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Does home insurance for an older property cost you more?

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How much does it cost to insure an older home?

The age of your property can determine the size of your annual insurance bill. Homes built towards the end of the 19th century have the highest home-insurance premiums, coming in at around £160 a year, Consumer Intelligence found.

By contrast, properties build post-2000, including new-build homes, are cheaper to insure, with an average annual home insurance premium of £117, £43 cheaper. Overall, the average UK buildings and contents policy costs £133 annually.

Why do older homes have a higher premium?

Higher home insurance premium for older properties reflect the higher cost of claims made by their owners. You’re more likely to need to make a claim for an older homes, as the roofing, plumbing and wiring are prone to wear out or develop faults.

And when repairs are needed, replacement materials for 19th century houses are more expensive to source. Insurers factor in the higher cost they’re likely to incur from these properties, and charge owners more accordingly.

Risks of buying an older home

In addition to higher insurance premiums, there are several  risks to consider if you’re thinking about buying an older property. These include:

Dangerous substances

Older properties are at risk of containing dangerous substances like lead and asbestos which were commonly used in the construction of properties until relatively recently.

Subsidence

Victorian and Edwardian homes have a higher risk of subsidence than newer properties. Subsidence happens when the foundation of a house collapses or sinks and often causes sudden cracks to appear in plaster or brickwork.

Damp and mould

Older buildings are more likely to develop damp and mould than newer homes as they were not built with damp proof materials and roof felting.

By Brean Horne

See Full Story at www.which.co.uk

How to cut the cost of your car insurance

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The list explains how making tweaks to your policy such as adding a more experienced driver and staying clear of added extras could reduce the cost quite considerably, particularly for younger drivers who are usually stung for much higher premiums.

Matt Oliver from GoCompare Car Insurance said: “While the amount people could save from each of these car insurance hacks will vary based on their circumstances, people should know that it can really pay to get engaged when it comes to their insurance.”

Use the right job title

Some occupations are considered more risky than others, according to GoCompare. But there are also situations where there is more than one job title on the pre-defined list which describes your occupation. Where this is the case, you could make some savings.

If you are a chef, for example, the average quote for this job title is £88 higher than for ‘kitchen staff’. There are other similar options for people who do office work, building and construction, teaching and journalism.

What’s more, if you are a student or full-time parent it’s important you don’t describe yourself as ‘unemployed’. You could save yourself up to £300 by not making this mistake, said GoCompare.

Add a more experienced driver

Young and inexperienced drivers could save money by adding someone with a few years more driving behind them, said GoCompare.

Putting someone like a parent on the policy could save as much as £520 according to GoCompare’s figures. But older drivers who are deemed low risk can also benefit from having an experienced named driver on their policy.

Beware of ‘fronting’, where a younger driver claims to be the additional driver when they are actually the main driver – this is illegal.

Plan ahead

GoCompare said car insurance is, on average, cheaper if bought a week before the start date. Getting it sorted in advance could save as much as 12%, it revealed.

Pay annually

Paying monthly is, according to GoCompare, almost always more expensive and putting down one lump sum in advance could knock up to £120 off the price.

If you cannot afford this much money in one payment, GoCompare recommends using a 0% interest credit card. Just ensure you pay off the balance on the card before the interest-free period ends.

By Kate Saines

See Full Story at www.themoneypages.com

9 nightmares your travel insurance won’t cover

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Travel insurance is designed to perform best in simple situations where you prepaid for vacation components. For example, trip cancellation: when you or a loved one gets sick or has an accident that prevents your travel; or trip interruption: when something happens to prevent you from reaching your destination or staying there.

Those kinds of travel insurance are good at getting back whatever money you can’t get back directly from the suppliers, and that’s enough for many travelers. But many problems that often arise fall around the edges of travel insurance policies, and may not be covered.

Squaremouth, a travel insurance comparison site, recently shared some “surprisingly common” nightmares that standard travel insurance often doesn’t cover. Squaremouth names three situations for each of the following categories: air travel, hotel stays, and on-the-ground bookings once you’ve arrived.

Here are potential travel insurance nightmares to be on the lookout for, and how you might be able to avoid or remedy it.

• Security delays: Travel insurance typically doesn’t cover you if you miss a plane due to excessively long lines at TSA. While those aren’t your fault, they also aren’t the fault of the airline. If you frequent busy airports, consider TSA Precheck where it’s available.

• Bumping: Insurance typically doesn’t cover downstream cancellation penalties if you’re bumped from a flight and miss a subsequent departure.

• Mileage flights: If your flight on a frequent-flier award ticket is canceled or otherwise impacted, insurance can’t replace or pay you for points. It may, however, cover the cost or re-deposit unused miles thereafter.

• Lost lodging reservations: A lost lodging reservation isn’t covered by travel insurance, and instead will have to be taken up with the company or travel agent that lost it.

