Insurance

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James Carter

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Imagine the scene…Your Christmas tree is looking resplendent; lights blink and tinsel glistens. The presents have been lovingly positioned under the pine branches look tempting. And they happen to be in full view of passersby. Including those looking for opportunities to break in and undo all of Santa’s hard work (not to mention hard-earned cash).

Perhaps now’s the time to look at updating your contents insurance for the festive season. If you’re buying expensive presents that’ll be in your home until you give them to the lucky recipients, or you’re expecting to receive a gift of value, check what’s covered by your policy.

Some insurers will automatically increase the value of your premium for a temporary period by around 10%. If there’s a ‘special event’ clause in the paperwork, you should be covered at no extra cost. With other insurers you’ll need to get in touch to extend the policy so the premium covers the extra value of goods at home.

Even if you think your property is burglar-proof, you need to take into account other risks such as accidental breakages, burst pipes in freezing weather, and other nasty things we’d rather not think about as we tuck into the first mince pies of the season.

And whatever you do, never leave presents in your car, keep receipts somewhere secure (and not with the presents), and break down boxes and hide them among the recycling to prevent giving possible burglars clues as to what’s in your home.

Make sure Christmas Day TV is the only bad thing this festive season – take steps now to prevent other disasters! Start by giving us a call.

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James Hammond

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Price comparison websites have become popular with millions of people frequently using them to hunt out deals.

But in searching for best value insurance quotes, many of us may inadvertently leave a footprint on our credit scores. And we all know how important it is to keep on top of that.

When consumers use comparison sites to source insurance quotes, it can trigger some insurers to access credit data to assess someone’s suitability for a premium installment payment plan (spreading payments for an annual premium over one year). Credit searches also help the insurer give customers more accurate quotes.

However, the impact on your credit score depends on the type of search that is carried out on your file. Look out for a ‘credit search’, as opposed to an ‘enquiry’, on your credit report. This indicates an application for credit and affects your credit rating directly. Plus, all credit searches will be seen by potential lenders, possibly impacting your future chances of securing a credit card, loan, mortgage or service.

Since many insurance providers carry out checks with credit reference and fraud prevention agencies, it’s important that consumers understand that in using comparison websites, they may secure a great value product in the short term, but their longer term credit rating could be severely dented.

To protect your credit rating, be wary when searching for insurance quotes on comparison sites. And although it’s a risk, it’s also worth noting that credit checks do not happen unless the consumer accepts the terms and conditions. So always read the T&Cs and/ or the website’s privacy policy.

If you’re concerned about the impact of using comparison websites on your credit rating and you want to find out more, just give me a call.

 

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James Hammond

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Back in January, I appeared in an FT Advisor article about the lack income protection with a quote:

“It’s true that confidence is low regarding protection. A minimum level of protection would be useful and a drive by insurers to dispel some myths regarding what they will pay out on would also improve confidence in protection products.”

Six months later, the situation is much the same. Mortgage Strategy recently published an article which says that nearly 60% of mortgaged homes do not have any protection insurance whatsoever.

The article goes on to note that even those which have some protection are mostly only covered for death or critical illness. Income protection (in case of the loss of a job) is even scarcer.

It is a good time to consider your mortgage, your savings, and your insurance. If you need help, give us a call. We are independent financial advisers – we are here to help you find the best protection for the biggest investment you’re likely to make.

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James Hammond

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With all the excitement around growth and changes in the mortgage market, perhaps the the protection market has slipped under the radar. In a lot of ways, the two markets go hand in hand and changes to the way people buy property certainly affect the way insurance is bought and sold.

That is not to say that they are simply two sides of the same coin, though. While the lenders are improving their product ranges, insurers are at the point of completely rethinking the way they offer protection thanks to evolving technology.

One particular change we expect is that policies will be increasingly tailored to the individuals who take them out. An article from Money Marketing focuses on wearable technology and health, but that is just the tip of the iceberg.

The insurance industry has a lot to work with, and to work through. Trials of new technology will fuel important discussions on ethics and practicalities. So, watch this space!

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Daniel Jarvis

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Our James appeared in the FT Adviser last week to discuss mortgage protection.

Mortgages are complex products, and they come with a big risk to people who find themselves unable to pay. One way to help with that risk has been to purchase protection plans.

However, the public has been unhappy with protection plans, recently. In part, this is because other sectors have come under a lot of scrutiny for mis-selling protection plans.

But, as James said:

“It’s true that confidence is low regarding protection. A minimum level of protection would be useful and a drive by insurers to dispel some myths regarding what they will pay out on would also improve confidence in protection products.”

As with any product, customers need to know as much as they can about what they are buying. This is doubly true for investments which come with risks.

If you’re not sure where you are with mortgage protection, drop us a line. We are not pressure-sales people, our advice is unbiased and we can help with all aspects of your mortgage.

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