Theft & burglary questions to ask your holiday home insurer

post — Kyle Evans @ 9:38 am — post Comments (0)
postJuly 27, 2010

The Summer holidays are upon us and it’s a time when many of you will be off to visit your holiday homes or managing hectic changeovers at your holiday rental.

Although it’s likely that holiday home insurance won’t be a foremost concern during this period, it’s essential that you are aware of some areas which may leave you at risk.

Our experience at Schofields is that unfortunately during the summer months, theft and burglaries increase at holiday homes – as both home owners and holiday makers arrive with an array of expensive gadgets, jewellery and money.

Although many of us have a perception that the idyllic rural locations where our holiday homes are located are virtually crime-free, this is a mistaken perception that may cost you dear if you don’t appreciate the reality.

In reality, some factors often make holiday homes particularly attractive to burglars and criminals:

  • many second homes are located in relatively rural and isolated areas outside of villages and towns, especially those overseas – this isolation makes them attractive to thieves;
  • some holiday properties may be equipped to a relatively high standard and contain expensive electrical equipment and furnishings;
  • due to renters coming-and-going, it may be difficult for local people to identify when strangers are authorised to be around the property and when they’re not;
  • by definition, a second home is going to be unoccupied more regularly than a main residence.

Don’t assume your holiday homes insurance covers theft

It’s essential that you read the small print and exclusions of any insurance policy you are going to purchase, but many people don’t. Consequently holiday home owners may not be covered for something they ‘assume’ they are.

To avoid being uninsured, here are some areas that you should check with regards to your insurance, theft and security;

  • Shutters and bars – Some overseas property insurance policies insist that holiday homes have shutters or security bars fitted to windows and if it does, that they are used when the property is empty. Does yours?
  • Theft by non-forced entry – do you or your guests leave windows open whilst you relax by the pool, or pop out to the local shop? Then you may be uninsured following a burglary, as many insurance policies do not cover theft by non-forced entry. If there are no signs of a break-in, such as a broken window, then the insurer is likely to decline the claim.
  • Theft by guests – although most property owners and agencies take steps to vet guests before they arrive, if a fraudster does decide to empty your holiday home of its contents you will want your insurance to cover it. Check your policy covers theft by persons lawfully in the home.
  • Outbuildings – these are often used to store a variety of equipment; does your policy specify that outbuildings must be secured with specific locks?
  • Keys – also check your insurance covers theft of keys following a break in as it is likely you will need to replace locks.
  • Security discounts – if your insurer is giving you a discount for utilising specific security precautions, such as locks or an alarm, ensure you are fulfilling your obligations.

Some people are a little bit laid-back when it comes to thinking about their holiday homes and security. Protecting yourself with appropriate security measures is only common sense.

In the unfortunate event that you do have to claim, you need to ensure that you are covered for theft (by checking the terms before buying a policy) and that you have fulfilled your obligations under the policy (e.g. those in relation to shutters).

Taking these steps and checking the points above will hopefully avoid your claim being declined.

Are there too many restrictions and exclusions in your policy?
There are no security requirements on a Schofields policy and we cover theft or attempted theft by non-forcible entry. Get a quote

Prevention better than creativity

post — Eric Flores @ 9:25 am — post Comments (0)
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As the schools break up and people go on holiday, insurance company Hiscox is warning that prevention is better than creativity when it comes to foiling burglars. Home owners can be extremely inventive when thinking of places in which to hide valuables but basic home security is likely to be far more effective in the end.

Imaginative hiding places uncovered by the insurance company include sewing jewellery into the lining of curtains, burying valuables in the garden, hiding treasured possessions in shoes and clothes, making your front door look scruffy in the hope that burglars will choose a better-cared-for house to burgle and hanging washing out before you go away to make the house look lived in.

The sad fact is that many of the favourite hiding places are known to thieves. Burglars are also likely to notice something awry if washing is left on the line for a fortnight, and things can go badly wrong when you forget that the shoes you are giving to the charity shop contain your prized jewellery.

