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Homeowners and motorists alike may be due to come under more difficulty in handling their money, it has been suggested.

The news comes as research carried out by the AA in its latest British Insurance Premium Index has shown a rise in both home and car insurance costs over recent months – an increase partially attributed to the flooding seen across the country during the summer.

According to the firm, the typical home buildings insurance policy surged by some three per cent during the third quarter of 2007 (between July and September) up to 215 pounds 51p. This compares with a decrease of 1.89 per cent recorded during the second quarter of this year, where average cover stood at 209 pounds 23p. Overall, premiums have surged by 3.13 per cent from the same time in 2006 – a rise which could well put pressure on consumers’ capacity to make payments on other demands on their finances such as utility bills and loans.

The cost of home contents insurance cover has also witnessed growth over the last quarter, as the typical quote is now valued at 149 pounds 99p – a rise of 2.29 per cent. Meanwhile, a year-on-year rise of 1.64 per cent was posted.

However, drivers too could be set for further hardship in making loan repayments, as they have seen a notable increase in car insurance costs. As over the last 12 months, third party, fire and theft cover has surged by 4.43 per cent. Meanwhile, the average policy has surged by 3.57 per cent during the third quarter to stand at a record 1,042 pounds 41p. This compares to growth of 1.32 per cent to 1,006 pounds 44p over the course of the previous three-month period.

Comprehensive cover also increased during the last quarter, though at a lower rate than third party, fire and theft. Between July and September such insurance was up by 1.35 per cent. During the course of the last year, however, the premium has risen by some 7.96 per cent.

Commenting on the figures, John Close, insurance relations director for the company, said: “The latest rises are in line with expectation. Car insurance premiums have followed an upward trend since the second quarter of 2006. The cost to the industry of personal injury claims and legal costs has been escalating rapidly while accident damage costs has also risen faster than premiums. In addition, recent flood claims have cost insurers an estimated 100 million pounds.”

As a result, those worried that rising insurance costs may pressure their ability to meet demands on other areas of their spending may wish to consider applying for a low-rate personal loan. And such a method of borrowing could also be advisable for those considering the purchase of a new car.

Following the launch of the new 57 registration plate last month, Halifax reported that September is often a prime time to apply for a loan so as to buy a new motor vehicle. However, Neil Chandler, head of the financial provider’s unsecured personal loans division, advised consumers to take the time to search for the most competitively-priced finance deal available.

By: Abbi Rouse

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Everyone knows what insurance is, and how to get it. But what do you do with when you’ve got it? If you had to make a claim, would you know what to do? This 3 part guide covers what to do in the event of a claim, continuing with home insurance.

Home Insurance

Depending on the nature of the claim, there are certain things which you need to do. If you’re a victim of a robbery or vandalism, you need to first of all inform the police. Make lists of all stolen items and/or damaged property, as well as photographs or videos of the latter, with copies. When the police arrive, take their names and badge numbers for your insurer’s records. You will also need copies of your statement and any other police paperwork to give to your insurer, as well as copies for yourself.

If you or someone else is injured in your home, medical assistance should be sought as soon as possible. Keep all records of hospital visits, prescriptions and doctors notes, and provide copies for your insurer. Again, try to get relevant photographic evidence of injuries and the scene of the accident, and any objects which may have contributed to the injuries.

Another common reason for claiming on house insurance is renovations and/or decorating disasters. If you have hired professionals to carry out work in your home and they cause damages, they should have insurance which you can claim from. If you cause the damages yourself, you will need to claim on your own insurance, but this can be difficult. Before undertaking any work more complicated than painting or wallpapering, check your policy. You may need to inform your insurer of your intention to carry out work, otherwise a claim could be rendered invalid.

If repairs are needed for something like a leaky pipe or water damage, call your insurer before a repair company. Your insurance provider should be able to give you a list of recommended repairers which are available on 24 hour call-out.

In the case of a natural disaster such as a flood or hurricane, you will need to notify the insurer and possibly your local council if your property is damaged. The authorities may provide a safe house or other assistance if your home is severely damaged. If the natural disaster was anticipated through weather warning etc, there may be a contingency plan in place already to help victims.

