the actual property itself, home insurance is a policy that protects any damage sustained.

In order to gain a mortgage in the United Kingdom, homeowners must purchase buildings insurance.  This is because when a bank or other mortgage provider lends the money, they wish to ensure that their investment is as secure as it can be.  Buildings insurance is a policy that protects the actual physical elements of the house, the bricks and mortar.  Insurers cover what is known as the rebuild value of the home, which is often lower than the actual market value of the house.  This is because in a situation that requires the home to be rebuilt, it would cost less to do so than to buy the house as a finished entity.

Even relatively cheap buildings insurance policies can differ considerably, offering a range of cover for a variety of perceived risks.  For example, normal policies usually cover events such as fire, flood and storm damage, subsidence to the property, as well as the effect burst pipes can have.  Vandalism is also usually covered as part of a basic policy.  There is however, often a difference in price, depending on where the householder lives.  For example, if they live in an area that is prone to flooding, the excess to be paid on flood damage or subsidence will inevitably be higher than if they were living in an area that is unlikely to be prone to flooding.

Having travel insurance when taking a holiday or travelling overseas for a business trip is always a good idea, as it will cover expenses if the unexpected happens. Taking out travel insurance when going abroad for a holiday is highly recommended, as costs for medical care in other countries can often be astronomical. Travel insurance will cover for the replacement of items due to loss, theft or damage and for medical expenses following an injury or illness abroad. In more extreme cases, travel insurance will also cover for the costs of being repatriated to the UK under medical supervision, such as by air ambulance.

All policies differ and it is wise to ensure that the one purchased matches the exact needs of the individual or group travelling. Some travel insurance policies will not cover those taking part in extreme sports, so may not be suitable for those taking a skiing holiday, for example. Some policies may also have a medical expenses limit, so for those travelling to the USA, where medical costs can quickly add up, it is wise to ensure there is adequate cover before leaving home.

Travel insurance also offers peace of mind for the traveller regarding the actual travelling part of the holiday. Policies often cover for the cancellation of a holiday, either by the travel company or by the traveller themselves. This means that if plans change and the traveller is unable to go on holiday due to sickness or bereavement, for example, then there will likely be a refund of the monies already paid. Each company’s policies vary and some providers may have strict criteria on holiday cancellation cover.

Buying liability insurance via the internet is just as easy as arranging any other insurance policy online. Using a price comparison website is a good place to start, as it will give an excellent indication of premiums, depending on the required level of cover.

Once a suitable policy has been found that matches the individual’s specific requirements then it is simply a matter of filling in the online form and sending it to the relevant company. The chosen insurer may contact the prospective policyholder by phone to discuss the policy options or if the online form was detailed enough they may just forward the completed paperwork to be signed.

There is often a cooling off period with insurance policies, which means if the policyholder changes their mind or decides that the cover does not match their needs they have a limited time in which to cancel the policy with little or no penalty.

Having a policy is not compulsory, but is highly recommended and gives peace of mind, not only to the policyholder, but also to their potential clients.

Home insurance is a type of policy that covers the structure of the property. It is designed to help cover the cost of damage caused by accidents or natural disasters, such as flood, fire, storms and vandalism. It is especially important for people who are homeowners that pay a mortgage; as the mortgage provider will require that all damage to the property be repaired, putting it back into to its original condition.

Contents insurance is often sold with house and home insurance, but it is not the same thing. It covers all the items that are not physically a part of the building, which are known as possessions or contents. This can include almost anything, from furnishings to books, to clothes, musical instruments and TVs. The total value of contents can be surprisingly high, so it is advisable to purchase a contents insurance policy. If specific items in the home are considered to be essential, contents insurance should be a priority. Contents insurance is discretionary, which means the homeowner or tenant, in the case of rental properties, is not legally required to have it, but to ignore contents insurance is to take a considerable risk.

Contents insurance can be bought at many retailers online, as most insurance companies will have a website. Comparison websites make the process even easier, as they allow customers to compare many different insurance providers with little effort and at no cost. For the quickest way to obtain competitive contents insurance quotes, or any other cover for that matter, insurance comparison websites are definitely worth a look.

Many animal lovers today are finding the costs incurred when their pets receive veterinary care quite prohibitive.  Vet bills can be expensive and are usually unexpected.  As there is no option but to pay for treatment if a pet gets ill, more and more people are taking out pet insurance.  Unlike medical care for humans where the NHS will treat people for free if they do not have medical insurance, there is no equivalent service for pets.

Pet insurance does not only cover drug treatments for sick animals, it also covers surgery following an accident.  The insurer will reimburse the sum that was paid to purchase the pet, should it get lost or stolen; the cost of advertising if a pet goes missing, and the reward if the animal is recovered.  Cover is also included for liability should your pet cause harm to a third party or damage their property; costs incurred if an owner is taken ill and their pet has to be cared for in kennels and emergency medical care if a pet is taken ill whilst abroad with its owner.

As with all insurance, there are conditions attached to most pet insurance policies.

All Pet Insurance claims are usually subject to an excess that is payable by the insured before they can be reimbursed for expenses. In general, the higher the excess the lower the monthly premium will be. Excess is calculated per calendar year. If a vet’s charges do not amount to the excess, the insured cannot claim against their insurance.

