Car Insurers Debate Over Future Profits

UK car insurers have been running an unprofitable business for 14 years. Independent market analysts, Datamonitor, say 2009 looks to be a profitable year despite the doubts

March 13, 2008

Budget Report Expectations

Chancellor Darling's Budget Report is expected to raise taxes on alcohol, fuel emissions, flights and many other issues concerning the economy. Tax burdens expected to increase on poorer families

March 12, 2008

Card Fraud Rises Again

Card fraud has increased over past year. Whilst chip and PIN technology has been successful in the UK, criminal activity overseas has increased 77 per cent

March 12, 2008

Tax Cuts Needed To Restore Confidence

Appeals for corporate tax cuts are submitted to the Treasury as it prepares its Budget report this Wednesday. Business and banking sectors are worried about the direction of the UK economy

March 10, 2008

First Time Buyers Take Hit From Stamp Duty

Stamp duty tax has not kept up with the rate of increase in house price inflation over the past decade. Yet another hurdle first-time buyers must leap over to get on the property ladder

March 10, 2008

Read all Finance News

UK Property Owners At Risk Of Being Underinsured

A recent report by Norwich Union revealed that almost one half of all property owners in the UK are underinsured. NU sampled 47 valuations which determined most buildings lack the appropriate amount of insurance to a total £130m.

It is recommended that insurance brokers emphasise professional valuations in order to accurately assess the amount of cover needed. Mike Colmans, NU's property owners underwriting manager states, "Under a lease agreement, property owners are obliged to insure their property for the full rebuild cost."

It is insufficient to only receive a mortgage valuation, as this type of survey may not take into account every element involved when it comes to protecting your home or building. Examples include the cost of replacing walls, gates, outbuildings, removing debris, or any other tertiary costs involved in maintaining or rebuilding a property that may require insurance.

Colmans continues, "This can have a significant impact on any property owner when it comes to making a claim. Clients need to be aware that if adequate insurance is not taken out, tighter lending conditions and increased borrowing costs due to the credit crunch could make it very difficult to find the necessary funds themselves to rebuild a property."

It is essential to ensure your building is properly covered. Being underinsured due to lack of proper assessment will not be regarding kindly by insurers when it comes time to make a claim. A little extra effort to be sure your insurance premium covers your property will not only offer peace of mind but will prevent you paying out of pocket should you need to make a claim.

Be sure to use a properly qualified surveyor, preferably one who is recognised by the Royal Institute of Chartered Surveyors. RICS members must update their knowledge and competence throughout their career ensuring the most professional of standards.

Published on February 22, 2008

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March 13, 2008

Lending Falls Again Says CML

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March 12, 2008

10 Tips To Improve Your Credit

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March 7, 2008

Interest Rates Kept At 5.25%

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March 7, 2008

20 Per Cent Of Homeowners Fear Repayments

The UK's financial watchdog, the FSA, published a survey of over 500 mortgage holders which revealed 1 in 5 are worried about being unable to keep up with their mortgage repayments. It is estimated that 1.4 million fixed-rate or discount deals will expire this year raising monthly repayment amounts. Twenty five per cent of those surveyed admitted they had no contingency plans to meet these costs... Read More
March 6, 2008