By: Jay Tillotson

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Want to insure your home and get a instant home owner insurance quote that is affordable? Great, no longer is filling out endless paper work, mailing or hand delivering required. You can do it efficiently online. The benefits of insuring your home are numerous, and they don’t just involve the type of common everyday occurrences such as burst pipes, and broken window panes. For example, you could suffer the misfortune of a fire in your home. This is an occasion where your home insurance coverage will be there to rebuild and/or replace your home and belongings. What if you where burglarized and had valuable possessions stolen? Your coverage would include a financial payment for you to replace any valuables stolen, these may include any electronics, jewelry or objects of art such as paintings or ornaments. So, if you have not as yet protected your home with insurance now you can get a quote, instantly.

You will find the internet is the perfect source for finding low cost and a instant homeowner insurance quote. Insurance companies and agents have websites where comparison is easy and quick. In many instances you will be able to get rate quotes from multiple insurers at once. You simply type in your details (you do not need to be an efficient typist to do this, you can do it at your own speed) and then you will receive quotes based on your needs to compare.

It is easy to obtain an a quote online for your home offered by large insurance companies and even local insurance brokers. In a very short space of time, you will know exactly how much your premium payment will cost and with most companies you will be able to choose a payment plan that will enable you to spread your payments over certain periods of time instead of having to pay them all in one go. You will also be aware of the exact extent of the coverage provided by your policy, details of the inclusion and exclusion clauses and what,if any, additional insurance coverage is available for you to add on as an extra.

Since discounts are not usually advertised it’s well worth checking to make sure you are getting all the reductions in your home owner insurance that you are eligible for before signing up for any particular insurance policy. Discounts on home insurance quotes are available for many reasons, for example, you have smoke detectors or a fire alarm fitted in your home, you are a non smoking household, or your home has anti burglary security locks installed. Keeping your home in a well maintained condition will also reward you well by way of discounts.

A broker will provide several quotes from different insurers, all of which should match your requirements and budget so you can compare the different premium payments along with the coverage being offered by each company. This way you will never find yourself in the position of being tied to a home insurance policy, which is providing you with inadequate coverage at a price you can not afford. Being able to quickly see if the insurance policies you are considering, offer sufficient coverage at a price that is affordable, is the number one benefit of an instant home owners insurance quote.

By: Rhonda Strump

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Ironically purchasing separate policies in many cases does not offer the you the best auto and home insurance quotes available. It is obvious that insurance is needed for our most expensive assets, home and car, but it seems no research or comparison of insurers is done to secure the lowest possible premiums. Low premiums do not necessarily denote inferior products but savings for you if you do your homework. If you have an already tight budget, finding an affordable policy from one company that covers everything that you need may require some time and research, as you would think. It is however time well spent if you get adequate, affordable auto and home coverage and you if ever need to make a claim against the policy.

Yes, this task can be a bit tiring and confusing but do not sign up with the first company that offers you what seems like a good policy. It is only by searching and comparing auto and home insurance quotes that you will you locate the most affordable insurance that fits your requirements for both. Compare each insurer’s rates, features and coverage to get the best car insurance policy for your needs. Asking questions will no doubt give you the answers that you need to make an informed decision.

One of the best ways to save money in insurance is also one of the most over looked, buy your homeowners and auto insurance policy from the same company. That’s right, buying these as combined insurance policies from one company can save you hundreds. Many companies have discount rates for customers that choose multiple products. Yes, you have to find the right company but for years this this people have been paying lower premiums by simply insuring with one company.

Your current insurance company may be as far as you need to look for the best home and auto insurance quote. If they offer both types of coverage and you only have one (home or auto) inquire with your agent or some one at the company what the cost would be to add the other type. You’ll be asking for a combined or multi-line policy or something similar. Since they definitely don’t want to lose your business you will be surprised that many insurance companies offer their current policy holders special discounts for the multiple coverages they provide.

Getting the right insurance coverage that you need for your home and/or car is critical. It is important that you know what type of coverage that you need in order to have the right coverage for the region that you live in. Consult with an insurance agent concerning the type of coverage that fits your circumstances, and he or she will advise you of any pros and cons.