Hiscox therefore recommends basic precautions such as the following:

  • Good locks for all windows and doors (including patio doors and those on outbuildings)
  • Security lighting outside
  • A home safe for jewellery and other valuables and a bank deposit box for any particularly valuable objects
  • Time-operated lights and/or a friend or neighbour to call in periodically

Andrew Cheney of Hiscox UK recommends that homeowners should think of creating “rings of security” around their properties to wear the would-be intruders down.


Houston Home Owner Insurance Quote

post — Eric Flores @ 12:22 pm — post Comments (0)
postJuly 25, 2010

If you are a Houston resident in search of a home owner insurance quote, you have probably heard the same advice repeatedly – shop around. Of course you need to shop around; otherwise, you may purchase a home owner insurance policy from an insurance company, only to later find you could have purchased the same home owner insurance policy from another insurance company – cheaper.

Check out these tips and tricks to get the best home owner insurance quote for your Houston home.

Don’t overlook the little guy.

Maybe you’re tempted to make an appointment with a large, well-known home owner insurance company in Houston; however, by choosing a skilled independent insurance agent, not only are you getting more personal, one-on-one attention, but you can also take advantage of the several different home owner insurance companies in Houston with which the independent agent is familiar and do business with.

Pay attention to discounts.

Pay real attention to discounts – don’t just accept what the insurance company offers and move on. Home owner insurance companies offer the normal discounts for safety features, sturdy building materials, and the age of your home. If you have an excellent claims history, however, make sure your home owner insurance agent is aware of it. Stellar claims histories usually help get you additional discounts.

Control yourself.

Once you’ve gotten your Houston home owner insurance quote, and your policy has taken effect, you may – sooner or later – find that you aren’t at all pleased with the policy. When this is the case, many of us are tempted to call the insurance company, give them a piece of our minds, and cancel the policy. First, take a deep breath. Call your insurance company to determine if the policy can be corrected, or altered, to your needs and expectations. If not, politely say goodbye and begin shopping for a new policy. Never cancel your current policy before securing yourself a new one.

Visit : remortgage house personal injury solicitors

Medical Loss Ratio Debate Rages

post — Daniel Scott @ 4:44 am — post Comments (0)
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Discussion about the portion of the health care reform law that requires health insures to maintain a medical loss ratio (MLR) of 80% for individual and small-group products (and 85% for large) is heating up, as critics ratchet up their rhetoric. The debate centers on how insurers may already be responding to the law’s mandate, effective January 1, which require insurers not meeting the MLR minimums to rebate their customers.

The political watchdog group Health Care for America Now has been particularly vocal. A blog written by HCAN’s Executive Director Ethan Rome, describes a report issued by HCAN, Sen. Al Franken (D-Minn.) and Rep. Bill Pascrell Jr. (D-N.J.) along with members of the Main Street Alliance, a network of state-based small businesses that “shines a light on the accounting tricks the insurance companies want to play to game the medical-loss ratio system, and it exposes their lobbying offensive to protect the status quo and undermine this part of the law before it even takes effect.”

The rules regarding exactly how MLR will be calculated have not yet been released, however, and will be published after the administration receives recommendations from industry associations, The National Association of Insurance Commissioners (NAIC) and other health care insurance stakeholders. The NAIC reports it will provide final recommendations for the regulations later this summer.

Ahead of this recommendation, notes the HCAN blog, Sen. John D. Rockefeller (D-W.Va.) reportedly has sent a letter to NAIC President Jane Cline commending the NAIC’s work in the matter, yet cautioning that the insurance industry is “sparing no expense to weaken this new law and the protection it promises to America’s consumers.”

According to AIS Health.com, which reprinted an article that appeared in Health Plan Week,  some insurers have decided to scale back or exit the individual markets where the MLR mandates are not practical for them in which to compete. AIS Health.com offers Illinois-based Guarantee Trust Life Insurance Co. as an example of a company that chose to discontinue and replace coverage for 1,907 of its 2,100 members covered by an individual policy.  “The affected individual insurance members will be moved into products that have more enrollees and better experience so that it will be easer to meet the MLR ratios,” notes the report. 

Adding further fuel to the controversy is the possible restructuring of how insurers pay brokers and agents. “Some health plans are beginning to restructure the way they pay their brokers and agents in an effort to reduce the percentage of premium dollars that go toward commissions,” AIS Health.com reports.

