Jan 30, 2009 Comments Off
Jan 30, 2009 Comments Off
As temperatures plummet across the UK, Lloyds TSB Insurance has issued a warning to unprepared homeowners. This comes as a result of a 15 percent rise in burst pipe claims; a figure which is expected to increase further as the cold weather continues.
Those lacking sufficient insurance cover for burst pipes, face a significant expense, with claims costing an average of £1,400. One recent claim met by Lloyds TSB Insurance actually exceeded £40,000. The insurance company has offered the following advice in order to assist homeowners in protecting their houses from the unnecessary damage that icy conditions can cause:
1. Ensure that the location of your stopcock, gas valve and ball valves is known, and also how to access them should a problem occur.
2. Make sure that outside stand pipes, taps, lag pipes and tanks in your loft are adequately insulated.
3. Ensure that your drain gratings, gutters and down pipes are debris-free.
4. Have your heating appliances serviced, and chimneys swept, on a regular basis.
5. Keep a torch and spare batteries in a safe place that can be easily accessed. Also make a list of useful telephone numbers inclusive of a plumber, heating engineer, glazier, electrician, and roofing contractor for example.
6. In the event of going on holiday, set the heating to come on for a short time each day. This should prevent pipes from freezing.
7. If leaving your house unattended for a significant period of time, open the loft hatch a little to allow warm air to circulate. Again, this should reduce the chance of water pipes and tanks freezing.
8. If you are intending to leave your property unoccupied for more than 30 days in a row, be sure to notify your insurance provider as this may have an effect on your cover.
9. In the event of a leak, isolate the source of the water as soon as possible and, if the damage is such that a claim is necessary, swiftly contact your insurer.
10. Ensure that the details of your insurance provider are kept to hand, and consider sharing this information with a trusted neighbour or family member just in case the worst happens whilst you are away. Some insurers, such as Lloyds TSB, provide helpline numbers for claims or emergency assistance.
Phil Loney, Managing Director of Lloyds TSB Insurance, commented: “After last year’s comparatively mild winter, it’s no surprise that so many homeowners have been caught unprepared by the cold snap. A little bit of preparation now could save you from having to deal with escaping water from burst pipes or a broken boiler. To give yourself peace of mind, make sure you have adequate insurance which will cover you if the icy conditions take their toll on your home.”
Homeowners who feel they would like to invest in their property in order to protect against the elements, and who are shopping around for the finances to cover costs, could consider taking out a secured home improvement loan. This could cover the cost of installing additional measures to protect against the cold weather, and repairing anything likely to leave homes exposed to poor weather conditions. Home improvement loans may be repaid over a term to suit the borrower from 5 to 25 years, but it must be remembered that repaying borrowing over a longer term may increase overall interest charges.
Related posts:
Jan 30, 2009 Comments Off
The ever-increasing cost of energy proved to be a major bone of contention for many British people last year.
However, according to LloydsTSBCompare.com, a typical household could save up to £454 by switching suppliers, which equates to £7,384 million nation-wide. As a result, the company declared 30th December 2008 as ‘tackle your bills day’ in a bid to encourage people to review their household bills and make savings in 2009.
According to their research, 80 percent of households experienced a rise in energy bills last year. A rise in excess of £40 was incurred by 27 percent, and 30 percent believe that an additional rise of £40 could be on the cards this winter.
In spite of the increasing cost of energy, one in three people (36 percent) have never switched providers, and one in four are of the opinion that searching the market will be of no benefit to them. However, users of comparison sites found quite the opposite, with average annual savings of £284.
Comparison sites, such as LloydsTSBCompare.com, can be used to make like for like comparisons across a range of products including gas, electricity, broadband, motor insurance and travel insurance. This particular site also boasts the ability to check supermarket and petrol prices to assist in securing the best possible deals.
Steve Grainger, LloydsTSBCompare.com, commented: “A concerning 40 per cent of Brits said they don’t know how they will cover their bills if prices continue to increase. December 30 is the perfect day for us all to concentrate on getting on top of our finances for the New Year. LloydsTSBCompare.com gives customers all the tools they need to cut their household bills and save money.”