The use of the internet can quickly yield auto and home policy comparisons, but using offline methods may present you with a local insurance agent or company that is smaller. In times of crisis, it is comforting to realize that your name is known by a agent that is sympathetic to your needs. Since most agents and companies have a website now a days you can easily find and compare different insurance company features online, in some cases multiple companies at once, and find a local agent as well. After a little research and comparison you should walk away satisfied that you have saved money and secured the best auto and home insurance quote available.

By: Rhonda Strump

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Best rates (home and car Insurance) are very easy to get if you know where to look and how to look. I’ll take you through a short process that could save you anywhere from a few hundred dollars to thousands (This would be subject to a number of factors).

I’d have to assume you already know the best coverage for you in your present circumstance. However, since I can’t be too sure, here are a few things to bear in mind about your home and car insurance policies…

1) Make sure you understand the coverage you’re getting. It’s very painful to learn what’s not part of the deal when you make a claim. Make sure you only sign when you understand everything about the policies. Ask and ask every question that crops up in your mind. Remember, it’s your money and your protection that are in question here.

2) The minimum coverage required by law or a lender may or may not be good for you. Too much insurance is expensive. However, insufficient insurance is much more expensive. If you ask the right questions as suggested earlier, you’ll know if you need something more.

Now that I’ve those off my chest, here’s how to get the best rates in home and car insurance.

Simple. Visit at least three insurance quotes sites and obtain quotes. They are free, quick, easy and non-obligatory.

You’ll be through with each site within 5 minutes. For each request you’ll get up to five or more quotes from A rated insurance companies (That is if you use sites run by independent insurance brokers).

Compare the quotes returned and then pick the best price to value ratio. You might have noticed that I did not say the lowest price. You certainly know that the lowest is not always the best priced. Look for the lowest price that gives you the coverage you want. If in doubt, apply and then ask the agent assigned to you before paying.

You’ll get better rates on your home and car insurance policies if you obtain an auto/car quotes rather than an auto and car insurance quotes separately. You’ll save anywhere between a few hundred dollars to a thousand or much more if you stick with this advice on getting the best rates (home and car insurance).

By: Chimezirim Chinecherem Odimba

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Do you really understand home insurance. Particularly do you know if you need a homeowners policy? A family that resides in a home that they own will have different coverage needs then a family who rents a home. Similarly, landlords and people who own condos may not need all of the coverage the people who live and own in stand alone houses do. You will get the best coverage at the most affordable price if you know what you have to cover, and what things are already covered by another policy!

Homeowners who live in their home need the most comprehensive coverage. Of course they need to protect the building against damage by an accident or storm. They also need to protect the contents of the home, and this area probably gets a sizable amount of claims. Items in the home could be stolen or damaged. The third thing they need to have is protection against liability of a person who gets hurt in their home. If your neighbor trips on the toy your child left in the living room, can you cover the emergency room visit? You may have to if they file a suit. These things happen.

Now the needs of landlords and renters will be a little different. Landlords need to cover the building, since that is their property. And certainly, they will want to cover a some liability against a claim of injury. However the landlord should not be responsible for personal property of the tenants. The renters, on the other hand, will want to cover their own personal property, and have liability protection. So a landlord should ask about a landlord policy, and a renter should ask about a renter’s policy.

Condo owners have a unique situation. The building association will usually carry a policy that protects the building, so it is important to understand what parts of the building they cover. The owner of the condo, themselves, will carry a policy that is similar to a renters policy even though they own their own space. They must insure their personal property, and have some liability protection.

If you understand the three parts of your own home insurance: building, personal property, and liability, you should be able to understand what sort of coverage you need when you compare home insurance. Keep in mind, that many policies do not cover floods from storms, especially in storm prone areas. That would be a flood protection plan you would need to look into. If you work out of your home, or especially run a home business, you may need additional coverage limits beyond basic protection too.

By: Marilyn Katz

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Home mortgage insurance is coverage that protects your lender should you default, or fail to make payments, on your home loan. This insurance also helps lower the down payment for your new home. Traditionally, a down payment should be about 20% of the home price. Home buyers who can’t afford this kind of down payment sometimes opt to use home mortgage insurance. With this insurance, you can put down as little as 3-5%.

