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.

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.

Letting out your property to strangers will always entail some degree of risk, but investing in a landlord insurance policy can provide peace of mind and legal protection if needed.

A type of homeowner’s insurance, it is specifically designed for owners who rent all or part of their property to others.  Standard policies cover the building itself, with the option to insure any contents belonging to the landlord such as ovens, refrigerators, and other large appliances.  An insurance policy for landlords also covers liability for the property as well as medical expenses for non-residents who are injured whilst on the property. 

Landlords searching for insurance will find several different options to choose from.  If more general coverage is preferred, a comprehensive policy provides for all types of situations with the exception of those specifically excluded in writing.  Other policies will only cover certain types of damage, listing the eventualities that will be covered.  Many of eventualities that will not be are commonly known as “Acts of God”, such as lightning damage, earthquakes, storms and floods.  Other more standard threats that are likely to be included in your policy are theft and malicious damage, water leaks, or oil leaks.

Other coverage options for landlords to consider include cover for accidental damage, acts of terrorism, legal protection and representation, providing alternative accommodation, rent guarantee insurance, and liability insurance.

While not a legal requirement, landlord insurance is highly recommended to all landlords, protecting both the property owner and the tenants of the building.

Professional liability insurance, also known as professional indemnity insurance, is a type of liability insurance that provides cover for individuals and companies against any legal costs and damages awards, associated with negligence claims and civil lawsuits.   

This type of liability insurance is sometimes required by law, especially in the medical and legal professions.  In the medical world, professional liability insurance is known as medical malpractice insurance. 

Consultants, brokers and lawyers purchase coverage in the form of errors and omissions insurance, or E&O.  Many businesses that benefit from the advice or services of professional individuals and companies also require professional liability insurance under contract.  Others that typically purchase this type of liability policy include financial and accounting firms, maintenance and construction workers, and transport companies.  Some non-profit organisations and charities also hold this type of policy.  

Professional liability insurance coverage focuses mainly on any alleged failure to perform in a professional capacity by the policyholder, any kind of error or omission in the services provided by the policyholder, and any financial loss caused by the policyholder.  Sometimes legal defence costs are covered as well, particularly when legal actions turn out to be without merit.  Legal claims covered under this type of policy are typically not covered by other types of liability policies.  Common types of claims include negligence, misrepresentation, violation of good faith and fair dealing, and inaccurate advice.  Coverage does not extend to include criminal prosecution, and only the forms of legal liability enumerated in the policy are included in the coverage.

Different people have different reasons for choosing to take out health insurance, but there are several common reasons.  The numbers of people taking out health insurance are rising, and it could be argued that the media has a large influence over this. 

Recent coverage of MRSA and other NHS hospital superbugs and cleanliness issues often cause people to seek an alternative in the event of illness.  There have been many cases in the news of NHS patients going to hospital for routine operations and treatments, only to end up with a life threatening super bug.  The cases of infections in private hospitals have been reported to be lower, and health insurance covers the individual’s private medical costs.

NHS waiting lists can also be long, and leave many no option but to pay for their own private medical care.  However, if an individual has health insurance, the policy will pay out for this and allow them to seek the treatment they need as soon as they need it.  Similarly, some people feel that they do not get a good enough standard of care in NHS hospitals, and prefer to take private treatment. 

Many health insurance policyholders choose to take out health insurance when taking out a mortgage, to cover them in the event that they become seriously ill and unable to pay their mortgage.  This type of health insurance, critical illness cover, will pay out the insured sum to the policyholder should they become seriously ill, leaving them able to concentrate on their recovery and not worry about their financial commitments.

Travel insurance is designed to provide travellers with reimbursement for unused payments and non-refundable deposits in the event a trip is cancelled. This cancellation may occur due to unforeseen events, such as a sudden illness or inclement weather.

Having reliable travel insurance when it matters most can save you thousands. For a small investment, it is often worth getting travel insurance for the extra protection. Since not all travel insurance policies are equal, it is a good idea to make certain you are covered for the events that matter most to you.

