Nationwide unveil two home insurance products

Nationwide unveil two home insurance products

Good news for those looking for home insurance deals. Nationwide has unveiled two new home insurance products offering customers the ability to choose their covers according to their personal specifications. Customers now have the flexibility to select the level of coverage and premium to according to their requirements.

The two new insurance schemes – Nationwide Home Insurance and Nationwide Home Insurance Essentials – offer customers the opportunity to address their home insurance according to their needs. Both products have been rated by the independent financial research company Defaqto; while Nationwide Home Insurance was awarded 5 stars, the Home Insurance Essentials was rated 3 stars.

Nationwide’s head of general insurance, Martyn Dyson, said: “As people continue to feel the squeeze on their finances, home insurance can often be seen as something that can be discarded to cut costs. However, if money is tight, it can be even harder to replace items that are stolen or damaged, which is why having home insurance is crucial. The contents of people’s homes tend to be among the most valuable items they own and so they look for the best cover to protect them. But there are those who will be prepared to pay less for alternative levels of cover. We offer policies for both types of customer – a 5 Star option and a 3 Star option.”

Nationwide Home Insurance has been recognised as the more comprehensive product with unlimited buildings cover and up to £100,000 in contents cover. The scheme boasts accidental damage cover, which includes accidental damage caused by pets, as a standard. Nationwide’s Home Insurance also provides £5000 in protection for digital information such as music downloads.

Its Home Insurance Essentials scheme offers up to £50,000 in contents cover and up to £600,000 of buildings cover. The cover on digital protection available through this product is £500. Nationwide Home Insurance Essentials has been designed specifically for those looking to pay less on alternative deals.

Customers who already operate a Nationwide FlexAccount as their main current account can enjoy a further 10 percent discount on the premium when they purchase the new products over the telephone or at a branch.

Nationwide’s new home insurance deals are available online at www.nationwide.co.uk or via comparison websites such as Money Supermarket and Confused.com. Interested customers can also call 0800 30 20 10 or visit any Nationwide branch.

Heavy rainfall may lead UK insurance providers to boost insurance premiums

Heavy rainfall may lead UK insurance providers to boost insurance premiums

Flooding across several parts of the country could result in big claims, leading insurance providers to consider increasing their insurance premiums, analysts revealed on Tuesday.

UK insurers, who risk missing their profitability targets in the wake of heavy rainfall across England and Wales, might respond by raising their overall home insurance premiums. The news follows alerts issued by the Environmental Agency that predicts continued rainfall in parts of Wales and southern England and the possibility of flooding in 38 areas.

Hundreds of people were evacuated in West Wales over the weekend and several others were hit by smaller levels of flooding across England in what appears to be one of wettest periods on record. The 24-hour period to Saturday morning is believed to be the country’s wettest day since the Cumbrian floods in 2009 which recorded rainfall of 316mm.

According to the Met Office, more than a month’s worth of rainfall fell in just 36 hours in parts of England with the wet weather set to continue through the week.

Companies like Aviva and RSA that are heavily invested in home and commercial property insurance are set to face the biggest losses, revealed a spokesperson from stockbroker Oriel Securities. Marcus Barnard explained that previous weather conditions had cost UK insurers between three and six percentage points of their combined ratio – a measure of endorsing profitability.

Although the extent of damage caused this year is yet to be assessed, one can expect “significant” claims, said Mr Barnard.

One of the most expensive weather-related events for UK insurance providers was the heavy flooding in 2007 that cost the industry £3 billion. This also led to some insurers raising their insurance premiums by about 10 percent.

The current flooding brings into question the government’s promise of raising the standards of flood defences. Following the Pitt review in the aftermath of the 2007 flooding, the government and UK insurers came together to protect those hit by floods. While the government assured that it would invest in flood risk management, insurers offered flood coverage to those at risk. However, in the face of spending cuts undertaken by the coalition government, investment in flood defences has not been as promised. According to reports, the insurance industry does not plan to renew the agreement when it expires in June 2013.

Home insurance video app launched by Confused.com

Home insurance video app launched by Confused.com

Comparison website, Confused.com, have launched a new House of Horrors video app to highlight the importance of home insurance. The new application is part of the comparison site’s latest social media marketing campaign and utilises information on a user’s profile to create the House of Horrors videos using details of that person’s actual home.