However, there are a few facts you should consider about home mortgage insurance before making a decision.

o Home mortgage insurance can be costly. It adds to your mortgage payment, after all. Sure, home mortgage insurance helps you get a home more quickly than you’d be able to if you weren’t able to make the traditional down payment of 20%, but if you are able to put down enough money avoiding the insurance makes more sense. You may also want to consider saving money until you can afford a good down payment.

o Home mortgage insurance is sometimes tax-deductible. That may not appeal to you now, since you’ll still be paying extra money throughout the year, but your increased tax return (or decreased tax payment) could change your mind. If you absolutely need home mortgage insurance, talk with the particular company you’re considering to find out if your payments can be deducted. You may want to choose one that does offer tax-deductible home mortgage insurance.

o Check with a mortgage advisor about ways to avoid home mortgage insurance. You may be eligible for special kinds of home loans that actually pay the home mortgage insurance payments for you. Of course, this will make your mortgage rates slightly higher, but it may balance out if the increased rates aren’t any higher than the home mortgage insurance payments.

In the end, you should always avoid additional costs or take steps to make them as low and rewarding as possible.

By: Angela Farnsworth

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Would you appreciate cheap rates for sufficient coverage? Then read through and apply the following highly effective time-tested steps to paying a lot less…

1. Dog bites are responsible for 33% of all liability claims and cost insurers more than $1 billion yearly. This should bring to your notice that if you have a dog or dogs your rates will be much more than for someone who does not. If you can, don’t keep dogs or do your best to restrain and position them in such a way that they won’t be able to do hurt anyone. Your agent can help suggest steps you can take in keeping your dogs that will result in a discount.

2. Do you have smoke and fire detectors installed? If you place them in all the essential areas of your building you’ll enjoy a discount.

With these fires will be noticed on time and put off more easily before they can do any serious damage. This gets you a lower rate because it implies that the risk of fire damage is reduced.

3. Smoking adds to the risk of a fire in your house. And statistics have it that over 23,000 residential fires annually could be linked to smoking. Non-smoking homes get better rates than households with smokers. For people who smoke, bear in mind that you’re eligible for a downward review in your rate once you’ve quit smoking for more than twelve months.

What if your insurer refuses to give you discounts because some companies don’t have non-smokers discounts? Then it’s time to shop for an insurer who does unless you have something else to make your continued stay with such an insurance company worthwhile.

4. Shatter-proof windows will get you some savings. You will receive very reasonable discounts by changing your windows to these if you live in an area where hail storms and high winds are prevalent. Always remember to keep your agent informed whenever you take a step like this. I suggest that you speak with your agent even before you undertake the changes as he or she might make inputs that will bring in more savings.

5. Upgrading your plumbing is an important step against water damages. The fact that the predominant claim on a homeowner’s insurance policy is water damage should reveal a truth to you. Therefore, taking steps that reduce your risk of water damage will reduce your home insurance premium. Be sure to inform your agent as soon as you improve you plumbing system.

6. You can bring down your home insurance costs by obtaining and comparing quotes from at least five reputable quotes sites.

By: Chimezirim Chinecherem Odimba

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How can one find a cheaper homeowners insurance policy? What are some things to do to get the cheapest homeowners insurance rates? Finding cheap home insurance while still maintaining adequate coverage is important to all homeowners and is certainly becoming an increasing priority in high cost homeowners insurance states like Texas, Florida, Louisiana, California, and Arizona. Read on to learn some ways to find the cheapest homeowners insurance rates no matter what state you live in.

Every expert agrees that the cost for homeowners insurance has gone up dramatically in the last couple of years. The higher costs are due to the increasing number of natural disasters in the United States as well as environmental pollution that in turn affects the long standing of buildings. Because of those same two reasons however, it has become necessary to purchase homeowners insurance for your office building, condo or home. Homeowners Insurance protects you from the risk of financial loss if your home or property is destroyed or damaged by fire, lightning, smoke, and many other natural disasters.