Homeowners that are finding their finances tight at the moment due to multiple credit cards, store cards and hire purchase agreements, may wish to consider taking out a secured loan to consolidate debts. One of many options available to consolidate debt, this could place existing debts into one, creating one simple, monthly repayment and potentially lowering initial monthly outgoings. Repayable over a term to suit the borrower from 5 to 25 years, it must be remembered that consolidating debts may increase the amount paid back overall and extend the repayment period of the debts.
Related posts:
Jan 29, 2009 Comments Off
Halifax’s First-Time Buyer (FTB) Affordability Review tracks the affordability of housing within 406 local authorities (LAs) across Britain, inclusive of 32 London boroughs. The review is based on data from Halifax’s own housing statistics database and ONS data on average earnings.
LA’s are deemed to be affordable if the average property price for a FTB is lower than that which someone on average earnings in the area can pay, based on the historical average house price earnings ratio of 4.0. This conservative benchmark, used to assess affordability, is a 20 year historical average based on single income.
There has been a considerable improvement in the house price to earnings ratio over the past 18 months, with it having fallen from a high of 5.84 in July 2007 to 4.56 in November 2008 – its lowest level for over 5 years.
The number of LAs in the UK, where housing is affordable for a FTB, more than trebled in 2008. At this time the average price paid by a FTB was affordable for those on average earnings in 14 percent of LAs, as opposed to just 4 percent in 2007.
The amount of LAs across the UK, where the average property is affordable for a potential FTB on average earnings, has risen from 18 in 2007 to 57 in 2008. These figures were the result of a survey of 406 LAs.
In 2008, levels of affordability improved for FTBs within 7 of the 12 UK regions. Between 2007 and 2008 the most noticeable increases in the percentage of LAs that have become affordable for FTBs were in Yorkshire and the Humber (0 to 40 percent) and Scotland (30 percent to 67 percent).
On a similar note, housing is most affordable for FTBs in Scotland and Yorkshire and the Humber. With regards to the former, property prices are within the means of those on average earnings in practically 2 out of 3 LAs (67 percent). This figure stands at 4 out of 10 (40 percent) in Yorkshire and the Humber.
No increases in the number of affordable LAs have been noted in London, the South West, the West Midlands, Wales or Northern Ireland. The average property, bought by a FTB in these regions, remains unaffordable for those on average earnings in all the LAs surveyed.
Martin Ellis, chief economist at Halifax, commented: “There has been a marked improvement in housing affordability in many parts of the UK. First-time buyers, in particular, are benefiting, especially outside the south of England and the Midlands. We expect this trend to continue in 2009.”
First time buyers requiring extra funds to put their personal stamp on their new home could consider taking out a secured home improvement loan. A secured home improvement loan could be used to create that perfect living space, and can usually be repaid over a term to suit the borrower from 5 to 25 years. Projects which could be funded with a secured home improvement loan include a simple refresh throughout, and bigger projects such as refitting kitchens and bathrooms. Some homeowners who purchased a smaller two bedroom property, who then find themselves with additions to their family may wish to use a secured home improvement loan to add extra bedrooms or additional living space for a growing family.
Related posts:
Jan 29, 2009 Comments Off
Jan 29, 2009 Comments Off
Jan 27, 2009 Comments Off
Jan 27, 2009 Comments Off
It would seem that Claims Advisers at Lloyds TSB Insurance received some rather peculiar claims during the course of last year. An annual summary of their most unusual claims revealed five particularly extraordinary circumstances.
Firstly, there was the customer that shot his television. Not content with merely shouting at the television it would appear that some have gone to greater lengths. Lloyds TSB Insurance stated that they were blown away when they received the call from a gentleman who revealed that he had “shot the TV”. Apparently the customer in question was refurbishing an old gun for his friend and did not realise that it was loaded.
Secondly, there was the customer who found himself minus a pair of spectacles thanks to a magpie flying into his room and removing them from the property.
