|
1-in-10 Could be Over-Insuring Their Homes, says Confused.com
Cardiff, (PRWEB) July 23, 2008 -- Around 10 percent of UK homeowners could be paying too much for their home insurance, according to a recent study by leading insurance comparison site Confused.com.
Research carried out by the home insurance (http://www.confused.com/home-insurance) aggregator found that nearly 10 percent* of customers searching for both buildings insurance and combined buildings and contents insurance via its website mistakenly entered the market value of their property when asked for the rebuild cost of the property.
However, when assessing how much building insurance is required, homeowners only need to insure for the rebuild cost of their home - usually significantly less than the market value. This means that, potentially, tens of thousands of UK homeowners could be wasting money by forking out on a level of buildings insurance that they simply don't need.
In order to curb any buildings insurance premiums overspend, homeowners will first need to find out just how much the rebuild value of their property is.
How to Find the Rebuild Cost of Your Home
The rebuild cost of your property can be found on your mortgage agreement or an estimate can be worked out using the house insurance rebuilding calculator on the Association of British Insurers' website.
However, Confused.com recommends that homeowners watch out for following when determining an accurate rebuild value:
? If you live in an unusual property or period house, you will need to ensure that your cover is high enough to allow for a complete rebuild in the original style - more expensive than if your house is of standard build or relatively new.
? It is extremely important not to undervalue your property's rebuild value. This could leave you severely out of pocket should the worst happen, so be very careful when assessing this figure and seek professional advice if you're not sure.
? If you've extended your property, don't forget to factor this in when calculating the rebuild value. (Note: your home insurance (http://www.confused.com/home-insurance) provider should be informed whenever you extend the property. This is important because the insurance company will only pay out on the part of the property that is actually covered.)
So if you think you are among the 1-in-10 homeowners who may have over-insured their property, check and see what the difference is between rebuild value and purchase price - you could end up significantly reducing your buildings insurance premiums.
Actual figure 9.997%. Confused.com looked at all buildings insurance searches carried out via its online service for the six-month period running from the beginning of January 2008 to the end of June 2008.
For further information please contact:
Caroline Spindlove
Confused.com
07970 136 737
Gug Kyriacou/ Joanna Harte
Polhill Communications
020 7655 0550
About Confused.com:
Confused.com is one of the UK's biggest and most popular price comparison services. Launched in 2002, it dominates the car insurance aggregator market with a massive 70% market share and generates over one million quotes per month. It has expanded its range of comparison products over the last couple of years to include home insurance (http://www.confused.com/home-insurance), travel insurance, pet insurance, van insurance, motorbike insurance, breakdown cover and energy, as well as financial services products including credit cards, loans, mortgages and life insurance.
Confused.com has 62 motor insurance partners, and customers can save up to on average £208. It also has a panel of 43 for home insurance, and customers who use Confused.com for home insurance can expect to save up to £193.
Confused.com is not a supplier, insurance company or broker. It provides a free, objective and unbiased comparison service. By using cutting-edge technology, it has developed a series of intelligent web-based solutions that evaluate a number of risk factors to help customers with their decision-making, subsequently finding them great deals on a wide-range of insurance products, financial services, utilities and more. Confused.com's service is based on the most up-to-date information provided by UK suppliers and industry regulators.
Confused.com is owned by the Admiral Group plc. Admiral listed on the London Stock Exchange in September 2004. Confused.com is regulated by the FSA.
###
This press release has been reprinted from PRWEB per the terms and conditions of the copyright notice.
RELATED ARTICLES:
Barbara Malone, an Agent with Jenny Pruitt and Associates is Proud to Announce a Recent Influx of Quality Homes at Rock-Bottom Market Prices
Malone is a tried and true veteran of real estate sales. She has been in the business for over 25 years and knows the Metro Atlanta, Georgia area like the back of her hand. She equates much of her success to "guidance and care of clients throughout their home buying and selling experience," making herself extremely easy to work with. Her knowledge combined with caring and understanding that is virtually unparalleled in the industry have made this real estate agent extremely effective when it comes to closing deals.