The good thing for homeowners is that now they can get some low-cost homeowner insurance if they do their shopping right. With the invention of Internet came websites that allow the customer to compare between the rates of many insurance companies. There is no need however, to be afraid or intimidated by the word low-cost (sometimes associated with bad coverage), simply because all the agencies in the market are out there competing for the exact same thing; that of customers. Hence, there are many different homeowner insurance companies that will try to offer the lowest rates possible with excellent coverage.

If you decide to shop around online it is necessary to make sure and view quotes from at least 3 different companies. It is also of note that online sites might give you excellent discounts toward your rates, sometimes exceeding 10% on the rate price. Apart from this, when you go online and request and online insurance quote you will be told how to get more discounts!!

If researching homeowners insurance online is not the right thing for you, then you can always visit your local homeowners insurance agency. They will definitely be able to help you and most agents will go above and beyond to give you discounts, so that in turn you choose their company. The lowest rates for homeowner insurance vary from company to company and because of this it would be good to visit not just one, but many other insurance companies around your area.

People that benefit the most from lower rates are retired people, unmarried couples and best of all non-smokers. This last one is an obvious one since cigarettes can spark a house fire in a matter of seconds if they are smoked inside and not handled properly.

Before applying for your home insurance you must know some important facts about your residence that will ease the quoting process and some of them can even give you a discount in premiums. Please note that not all companies will give you the discounts mentioned below:

The type and amount of coverage that you want to apply for: For this part of the process is always good to make an inventory of your possessions just to see about how much coverage you are going to need.

The deductible you want to apply to the homeowner insurance policy: A deductible is the amount of money you will have to pay when a claim is made, before your insurance company puts money in. This is important because the higher your deductible is, the lower your premium will be. It is important not to exaggerate on your deductible however, because if something was to happen to your property you would not want to pay a higher deductible than what you can afford.

The security devices you have in your home: Security devices refer to the number of smoke alarms, security alarms, deadbolt on the doors, sprinkler systems inside the house. Having this installed in your house can lower your premiums by 5% to 20% and that will make a big difference. It is also important to note the distance from your home to the nearest fire station and to the nearest hydrant, this can also give you a discount in case your company offers it.

The footage of your residence and the year it was built: Although some companies don’t really look at this, the ones that do pay very much attention to it. The bigger the house the more maintenance it’s going to need and the older houses usually require more work put into them than relatively new homes.

Another great thing that is worth mentioning before closing this article, is that bundling up your services with one insurance company will more than likely pay off when it comes to discounts. If you have the same insurance company for both your car and homeowners insurance you can sometimes get discounts from 5% to 15% off the selected premium. When doing this however, it is important to make sure that the rate you will be paying is not more than if you bought both types of insurance from different companies.

Now that we know the things that can give you an advantage in the homeowner insurance business it’s important to put them into practice. Don’t be sucked into the first company that gives you a good price and now that there might be many out there that can offer you better services for the relatively same rate.

By: James J. Robinson

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Just as you take out insurance to cover your home contents and the exterior of your home then of course you will want to take out second home insurance to cover your holiday home. Home insurance at the basic level needs to be understood but when it comes to covering a second property, depending on what the property is used for, the insurance can be overwhelming. In the case of second home insurance you should get the best advice possible and this can be found with a specialist in second home insurance.

A specialist can not only shop around on your behalf for the cheapest deals when it comes to taking out insurance for your second home, but they also give advice on the types of insurance you should consider taking out for a second property.

You will almost certainly want to insure the outer shell of the building and indeed when taking out a mortgage for your second home the lender will insist that you have at least the shell insured. Cover should be taken out against such as accidental damage, storm damage, and damage from subsidence and flood insurance should also be considered after the recent storms.

You should also give some thought to the garden and outer buildings and of course if your second home is a holiday home and has a swimming pool this needs insurance too. The level of insurance you will need to take out for your second home will depend on whether or not you will be letting the property. If guests are to be stopping in your property then you will need liability and accident insurance to cover any person who rents the property and also for any damage that occurs as a result of guests.

Second home insurance premiums will vary considerably and a specialist can shop around on your behalf and get you the cheapest deals with the lowest premiums and present them to you so that you can compare. When comparing premiums for the second home insurance also be aware that you have to check the small print and key facts of any policy you are considering taking out, as this is where any extra costs and the terms and conditions can be found.

By: Sean Horton

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