Cancelled or Delayed Flights

Typically, travel insurance will cover delayed or missed flights. If you are taking a flight or a ferry, then it is possible you may experience a delayed departure. To qualify for reimbursement, the flight needs to be delayed by at least 12 hours. When you choose an insurance company, make sure they cover flights inside the UK.

Hotel Cancellations

Paying for a hotel in the UK is often more expensive than in foreign countries, so this is another excellent reason to take up travel insurance. During a UK holiday, the potential to lose a lot of money from a cancelled hotel reservation would end up costing more than paying to be covered for this through travel insurance.

Personal Items

The loss of luggage or other personal items during a trip can have a devastating effect. Most people travel with expensive, high-tech gadgets. The cost to replace a lost or stolen tablet or phone will cost more than a travel insurance policy. 

No-claim Discount

A no-claim discount, which is also called a no-claim bonus, reduces the premium that a motorist pays.  It is applied to an insurance policy, usually over four or five years, where a claim on the policy has not been made, and thus is an incentive for motorists to drive safely.  The discount, which can help to reduce insurance costs by up to 75 per cent, can usually be transferred to another insurer without any penalty.

If a motorist does make a claim and the insurer cannot recover costs from someone else, then part or all of the discount may be lost.  However, many insurance companies will permit a motorist to pay an additional fee for the no-claim discount to be protected, or they may slightly reduce the scale of the discount.  It is up to the motorist to decide how valuable that additional protection is likely to be.  By paying an additional fee it is possible to keep a no-claim discount but insurance companies have different practices in regard to this and it is important to check the exact terms of the policy.

Policy Excess

A motorist may choose to pay an additional amount if a claim is made, and this will be agreed with the insurer at the outset of the policy.  The amount varies and can be negotiated, but the higher the excess amount agreed the lower the overall premium will be.  Inexperienced drivers will usually have to pay a compulsory excess.

Employers’ liability insurance was made compulsory in the UK by an act of Parliament in 1969 for most businesses. It covers injuries or sickness to employees and the owners of a business. The type and size of the business usually determines the cost of the premium.

The law specifies that the insurance amount must be for £5 million but most insurers will issue cover for £10 million. It has to cover all the employees that work for a business anywhere in the UK. An employee is defined in several ways. If a person has a contract of service with a business, has income tax and national insurance deducted from the money paid to them, or a business has control of where, when and what type of work they do, then they are considered an employee.

There are some other legal issues that must be in place, and the Health & Safety Executive is in charge of overseeing these. The insurer has to be authorised. This usually entails membership of the Association of British Insurers. A copy of the insurance certificate has to be prominently displayed for employees to read. This could be a physical copy attached to a wall in the premises, or perhaps a specific page on the company’s intranet.

There are some exceptions such as when the business is not a limited company and there is only one employee or all the employees are close family members. If it is a limited company with just one employee who also happens to own over half the business then they too are exempt.

Health Insurance can provide security and confidence for anyone who cannot afford to be ill or injured for long periods of time.  NHS waiting lists for non-life threatening procedures can be long, which is inconvenient for anybody suffering with a chronic condition.  Meanwhile, that person may not be able to work during the waiting time, which will have an effect on their income and the family they support.  More and more people are turning to private healthcare treatments in order to bypass the waiting lists, be treated promptly and get back to work as soon as possible.

However, private healthcare comes at a high cost.  Specialist consultations, surgeries, medicines and nursing costs in private hospitals can be incredibly expensive. Health insurance can pay for all of this. Considering the cost of these procedures or the potential loss of income when being ill, buying health insurance is a valuable investment.

Health insurance may be particularly useful for anyone who has dependents such as young children or elderly parents, and cannot afford to lose their earning power for long periods of time or to be unable to take care of their family.  It may also be beneficial for professional sports players or others with a very active job, who need to ensure they remain fit and healthy.

Young people may feel that they are completely healthy and do not require health insurance, but buying a long term policy may be a good investment for the future, as medical problems are more likely to occur with age. Nobody can fully control their future health but they can plan ahead and protect themselves with health insurance.