Insurance companies see houses and buildings situated in a flood zone as being high risk, and many either refuse to cover them altogether or charge an exorbitant rate. They may also rack up the excess level – that first part of the payment the client must pay, usually a couple of hundred pounds or more – to deter claims. Compare home insurance prices with those not in flood risk areas before purchasing, and remember that buildings insurance is something that will need to be paid annually.

Statistics and information provided by the Environmental Agency determines the risk of flooding in certain areas. The Environmental Agency has an online map colour coded to show the risk of flooding throughout the UK.

If moving into a flood risk area, it is always a good idea to put up some extra defences against any rising water; this can also have a positive effect on policy prices. Speak to the insurance companies to see what they recommend as best, and investigate whether the local council plan on improving defences.

Specialist insurers will always cover flood risk areas, but it is important to read the fine print, as what they cover may vary. Shop around, compare house insurance and building insurance cover and find the best deal you can.

Despite the fact that UK citizens are entitled to free medical care on the NHS, more than 7 million people in the country currently pay for private medical insurance. Choosing to purchase health insurance in Britain is therefore purely a matter of personal choice.

People opt for private health insurance for a variety of reasons, the main one being that it will give them more choice, should they require specialist medical treatment. If a patient is treated on the NHS, they usually have little choice as to the consultant they are treated by, or the hospital in which they are treated. Usually, geography decides the locality of the treatment. With medical insurance, patients have a broader choice of doctors, consultants, treatments and hospitals.

More and more people are taking out medical insurance as NHS hospitals receive increasingly adverse publicity with regards to poor hygiene standards, more cases of MRSA infections and over-crowded wards. Patients would rather receive treatment in private hospitals that offer patients individual rooms with en suite facilities and more personalised nursing care, thus making a patient’s stay in hospital more comfortable. Additionally, with less pressure on beds and more resources, private hospitals are able to spend more time and money on cleaning facilities and, therefore, reduce the instances of MRSA.

With regards to serious illnesses, such as cancer, there may be certain treatments and drugs available privately, which are not paid for by the NHS.

Overall, though the main factor determining an individual’s decision to purchase health insurance is to avoid long waiting lists when in need of urgent medical care.

Certain aspects of a person’s lifestyle or medical history may substantially reduce their life expectancy and therefore increase their life insurance premiums.

One of the main factors affecting life insurance premiums is age, the older the individual the higher the premium. Although many in their early twenties may not yet have dependents for whom they need to provide in the event of their death, they are still encouraged to take out life insurance, because the premiums will be less expensive and remain cheaper for the rest of their lives or the term of the insurance.

Many insurance companies require that people have a thorough medical examination, including tests for blood pressure and cholesterol, before taking out a life insurance policy. Lifestyle has an impact on life insurance premiums, therefore participating regularly in dangerous sports or having a job that is considered dangerous results in increased premiums. Certain activities may be excluded from a policy and if the policyholder were to die whilst taking part in such an activity, the sum assured would not be paid out. Smokers and men pay higher premiums, because statistically, women live for longer.

Some people may be tempted to withhold certain information that they believe will increase their life insurance premiums, but if it is discovered after their death then the insurance company can refuse to pay out.
 
Critical Illness cover can be added to an insurance plan and the sum assured would be paid out should the policyholder be diagnosed with a qualifying critical illness. Depending on the individual’s medical history, some illnesses may be excluded from the policy. 

Choosing the right travel insurance is usually a quick process – tick the box, click yes and you are done.  Few people actually take time and consider what is important when choosing travel insurance. 

First of all, a travel insurance policy should cover several important points – medical treatment, personal liability and lost or stolen valuables.  The Consumer’s Association offers a comprehensive list of criteria:

•    Medical treatment up to £2m. 
•    Personal liability coverage up to £1m. 
•    Cover of lost or stolen luggage or valuables up to £1,500
•    Cancelation cover up to £5,000
•    Lost or stolen money cover
•    Emergency helpline

These points are considered basic for good travel insurance.  Any required add-ons would be useful, but always have a good look at the fine print to make sure you have got what you need.  Personal issues such as pregnancy, age and illnesses may require additional insurance.  At the same time, consider where you are going and what are you planning to do – sports and adventures may need additional coverage, and travelling to a country that is considered unsafe may lead to a higher cost of your travel insurance.

When it comes to taking out contents insurance, research conducted by the insurance company ‘More Than’ suggests that Britons routinely undervalue the contents of their homes, which can lead to them being under-insured should disaster strike. Using these tips, you should be able to ensure that your contents insurance adequately reflects the value of your home.

Review Your Home’s Contents Annually

10 per cent of Britons set a value for their home’s contents and then never review it again, with a third believing that their current level of contents insurance quotes will be satisfactory for the rest of their lives. However if you upgrade to a new plasma screen TV or state of the art computer with a quad-core processor, and fail to add it to your contents insurance, you are effectively leaving it uninsured. Make sure that you reassess the contents of your home once a year to reflect any additions to the value.

Don’t Forget the Garage…

Many people add up the value of what’s in their home, but neglect the contents of the garage. This doesn’t refer to a car, which already has an insurance policy, but remember that a garage can be a repository for all sorts of stuff, often so much so that the car ends up being parked outside. A bike, a lawnmower or a workbench can all add value to your home contents; so don’t forget to insure them.

…Or the Garden

Lawn furniture is furniture too. The garden gnomes, the barbecue and that bouncy castle you bought for the kids all count towards the value of your home contents. If you own a copy of Microsoft Excel 2003 or later, you can download an inventory template from Microsoft’s website to help you keep track of your home and all its contents.