By Ed Perkins

See Full Story at www.wkyc.com

Travel insurance – don’t leave home without it

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While there are millions of people travelling abroad yearly, many of them are not properly secured should something happen on their travels. Vera Nagtegaal, Executive Head of Hippo.co.za provides some tips on travel insurance:

Do your research for cost-effective cover

A basic form of travel insurance is often provided by your bank when purchasing an air ticket using your credit card. But, be warned that this cover may not be sufficient as it often places caps on age, costs, services and certain destinations. For this reason, Nagtegaal recommends going through your policy with a fine-tooth comb to determine exactly what is included and what is excluded.

Most travel insurance offerings cover includes emergency medical expenses, hospital cash benefit per day, personal accident cover in the event of death or permanent disability, emergency travel and accommodation, legal assistance and personal liability cover, among others. However not all policies are the same and adds that various types of travel insurance are available depending on your needs. These include:

Business Insurance: If you’re travelling for business you would fall into one of two categories. Business administrative insurance for people who are typically travelling to a meeting, or business industrial insurance if you are travelling to perform a service or some sort of manual labour.  This type of insurance generally provides cover for aspects like delayed or cancelled flights, lost passports and medical cover.

Senior citizen travel insurance: For those over 70, for example, this insurance covers things like medical expenses, a visit from a family member if necessary, missed flights or cancellations and lost or delayed luggage.

Student travel insurance: This type of insurance is for younger people travelling for work or leisure and includes cover for emergency medical costs, injury or damage to a third person or their property, cancellation of an entire trip and missed flights.

See Full Story at www.iol.co.za

How to Find the Best Car Insurance Policy

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Finding the right site to offer updated and accurate information about various car insurance policies and premium plans can sometimes be a bit of a challenge, especially because of a large number of options available. In addition to populating a list of various plans that are available, a reputed insurance finder site will offer additional information and tips.

Find a reliable and reputed site

You’ll want to find a website that is associated with all of the major insurance companies and includes information that is accurate. Sites like Money Expert can provide quotes from almost 100 different providers in just minutes and could save you a ton of money.

Provide accurate information

What you’ll need in order to see the various plans and premium amounts is personal details, information about the make and the model of your car, and your claims history. Based on this input, the amount is calculated by actuaries in insurance companies, which is why it’s necessary to provide correct information.

Be prepared with additional details

In addition to your personal details, you should have information about who else will be using the car, their driving history, and any safety devices installed in the car. This supplementary information will help to considerably bring down the cost of insurance premiums.

See Full Story at thenewswheel.com

How to Save Money on Automobile Insurance

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In order to legally drive a vehicle in the United States, you need a valid driver’s license and an active insurance policy. If you drive without either of those things, you’re bound to get yourself into trouble. You could be fined and you might even be forced to spend time behind bars. With that being said, you should never drive an automobile that does not have the necessary insurance coverage. Unfortunately, insurances are often expensive. This is exactly why we plan to spill the beans on how to save money on automobile insurance.

Pass a Defensive Driving Course

It’s your responsibility to learn how to drive safely. Driving courses are designed to educate the participant and ensure that they know the rules of the road. A driving course drastically decreases the chances of you getting involved in an accident. Insurance companies understand the perks of a good driving course and how it reduces the risk of accidents. That’s why they offer a discount on the premium to people who successfully pass a driving course. Once you complete the course, all you need to do is notify the insurance company and they will most likely offer a discount for your efforts.

Shop Around

It is also important to remember that there are different automobile insurance companies that offer vastly different prices for the same coverage. Take advantage of the competition by comparing the prices of the auto insurance policies available to you. Make a list of available choices and select the coverage that has the lowest premium. There are more than few insurance comparison websites online that can help you compare different automobile insurance offers.

Invest in Safety and Security

It’s important to take steps to make sure your vehicle is as safe and secure as possible. For instance, you can install a security alarm on your car. This will protect your precious vehicle from being stolen. You should also consider installing rearview mirrors and other safety products. By adding more safety and security components to your automobile, you’ll be able to lower insurance premiums.

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See Full Story at goodmenproject.com

How to Get Rid of Private Mortgage Insurance

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PMI is the only type of lender protection that you can escape. Department of Veterans Affairs mortgage funding fees can’t be canceled. Neither can Federal Housing Administration mortgage insurance premiums, which are paid to the government. Lender-paid mortgage insurance is paid in full when the loan is issued, and the borrower repays it through a higher interest rate. With all of those, you must sell or refinance to get clear.

Homeowners with PMI have six options for getting rid of it.

1. Wait for automatic cancellation

You don’t have to do a thing. Eventually, your mortgage insurance will fall away. Your lender is required to cancel your PMI when either of these things happens:

  • Your mortgage reaches 78% loan to value. The federal Homeowners Protection Act of 1998 requires lenders to terminate PMI, free of charge, at that loan to value ratio. To find your LTV, divide the loan balance by the original purchase price or calculate it here. For example, with a balance of $250,000 and a purchase price of $320,000, the LTV is 0.78, or 78%.)
  • The mortgage hits the halfway point. Regardless of your LTV, your lender terminates your PMI automatically when the mortgage is halfway finished — in year 15 of a 30-year mortgage, for instance. That could happen before the lender’s equity reaches 78% if your mortgage has a balloon payment, an interest-only period or principal forbearance.