Thirdly, there was the customer that called in to report a broken bed and bed post, which resulted in one rather embarrassed Claims Adviser.
Fourthly, there was the pool of so-called ‘standing water’ in one customer’s back garden. Upon inspection by a Claims Handler, it was established that this wasn’t the result of a leaking drain or pipe but, in actual fact, a favourite spot for the customer’s pet poodle to spend a penny.
As well as the claims described above, last year Lloyds TSB Insurance also saw several incidents involving mobile phones, MP3 Players and laptops ending up in toilets, bath tubs and dishwashers. In a particularly memorable case, one item even had a wash on the full spin cycle.
Phil Loney, Lloyds TSB Insurance Managing Director, commented: “I never cease to be intrigued by the variety of claims we receive day in, day out. Our 2008 quirky claims round-up highlights that it’s truly impossible to predict what’s around the corner and whilst it’s important to take sensible security, maintenance and safety steps, having a good insurance policy is vital to ensure long term peace of mind.
“We take pride in making our insurance policies clear and simple to understand so that when the unpredictable does happen you know what you’re covered for.”
Homeowners that find themselves facing the unexpected, and as a result requiring additional funds, could bear in mind the option of a secured loan. Repayable over a term to suit the borrower from 5 to 25 years, a secured loan could be a solution to the unforeseen. The necessity to extend your home to house a surprise addition to the family is one example of where a secured loan may be used to finance the unexpected. However, it must be remembered with any borrowing that repaying over a longer term may increase overall interest charges.
Related posts:
Jan 27, 2009 Comments Off
Jan 26, 2009 Comments Off
It’s the beginning of a fresh year, and many people will be setting themselves resolutions for the coming twelve months – perhaps getting fit or embarking upon a new hobby. However, during this period of economic unrest, Defaqto suggest that getting your finances in order is more important.
As a result, Defaqto’s team of experts have combined forces to draw attention to four key financial New Year’s resolutions in a bid to make 2009 as care-free as possible.
Firstly, manage your debt. David Black, Defaqto’s Principal Consultant for Banking, recommends overpaying monthly credit card and mortgage payments as interest rates have reduced. However, with regards to the latter, this should only be carried out if early repayment penalties do not apply. Black commented: “With lower interest rates your monthly payments may reduce, but by overpaying the minimum amount required each month you will begin to reduce your debt more quickly.”
Secondly, don’t cancel your insurances. Head of Insight, Brian Brown, advises people not to cancel insurance policies in a bid to reduce outgoings.
Brown suggested: “You need to carefully examine your personal circumstances and your policy wordings to form a judgement as to whether to retain your policy, seek cheaper alternatives or drop it altogether.
“For instance Payment Protection Insurance is the first safety net people fall back on before being forced to claim state benefits, so think carefully about how you would cope with paying off credit cards, loans and mortgages without an income.”
Thirdly, start planning for your retirement. Matt Ward, Defaqto’s Principal Consultant for Pensions and Wealth Management, feels that it is never too soon to establish a retirement plan.
Ward commented: “Spare cash is likely to be hard to come by at this difficult time, particularly with Christmas having only just passed. But it is important not to let your retirement planning slip off the agenda. Every year that you delay paying towards your retirement can significantly reduce the amount of income you will have once you retire.”
Finally, diversify your investments. Defaqto’s Principal Consultant for Investments, Fraser Donaldson, believes that the diversification of investments is currently the best approach.
Donaldson remarked: “With so much uncertainty in the financial market at the moment it would be sensible to diversify your investments.
It is probably too late to cash in now, and there’s a good chance that the markets are nearer the bottom than the top.”
Homeowners that have resolved to organise their finances this year may wish to consider taking out a secured loan to consolidate existing debts into one manageable, monthly repayment. This would not only be more convenient, but may also result in lower monthly outgoings. One of many options available, a secured loan is usually repayable over a term to suit the borrower from 5 to 25 years. However, when consolidating your debt it should be remembered that this may increase the amount you pay back overall and extend the repayment periods of your debts.
Related posts:
