SOHO stands for Small Office, Home Office and it’s used to refer to people who work from home (sorry it’s a boring explanation). With the cost of business premises still high even though the housing market is in free fall, it’s natural to base start-ups in the spare room and the garage for storing inventory. With computers, people can easily work from home. Employers cut their expensive office overheads by having their full-time staff telecommute. The self-employed freelance or run e-commerce sites.
Unfortunately, most people never think about home insurance. They have their home insurance policy but never read the small print. The bad news? The majority of policies either exclude or limit the cover for people who telecommute or operate a home business.
Let’s deal with your boss offering you the chance to work from home. That’s great for you, saving all that money in gas or bus fares to travel to work. But if your boss gives you a computer, router and other office equipment, make sure the business insures it all. If not, you’re likely to find a burglary expensive. Your home insurance probably doesn’t cover any property belonging to someone outside the immediate family. So who’s going to pay for all the missing kit? The answer is to add an endorsement to your existing policy and to pass the additional cost on to your boss (you can sell this because your personal endorsement will be less than the business insurance cost).
If it’s your own business, how much is all your equipment and inventory worth? Even if some of the value is covered under your home policy, there’s almost certainly no cover if you take any of it outside the home. Worse, there’s no liability cover so if anyone is injured whilst dealing with your business, you’ve just discovered the joys of self-insurance. You’ll be pleased to know there are options. If your own business is small scale, add an endorsement to your policy (sometimes called permitted incidental occupancies). But if the business is more substantial, there’s no substitute for a work at home business owners insurance policy. It’s more expensive but, because it offers strong liability cover against all claims for loss caused by the operation of your business, it pays for itself in the long run. You can use online quotes to find the best homeowners insurance for your needs.
You should check your policy schedule to see if you have cover while you’re using your car within the EU. Some insurers do not provide full cover in the EU which may mean that you’re not covered for things like damage to your own vehicle. If you want to extend your insurance policy to give you protection while driving in the EU, or to cover you in a country outside the EU, you must contact your car insurance company before you leave.
The British love holidays, in fact in the 12-month period to January 2011, 54.9 million UK residents made trips abroad. If you decide to take your car on holiday abroad, it is worth checking your car insurance. Car insurance providers will cover your legal liability to others while you are using your car within the European Union and any other country which has agreed to follow Article 7 of the EU Directive on Insurance of Civil Liabilities arising from the use of motor vehicles.
Taking your car on holiday can seem like a great idea but in reality, long journeys in cramped cars can be difficult for everyone. Not only is a car full of luggage uncomfortable, it can also be dangerous.
A blocked rear view mirror increases your chances of an accident and although your car insurance may be able to protect you financially, it’s the last thing you want on your way to a holiday destination. A roof rack can therefore help keep your view through the rear windscreen clear and safe.
As well as making you safer, roof racks can also make packing the car easier. Finding a way to get everything you need on your holiday into the car, whilst still leaving room for your passengers, can be like a nightmarish game of Tetris. You will probably get there in the end, but at what cost to your mental health and blood pressure? Roof racks can certainly take the pressure off; they can almost double the boot capacity of a small vehicle so you may well find you have room to spare.
If you do decide to use a roof rack, you need to take the proper safety precautions before setting off on your journey. Make sure you tightly secure all the items using roof rack ties and then drive around the block a few times to make sure nothing flies off.
With reputable car insurance, a good roof rack and the right precautions, the journey to your holiday destination can be a more leisurely, safe and enjoyable affair.
 – statistics.gov.uk/cci/nugget.asp?id=352
It appears the UK is a nation determined to cause confusion for its inhabitants, there is no way one can plan their wardrobe, it starts with showers, big heavy cold rain drops and by mid morning you are likely to have experienced an audience with some sun rays.
Don’t hold your breath, by late afternoon you may have experienced torrential rain, a hailstone storm or maybe you were lucky enough to have enjoyed a heat-wave. Regardless of how you structure your outfit in the morning you are guaranteed to have got it wrong at some point in the day, with all the various weather types that occur in one day is it any wonder that the average British home has some form of weather damage to it?
Add that to the vast majority of UK households that don’t have adequate home insurance and you see a messy picture muddifying before your eyes. As it stands statistics show that a massive one in five homes do not have any form of buildings or contents insurance. That means if their home were ravaged by one of the freak weather occurrences that regularly plague the UK weather front they would have to find the funds to fix their home and replace any furniture and belongings that were damaged.
Of those interviewed over sixty five per cent stated their contents to value around £15,000, that’s a lot of money to find under the sofa cushions to cover the costs that would undoubtedly occur from a flash flood. For those that suffered in the flash floods of previous years in the UK watching their lives quite literally float away before their eye must have been painful, for those that didn’t have any form of home insurance it must have been excruciating! If your home suffers from flood damage and you don’t have any form of home insurance you will have to find every penny and every pound to cover the costs of any building damage as well as any builders costs, the replacement of furniture and most importantly the rendering of your home habitable. All of this takes time, time you will have to spend away from the property, away from your home.
While money can’t replace the memories of a video nor can cash cover the upset of losing one’s home as they know it. What it can do is protect you and your loved ones in the eventuality of such a disaster. Rather than having to deal with funding alternative accommodation on top of dealing with the trauma of watching your children’s toys float off in a muddy trail down the street there is great comfort to be drawn from knowing your insurance will cover the cost of alternative accommodation after your home has been rendered inhabitable.
As well as that you will not be like the 20% of individuals in the country who do not enjoy the benefits of contents insurance and the huge number of individuals who during last year’s storms, earthquakes and flash flooding had the contents of their property damaged. For those who suffered at the hands of flood water it was not only the dissipating of the water that left an ugly stain and stench, but the realisation that they had scrimped on the £15 a month contents insurance cost and now were looking at around £26,000 worth of damage.
It wasn’t only their ‘stuff’ that needed covering but all their furniture too, their leather sofas, their carpets, the rugs and their cabinets. Understanding that contents insurance is for all your ‘non-fixed’ appliances, furniture as well as all your ‘stuff’.
Halifax home insurance is now providing a more thorough cover offer by including bike insurance in their deal. With this week marking National Bike Week (June 16-22), Halifax has decided to send a warning to all those hitting the cycle track regarding the potential dangers of bike thieves. The company is also offering incentives to those taking out home insurance, which is now also going to provide cover for bikes.
While National Bike Week is a great time to hang up the car keys and take a greener approach to travel, Halifax Home Insurance is concerned that people could become victims of theft if they do not take care. A recent study from the British Crime Survey shows that a bike is stolen in the UK every 65 seconds, on average, and that the cost of replacing a bike is typically £337.
Head of underwriting at Halifax Home Insurance, David Rochester, said: “One bicycle theft every 65 seconds is shocking. While cycling has many benefits for people’s health and also the environment, it is important that people take adequate measures to protect their cycles and also make sure they are insured, both in the home and also when out in public places.”
Halifax data shows that London is the most risky area for cyclists, with regions of the Capital accounting for four of the top ten bike theft hot spots. Other vulnerable areas include Bristol, Reading and Chester.
Despite the risks, the company claims there are various simple ways to reduce the likelihood of having bikes stolen. It encourages cyclists to make use of specific bike parking racks and always keep bikes locked, even when leaving them for short periods of time. Using hardened steel U-type locks and considering anti-pry devices are advised.
In addition to the general safety tips, it reveals that Halifax Home Insurance offers bike cover up to £500 as standard and that those with a value exceeding this will be insured providing the customer has listed it as a special item on their policy. And for additional cover, it may be worth looking into cover for theft away from the property.
Halifax Home Insurance is currently offering customers £50 when they take out a buildings and contents insurance policy. It will also give customers a further £50 a year they keep their policy without making any claims.
The British Crime Survey (BCS) is an important source of information about levels of crime and public attitudes to crime as well as other criminal justice issues. The results play an important role in informing Government policy.
The BCS measures the amount of crime in England and Wales (the first survey covered Scotland as well, but now Scotland and Northern Ireland carry out their own crime surveys) by asking people about crimes they have experienced in the last year. The BCS includes crimes which are not reported to the police, so it is an important alternative to police records. The survey collects information about: the victims of crime, the circumstances in which incidents occur and the behaviour of offenders in committing crimes.
A ‘classic car’ usually refers to an older or vintage car, however the exact definition is not set in stone. The Classic Car Club of America argues that a car has to be between 20 and 45 years old to be a real ‘classic’ car, and any vehicle over 45 years old is known as an antique. In the UK these definitions are not so strict, although the age of the car does have an impact on car tax.
In the UK, all cars built before January 1, 1973, are excluded from paying the annual road tax vehicle excise duty. The HM Revenue and Customs define a classic car for taxation purposes as being over 20 years old and having a value in excess of è�•£15,000. So if you tick those boxes, you have a classic motor on your hands.
But what does this mean for your insurance?
Most insurance providers will tailor your cover to suit your vehicle. If you pride yourself on owning a classic car, you’ll want to take out a level of car insurance online that will protect your vehicle at all times. You may only take your car out for a quick spin during the holidays, or it might be your every day run-around vehicle – but the car will still be at risk of getting the odd bump and scrape along the way.
As well as the usual claims on car insurance, a classic car is also more at risk from theft. Classic cars are a highly desirable vehicle, and may be targeted by thieves who know what they are looking for. 115, 000 incidents of car theft were reported in 2009-2010 according to the Home Office and the Home Office Car Theft Index showing that older cars are at the highest risk of being stolen. They report that cars more than nine years old account for nearly two-thirds of all cars stolen in the UK.
With this in mind, you’ll want to make sure that your classic car is fully insured to protect it. Speak to your insurance provider about your concerns and they will make sure your car is insured against damage, theft and all the other matters that can arise with a well-loved car. Although your vehicle may be a classic now, you want it to be a classic car for the future too.
Although having a ‘don’t care less’ might mean that homeowners have one less concern to worry about when renewing their home and contents insurance policy, this may well leave them with further monetary issues.
In a recent study carried out by Tescocompare it was indicated that just under two-thirds (64 per cent) of Britons reached the decision to opt with their current building and contents insurance provider when they were last required to renew their premium. Such a proportion comes despite almost 44 per cent of People facing an increase in the cost of their property insurance policy. Furthermore, it was indicated around four million of such people have witnessed their premiums go up at a faster rate than that of inflation. Meanwhile, the price comparison website indicated that with the typical insurance policy worth some 283 pounds, had those approaching the renewal of their premium opted to switch for a cheaper policy then they would have collectively saved some 26 million pounds.
The Tescocompare study also remarked that only a little more than a fifth (22 per cent) of people questioned who were facing a rise in their insurance premium above the rate of inflation considered switching supplier. Out of such consumers, only eight per cent found that they could not get the same level of cover at a lower price.
Additionally if they are paying out more money than required for a home insurance policy, it could be possible that consumers discover that they are developing difficulties in managing other constraints on their spending. Such areas may well include credit and store cards, loans, mortgage repayments and household bills.
Additionally, it is quite probable that a large number of consumers are willing to place themselves under further financial pressures. Of those who opted to stay with their provider, 48 per cent feel that they had enough time to change supplier well in advance of of being hit with a price increase although they eventually ended up staying put.
Paul Baxter, spokesman for Tescocompare, remarked “The message behind this research is clear – many millions sleepwalk through their insurance renewal allowing their insurer to increase premiums unchallenged. Regardless of how loyal you are to your current home and contents insurer – you should shop around at each renewal to make sure you get the cheapest and most appropriate insurance for you.”
For those consumers who intend to carry out repairs to their house or make any major household purchases – double glazing, conservatory or a car for example – taking out a cheap loan might be a recommended course of action. The additional financial help that a cheap loan brings could also assist borrowers to take out a comprehensive home insurance policy which is also competitively priced to ensure that such objects are covered.
A loan could also be of help for consumers requiring to insure their pets. In a new study carried out Sainsbury’s Finance indicated that 11 million Consumers do not have cover for their cat or dog, with around 4.6 million of such consumers believing such a premium is unimportant. Meanwhile, should people not have insurance for their animal they may have to dip into their pockets should their four-legged friend fall ill, with the typical bill for vet treatment indicated to cost about 300 pounds.
In most of our lives our home must surely rank as amongst the most important material things. There is certainly unlikely to be anything more worthy of our careful protection. After all we all spend so much time searching for that perfect property and considering so many things, not least that elusive but all important ‘wow’ factor. Our homes almost become part of who we are so the devastation of serious damage can be a tough thing to take. Lessening that blow with a good home insurance policy should therefore be something we don’t take lightly.
Making sure you end up with the right policy to fit your needs and that you feel is cost-effective can be a complicated process though, it would be nice to think you could take the easy route and default on a standard policy but, really, there’s no such thing. You’ll need to check though any prospective insurer’s levels of cover and various exclusions. But let’s start by breaking the subject into the two principal types of cover – Building Insurance and Home Insurance.
Building insurance should cover more than simply the main building and include any outbuildings such as garages as well as gates, patios, sheds and fences. It’s important to give any exclusions or clauses, and there will almost certainly be quite a few, a thorough examination. Make sure you know what’s covered and what isn’t. Don’t over-insure yourself; the sum should be the cost to rebuild rather than what the property is worth. In certain cases the insurer will only pay out the cost to rebuild anyway. A rebuild cost should be pretty cheap and easy to come by so make sure you get it right. Also take into account the likelihood of rebuilding costs increasing over time especially if you make any modifications. And if you’re after a quick money saving tip, think twice about paying with a direct debit, it’s entirely possible you’ll be charged up to 30% interest. Think about paying with a 0% on purchases credit card.
Once again it is important to be certain that you are insured for the right amount. Try compiling a full check list of everything, it may seem long-winded but is definitely worthwhile. It’s quite possible that your insurer will put a limit on individual items, if this is the case and a single item is worth more than an imposed home contents limit try to negotiate an increase or, failing this, you’ll have to insure it separately. Make sure your contents are insured beyond the basic theft and fire cover and encompass other threats like storms or flooding. A decent money saving idea is to look at the possibility of a combined deal that covers both contents and building, this might be offered at a reduced rate and should obviously speed up the process. Don’t just plump for a combined deal for convenience sake though; a good policy for contents could be teamed up with a less impressive deal for the building or vice-versa.
Copyright © 2007 Jay Smith
A major policy question for possible regulation of the use of genetic information in life insurance is whether access to life insurance should be considered an economic issue or a civil rights issue. If the former, insurance companies should be given wide latitude in deciding what information to consider in underwriting. If the latter, restricting insurer prerogatives (with the effect of low-risk individuals subsidizing high-risk individuals) may be necessary to promote other social policies. As described below, the survey data also may shed some light on public views on this question.
We asked the following:
Now I am going to read some statements about insurance and ask you to tell me whether you strongly agree, agree, have no opinion, disagree, or strongly disagree with each one. The first statement is…
A. Everyone needs health insurance.
B. Everyone has a right to health insurance.
C. Everyone needs life insurance.
D. Everyone has a right to life insurance.
The questions were block rotated (A and B, C and D). Because there is no legal right either to health or life insurance, we assumed that questions B and D were viewed by respondents as “Everyone should have a right to health/life insurance.”
Of our respondents, 91.2 % said that everyone needs health insurance and 90.6% said that everyone has a right to it. These data were in line with expectations. Furthermore, 69.2 % said that everyone needs life insurance. This was in line with expectations (70% of households have life insurance), in that depending on age, health, family status, and financial status, a substantial minority of respondents might not believe that everyone needs life insurance. On the second part of the question, however, instead of a comparable response, as was the case with the question on health insurance, 82.6% of respondents said that everyone has a right to life insurance. Overall, 62.2% agreed with both statements-that everyone needs and should have a right to life insurance.
A wide range of demographic factors can be detected from these responses. Those who regarded life insurance as both a need and a right had fewer years of education, tended to be African-American or Hispanic, were Catholic, and had total family incomes under $25,000 per year. About 20% believed that everyone needs life insurance, but that it is not a right. These individuals were likely to have college or postgraduate education, be older and widowed, be white or Asian, and have an annual income over $100,000. A little less than 7% did not feel that everyone needs life insurance, but that they should have a right to it. They were likely to be retired and to have incomes above $75,000 per year. Finally, about 10% of respondents did not think that everyone needs life insurance and did not believe that everyone should have the right to it. These individuals completed the most education, were more likely to be white, and to have incomes above $50,000.
How does one account for this disparity? Consistent responses regarding health insurance were not repeated for life insurance. A substantial number of respondents had different opinions about whether access to life insurance is an economic issue (need insurance), a civil rights issue (have a right to insurance), both, or neither.
When trying hard to get insurance on a temporary licence, it is not like the traditional insurers, because they will be able to provide free quotes. Traditional insurers are giving high rates for their car insurance. The rates that they’re providing is more than the driver can afford. If you are a 1st time driver or a student who are starting to learn how to drive you are definitely subject to different types of accidents. This is the most important reason why their insurance is expensive. Aside from this, majority of insurance corporation are unwilling in giving policies that are accessible for learners. There are various kinds of insurance schemes available to cover the insurance for temporary drivers.
There is also an available insurance for 17 years old drivers possessing temporary drivers. Some learners believe that after they procure their driving examination, the final automobile insurance will reduce because they have passed the examination. This isn’t always the case, because a learner driver under self-examination of his driving abilities is much subject to have accidents. As you test your skills in driving are probe to make a few mistakes that can cause accidents.
In actual fact there are a considerable number of less expensive insurance policies for noob drivers that are available and there are quiet numbers of policies that is exclusive for learners only. You must be aware that less expensive insurance could have awfully limited coverage. Remember which will just what you have paid for. This is the reason why you must evaluate the insurance really well right before making the choice to acquire a specific insurance. It can be very troublesome for you to find cheaper auto insurance for provisional driver that will cover everything. Insurance policies for people with temporary driver’s license aren’t available or awfully expensive because these folks are considered to be at risk of having many accidents.
A particular insurance company will thoroughly inspect all the documents as well as the clauses by the license holder where she or he is previously insured. Folks who have their temporary license believe that the cost of their insurance will drastically decrease when they have passed all of the examination it’s not accurate. The majority of these insurance firms believe that a driver who have just finished their driving test as an accident prone than a learner. As a new driver your excitement to check out driving talent will put you in great danger. Some corporations are just offering policies for beginner drivers and this kind of insurance also require huge amount of rate.
As a student learner or driver, it’s great to obtain insurance when you’re already a pro driver, if you really want to pay lower insurance. Insurance is very urgent because this may protect your life and your investment. There is nothing that you can do in increase rate of insurance for beginners because insurance corporations are scared to give away lower insurance. As a new driver, you need to acknowledge that there are a considerable number of factors that might affect your insurance rate such as your age, model of vehicle and your experience in driving will greatly affect the rate of your insurance.
When attempting to get insurance on a temporary licence, it isn’t the same as the traditional insurers, because they can provide free quotes. Standard insurers are giving high rates for their motor insurance. The rates they’re providing is more than the driver can afford. If you are a first-time driver or a student who are starting to learn how to drive you are definitely susceptible to different types of accidents. This is the main reason why their insurance is pricey. Apart from this, majority of insurance firm are unwilling in giving policies that are accessible for learners. There are various types of insurance schemes available to cover the insurance for temporary drivers.
There is also an available insurance for 17 years of age drivers possessing temporary drivers. Some learners believe that when they procure their driving examination, the overall automobile insurance will decrease because they have passed the examination. This is not always the case, because a learner driver under self-examination of his driving skills is much subject to have accidents. As you test your abilities in driving are probe to make a few mistakes that may cause accidents.
Actually, there are numerous less expensive insurance plans for newb drivers that are generally available and there are quiet numbers of policies that is exclusive for learners only. You need to be aware that less expensive insurance might have extraordinarily limited coverage. Remember that will only what you have paid for. This is why you must guage the insurance really well right before making the decision to procure a specific insurance. It can be terribly difficult for you to find less expensive car insurance for temporary driver that will cover everything. Insurance programs for people with non-permanent driver’s license are not available or extraordinarily costly because these people are believed to be at risk of having many accidents.
A specific insurer will thoroughly check all the documents as well as the clauses by the license holder where she or he is formerly insured. Folks who’ve got their non permanent license believe that the price of their insurance will seriously decrease when they have passed all of the examination it isn’t true. Most of these insurance firms believe that a driver who’ve just finished his or her driving test as an accident prone than a learner. As a new driver your excitement to test out driving ability will put you in serious danger. Some firms are just offering policies for newb drivers and this sort of insurance also require massive quantity of rate.