Prudential Connecticut Realty Holds 'Hot Dog, Cool Cat' Contest Benefiting Sunshine Kids
The Fairfield office of Prudential Connecticut Realty held a contest "Hot Dog, Cool Cat" photo contest to benefit the "Sunshine Kids" cancer fund. The contest generated entries from all over Fairfield County Connecticut. All entries were sent to the "Sunshine Kids" headquartered in Texas.
Viral Air Solutions Gives Homes a Breath of Fresh Air
Viral Air Solutions announces the launch of their new website today, providing homes across America with healthier breathing environments. Their products eliminate 99.9% of viruses, bacteria, bird flu, mold, mildew, and dust mites, providing purified air and reducing asthma, allergies, and viral outbreaks.
Frequent Questions About Smart Homes
What happens in lieu of a breakdown
New York Personal Injury Lawyers Comment on The State of Nursing Homes and How They are Affected by the Ownership of Private Investment Groups
NY Personal injury lawyers Schreffler Schwarz (www.schrefflerschwarz.com) react: "Seems Like a Nice Place" isn't a good reason to choose a nursing home for your loved one. The recent New York Times article regarding the current state of affairs reports how private investor-owned homes are not just ruining the industry, they are literally putting people into their graves.
Florida Custom Home Builder Steals the Show at Tampa Bay Parade of Homes
Arthur Rutenberg Homes, one of Florida's largest luxury home builders, won more awards than any other single-family home builder in the 2008 Tampa Bay Parade of Homes.
Buy Foreclosure Homes For Sale and Make Money!
Foreclosures ? the word that can strike panic in the heart of a home owner Unfortunately, the housing market is going through a very painful adjustment
Herb Hamilton, a Portland, Oregon Area Realtor and a Re/Max Preferred Associate is Proud to Announce a Large Increase of New Homes
Herb Hamilton, a Portland, Oregon area realtor and a Re/Max preferred associate is proud to announce a large increase of new homes for sale within the Portland Metro area market at prices below market value. Hamilton has noted that the increase in new homes is due in large part to interest rates holding steady and a recent upswing in buyer activity. The market, according to economists and investors has hit bottom and is now on a upswing. This means that anyone buying a home in the near future is sure to make a good deal and gain a lot of equity in a rather short period of time. Hamilton would like to extend an invitation to investors and buyers alike to come take a look at his newly expanded portfolio.
Copper Gutters Make a Statement and Gives Homes a Unique Appeal
New Jersey homeowners looking to make a statement are turning to copper gutter installation so that this utilitarian necessity becomes an attractive and unique architectural feature of the home.
New Technology Solution Designed to Sell Vacant Homes Faster and for More Money
For those with a vacant home to sell there is a new visual merchandising tool to help them sell their real estate faster and for more money.
Looking for a Deal on a Desert Vacation Home? Colorado River Homes in Master-Planned Golf Community Being Sold via Online Auction
The LFC Group of Companies is auctioning thirteen new resort homes in The Canyons at Laughlin Ranch on their residential auction website, the Freedom Realty Exchange (www.FRE.com/191R2). Located in Bullhead City, Arizona, Laughlin Ranch is a master-planned golf community along the beautiful Colorado River.
Urban Homes, Inc. Wins Remodeling Award: 2007 Best Project - Bath Remodel Under $40,000
Continuing to set new standards of professionalism, 70 remodeling companies from the Northeast (11 States) Region of the US will be honored at the fourteenth annual Chrysalis Awards for Remodeling Excellence on June 20th at the Cobb Galleria Centre in Atlanta. The awards will be presented during the Southern Building Show.
Moldy Homes are a Great Investment
Have you seen this in your classifieds? -"Will pay $$$ for
moldy homes. Call 555-555-5555"All you have to do is watch the news and you know about
mold problems.
The Outdoor Lighting Professionals, NiteLites Franchise of Dayton / Cincinnati to Glow at the Homearama 2006: The Homes at Cypress Ridge
NiteLites the Landscape Lighting Professionals of Dayton and Cincinnati will cast an elegant glow on three of the homes on tour at this year’s Homearama which runs until July 30th.
Local Real Estate Professional Certified to Address and Encourage the Benefits of Energy Efficiency and Green features in Homes
Montgomery County real estate professional earns Eco-Broker designation. Buyers and Sellers are encouraged to contact Reza Khodadad for information on the energy efficiency, "green," comfort, and health-related features of homes and buildings.
|