“They [insurers] want to continue their long-time practice of spending low percentages of premium revenue on actual medical care in certain states and for certain customers,” notes Rome in his HCAN blog.

Even the term “medical care” is fodder for debate. “They want to change the definition of “medical care” to include things that aren’t medical care and that have never been considered as such,” notes Rome in his blog. “And the insurance companies are shameless in just how far they will go. They really are trying to have “underwriting,” the process by which sick people are weeded out of eligibility for coverage, defined as a medical expense! Along with claims processing, call centers and other expenses that aren’t about the actual delivery of care.”

INN was unable to reach America’s Health Insurance Plans’ spokesman Robert Zirkelbach for comment. However, in a related story, he reflected last week on the MLR issue along with other pieces of the Affordable Care Act, telling A.M. Best that “What matters is the cumulative impact of all of these reforms and the impact it will have on the cost of coverage,” Zirkelbach said. “Premiums follow costs.”

Home insurance concerns following IPT rise

post — Kyle Evans @ 12:07 pm — post Comments (0)
postJuly 21, 2010

The government’s recent decision in the emergency budget to raise the lower rate of IPT (insurance premium tax) by 1% to 6% from 4th January 2011 has caused more than a few raised eyebrows in the insurance industry. Some professionals are concerned about the effect this may have on people taking out home insurance, considering it’s estimated that 1 in 4 households already forgo contents insurance.

The deficit
Given the current national deficit, comparatively few people seem to be questioning the need for some forms of belt-tightening going forward or that the government needs to raise more income.

However, some are pointing out that insurance increases must be seen in the context of VAT also increasing to 20%.

The danger is that the two together may have a disproportionate effect on people that have traditionally taken a mature and responsible attitude towards protecting themselves through insurance.

The concern
The concern arises from two considerations:

  • the VAT increase will push up prices for things such as renovations and maintenance, meaning that second home owners will have less money available;
  • the overall increase in the cost of insurance may discourage property owners from taking out adequate insurance or force them to choose a policy based on price alone.

Anything that nudges owners towards thinking they can do without insurance could have serious consequences.

The value of insurance
The entire point of second home insurance is to protect people from the unpredictable side of life such as burglary, fire, natural disaster etc.

Being under-insured may be positively dangerous as the property is a major asset and if it sustains damage, the effects on the owner may be financially disastrous.

Insurers are hoping that owners will realise that the safeguards offered by suitable insurance are extremely important and that the extra few pounds per annum (on average) will not be seen as being prohibitive.

Even so, for those owners needing to watch every penny due to increased holiday home running costs, this rise isn’t good news.

Choosing insurance because it’s the cheapest
Perhaps the overriding message to come out of this for holiday home owners is that it is becoming ever more important to be sure that the insurance they have is giving them the maximum cover they need and at a price which makes sense.

Choosing a policy just because it’s the cheapest can be false economy if the cover is limited. It’s always advisable to seek a comprehensive insurance policy and then take steps to reduce the premium. These include increasing the excess, improving security and avoiding monthly premiums that incur interest.

Approximately 15% of International Property Insurance Group Clients Have an Unprotected Vacant Home

post — Eric Flores @ 12:07 am — post Comments (0)
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International Property Insurance Group provides international property insurance to expatriates that reside globally. Vacant Home Insurance Now (.com) works closely with IPI Group to meet the vacant home insurance needs of expatriates residing abroad that keep an empty or unoccupied house in their home country that need vacant homeowners insurance.

IPI Group is beginning to ask U.S. expatriates about vacant home insurance needs and the results have been almost shocking. Only about 1/3 of U.S. expatriates living abroad working for a U.S. or foreign company keep a home. Of those that keep their home, about 1/2 have the house empty and the other 1/2 have a family member or someone else living in the house. For those that have an empty home, over 90% had not secured vacant home insurance! Of those that did not buy vacant homeowners insurance for the house, about 95% were totally unaware that it was even necessary.

When a house sits empty for over 90 days, vacant home insurance is absolutely necessary in almost all cases, and without exception. The more time a house is unoccupied over 90 days, the better chance the current insurer would not cover claims or losses. Also, the existing insurer in almost all cases does not have a vacant home insurance product they can offer clients.

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