Lindsey Johnson, executive director of U.S. Mortgage Insurers, an industry group representing large insurers, tells borrowers to request a written copy of their PMI cancellation schedule and their lender’s requirements. Call the number on your monthly mortgage statement and do it now, she says, long before you need it. That way you’ll know when your payments are supposed to stop and can watch your progress.

By MARILYN LEWIS

See Full Story at www.nerdwallet.com

Looking for Auto Insurance? Here Are 6 Things You Need to Know

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Let us break down the basics so you’re better able to find the right coverage for you. Here are six things you need to know.

1. What Car Insurance Is 

As a licensed insurance agent, I find that many people I talk to don’t quite understand what insurance is or why they need it. I get it. After all, insurance is rather abstract—it’s not a physical object you buy at a store. Further, if all goes well for you, you won’t ever have to use the coverage you paid for. So it’s often hard for people to see the value.

In the simplest terms, insurance is a promise from an insurance company to support you financially in the event that something unfortunate occurs and causes you financial loss or other damage. You pay an insurance company money (your premium) for a policy that details your coverage (who/what is protected and to what dollar amount), and the insurance company is responsible for paying if something happens and you incur a loss (damage to your car, a broken leg, etc.). Insurance companies do this by pooling risk among all the people they insure, collecting premiums from everyone and using those funds to pay claims for those who need it.

Of course, there are many other details that go into the whole system, but we’re keeping it simple.

2. What Different Insurance Types Cover

The type and amount of coverage each person needs vary, but these are the coverage basics you should know.

Liability coverage is legally required for drivers in almost every state. It covers the other driver in a crash you cause, and it includes injury and property damage. If you see numbers like 25/50/10 or 30/60/25, that shows the liability coverage limits for (1) bodily injury per person, (2) bodily injury per accident, and (3) property damage—each in thousands of dollars. For example, 25/50/10 means your coverage will extend up to $25,000 per individual injured in an accident, $50,000 for all persons injured in an accident, and $10,000 for property damage.

In no-fault states, you are required to carry coverage (normally personal injury protection or PIP) for your injuries regardless of who caused the accident.

Collision coverage, which covers damage caused in a crash, and comprehensive coverage, which covers damage from other events including weather (fire, flooding, etc.) as well as theft, are often collectively called full coverage.

Other coverages include uninsured motorist coverage, which protects you and your vehicle from damage caused by people who don’t have insurance, and medical payments coverage, which covers select costs for injuries you and your passengers sustain in a collision.

3. How to Get Car Insurance

You can easily go online, call a company or two, or even walk into a local insurance agent’s office to talk to them about getting coverage. But how do you know which company to contact?

Insurance companies spend billions of dollars every year on advertising, so you could probably rattle off a few big car insurance brands you’re familiar with. But it’s important for consumers to know that not all insurance companies are the same—in fact, they all have different ways of pricing policies, and many look for certain types of customers with certain risk profiles to do business with.

This is why it’s more important than ever to compare car insurance quotes from as many companies as possible. Getting multiple opinions and understanding the market will help you find the best rate around.

by Neil Richardson

See Full Story at blog.credit.com

27 Data-Based Tips for Saving on Car Insurance

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So, in an attempt to help bring transparency to the world of car insurance, here are some data-verified savings tips culled from The Zebra’s State of Auto Insurance Report.

1. Avoid Letting Your Insurance Coverage Lapse

Even after being insured for just one year, rates drop 7.7%. The discount for maintaining continuous insurance offered by most companies is also affected by the amount of liability coverage on your policy. The higher your limit of liability, the better your prior insurance discount will be.

2. Consider Bundling

Bundle your auto policy with homeowner’s insurance and you could save an average of $110 per year or bundle renter’s with auto to possibly save $72 per year.

Here’s how to get the Best Deal out of Your Car Insurance Policy

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Car insurance is now mandatory for every vehicle on the road in pretty much every country. The benefit of having a car insurance is in case of an accident, you do not have to worry about the payment for damages done to properties or people as the insurance will cover them.

Obviously like every insurance, car insurance also comes with different terms and conditions. There are many factors that affect the cost of your insurance coverage. So, it’s better to disclose all the facts to the insurer.

As you know car insurance policies are not cheap. So to help you out in saving some cash while getting a car insurance, today we are here with a few tips to help you save while picking a car insurance.

But Why Is Car Insurance Expensive?

Before we get you through the tips that can save you some extra money while choosing a car insurance, you most probably would be asking yourself why is car insurance expensive after all?

Well, there are a variety of factors affecting the premium of car insurance.

For starters, there is the need to pay for either your own car or other’s car or property in case of an accident. Depending upon the intensity of the accident, insurance companies will have to shed quite a large amount of money to compensate for your accident.

Then there is the case wherein insurance companies have to pay for any repairs that are required for your car. This is the most frequent insurance claim scenario and most of the car owners claim insurance for any repair work needed for their car. And depending on the car model and value, spare parts and repair work will also cost quite a large sum.

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See Full Story at goodmenproject.com

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