The purpose of the app is to underline the importance of home insurance. While many home owners may be tempted to cancel or not take out a policy as a way of cost saving during this period of economic uncertainty, insurance experts warn that this may be a false economy should your home become the target of thieves or if you were unlucky enough to suffer a fire or flooding at your property.

Worryingly, recent statistics from the British Crime Survey point to a 5% increase in the number of domestic burglaries in the UK in the last 12 months to September 2011, highlighting yet again the importance of having proper insurance in place.

The new House of Horrors video app from Confused.com recreates the user’s home using information from their Facebook profile and sets up the scenario of a burglar breaking into that person’s home. Confused.com hope this shock factor of utilising actual details from the user’s home will emphasise their message about the importance of home cover.

The launch of the new video app coincides with another initiative from the comparison site. Anyone who takes out a policy for home, car, pet or travel insurance through the site will receive 1,000 in Nectar points, while those taking out life cover will receive 3,000 of Nectar points.

Be wary of DIY disasters over Easter Bank holiday

Be wary of DIY disasters over Easter Bank holiday

Over the coming Easter Bank Holiday weekend it’s estimated that a third of Brits will attempt some kind of DIY or home improvement task in their property. However home insurers are urging those with limited DIY skills to avoid undertaking jobs which require specialist skills so as to avoid causing damage and running up costly repair bills to put right their wayward DIY attempts.

According to a poll by home insurance providers, 10% of DIY jobs undertaken over the Easter Bank Holiday weekend will end in disaster, with many home owners turning to their home insurance policy to cover the cost of their mishap.

According to research undertaken by Allianz Your Cover Insurance, more and more Brits are attempting DIY tasks in the home in an attempt to save money, despite the fact that most have limited skills and knowledge to undertake home improvements. Despite this, over half of Brits describe their DIY skills as good or excellent.

If you are one of the many home owners preparing to take on a DIY improvement in your property over Easter, here is a rundown of the most common DIY disasters so you can attempt to avoid these major pitfalls.

Coming out as the most common DIY mishap is spilling paint or glue, followed by damaging walls, breaking windows or furniture and causing damage to ceilings.

Home insurer calculates the time Brits waste looking for misplaced items

Home insurer calculates the time Brits waste looking for misplaced items

A survey by Esure Home Insurance has calculated that on average we Brits spend 10 minutes out of every day searching for lost or misplaced items, with the worst offenders being revealed as men with a third of wives who took part in the study admitting that their husbands regularly lose items around the home.

Home insurer Esure questioned 3,000 adults to compile the results of their survey which found that 4 out of 10 adults regularly argue with their partner over misplaced items, often blaming each other for not being able to find the thing they’re looking for.

The most common items which are lost include mobile phones, with house keys and car keys coming in second and third place respectively, followed by paperwork, spectacles and sun glasses, a wallet or purse, lip balms and hairbrushes came in eighth place for the most commonly misplaced items according to the home insurance survey.

While small items such as keys and phones are most likely to be lost, 1 in 10 people questioned as part of the poll admitted to losing their car in a car park regularly, while a very unlucky 14 people from the survey revealed they spent an hour every day looking for a misplaced personal belonging.

The advice from home insurance experts is to ensure that items such as keys and wallets should always be kept in the same place to avoid losing them as it would be a major cause for concern should your house or car keys or lost debit card fall into the wrong hands.

Request a home insurance quote from Confused.com for chance to win £1k

Request a home insurance quote from Confused.com for chance to win £1k

Leading insurance price comparison website, Confused.com, is offering four lucky winners the chance to pick up a £1,000 prize just for requesting a home insurance quote in March.

The competition has been launched off the back of recent research conducted by Confused.com which found that a third of homeowners in the UK have never switched their home insurance policy from their current provider, despite the fact that the comparison website estimates that 70% of us could save money on our policy simply by shopping around.

So if you’re one of the many Brits who’s never switched their home insurance provider, Confused.com are hoping to motivate you to compare a range of quotes this month to see if you could make savings on your cover. You might be surprised how much you could save, plus as an extra bonus, by utilising the price comparison services of Confused.com to request a home insurance quote in March, four users will be randomly selected to win a £1,000 to spend on household bills.

The insurance price comparison website hope that the £1,000 prizes being offered to four users to request home insurance quotes over the next four weeks will help homeowners at a time when many are struggling to keep up with home essentials including maintenance and repair costs as well as household bills.

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