As a student learner or driver, it’s great to obtain insurance when you’re already a pro driver, if you really want to pay lower insurance. Insurance is very crucial because this may protect your life and your investment. There’s little that you can do in increase rate of insurance for amateurs because insurance firms are afraid to give away lower insurance. As a new driver, you want to acknowledge that there are lots of factors that might affect your insurance rate like your age, model of auto and your experience in driving will greatly affect the rate of your insurance.
Ways to save on Home Insurance
There are many variables relative to a home that determine the rate that is charged for insuring the property. For example, homes constructed of Brick and that are detached from other homes, will get cheaper insurance rates than a home constructed of wood and that is attached on one or both sides. Also a 3 family home will cost more to insure than a one family home, as each unit adds another potential hazard with more stoves, kitchens, potential water leaks, and increased chances for human error that may cause a fire.
Below are some ways to save on your home insurance:
1). Purchasing a newer home will result in lower insurance rates.
2). Homes with flat roofs may cause more than homes with a pitched roofs as the later tends to protect more against leaks and collapses (i.e. from accumulated snow or ice on the roof).
3). Install a central alarm system (a system that automatically alerts the fire department or police if there is an emergency) rather than a local alarm. This can result in a decent discount, perhaps 10%.
4). When determining the insurance amount on the building, leave out the land as you are insuring just the building. Remember, the land does not burn and rates are based on the replacement cost of the building and not the appraised value of the property.
5). If you own vicious animals such as pit bulls, keep in mind that many insurance companies may refuse to insure your property or will charge higher rates, due to the increased liability.
6). Raise your deductible. By raising the deductible from say $500 to $2,000 you can save a respectable amount on your insurance. Remember, you are insuring against catastrophic loss, not to cover any foreseeable loss.
7). Verify if your employer offers a group discount arrangement (also called affinity group discounts) with a particular insurance company.
8). If searching for a home, try to avoid homes in a designated flood area as this will require you to also purchase flood insurance in addition to homeowners insurance.
9). If you do not desire to be a landlord, buy a one family home as these are less expensive to insure than a 2 or 3 family home.
10). Maintain a good credit rating as many insurers now rate based on your credit history.
11). Always insure on replacement cost (RC) instead of actual cash value (ACV), as the former provides more coverage in the event of a loss.
12). Don’t switch around. Some folks shop around regularly for lower insurance rates and this will only hurt them in the long run because many insurance companies reward those who stay with them over the long run, with possible discounts or loyalty credits down the road. Some insurers offer discounts once you have been with them for 5 or 6 years.
13). Make sure your home is secured by deadbolts, smoke detectors, fire extinguishers, and burglar alarm as these can help you get additional credits for a lower rate.
14). Consider a packaged policy. You should get a better rate by combining your home and auto in the same policy.
15). If applicable, always ask for a senior citizen discount.
16). Review your policy annually. Make sure that your property is insured for the correct amount to avoid that your property is underinsured, as over time the value of the property and its replacement costs will more than likely increase.
17). Remember, in most cases if you don’t ask you won’t get! So always ask first about all of the discounts that are available. If they don’t volunteer any, ask about specific items (i.e. central alarm system).
18). Upgrades. You will receive a better rate if the plumbing, roof, heating and electrical have been upgraded within the last 10.
19). Avoid frivolous claims. If you have had prior claims over the past 5 years, this will result in higher rates. So try to avoid making claims on small losses; hence the rationale for a higher deductible.
20). Sprinkler system. Although this may not be a practical expense for many, an indoor sprinkler system should provide for a hefty discount.
21). If you own more than one property, inquire whether you will get a package discount by insuring more than one property with the same company.
22). Verify if you will receive discounts for paying electronically via electronic funds transfer from your checking account.
23). See if you can get a discount by paying each year in full instead of by installments.
24). If you do not smoke, verify if your insurance company offers a non smoker discount.
25). When shopping for a home, try to find homes located closer to a Fire station (less than 5 miles), and that is situated close to a fire hydrant (the close the better).
I hope this article has been helpful.