West Craven

Your October newsletter!

Welcome to the West Craven Insurance October Newsletter. This month, we provide some helpful advice to keep you updated with the latest industry changes.

In particular, we take a look at:

- Credit card debt being on the rise as families struggle to cope
- Is it worth buying or creating an eco home
- The biggest challenges insurance companies face in 2023
- Prepare your business for inflation with these tips

We hope you enjoy this month's edition!

‘Inexpensive’ ways to protect your home as winter approaches

HEATING your home in the winter is a necessity for most Britons as temperatures are predicted to plummet over the next few weeks. But is your boiler up to it? Here's how to prepare and protect your system and avoid costly repair jobs.

Click here to read ‘Inexpensive’ ways to protect your home as winter approaches.

How workplace safety will evolve this year

Many firms are asking staff to return to work in the office. We are no longer required to self-isolate with Covid and there is no obligation for staff to tell employers if they test positive. So what does this mean for workplace safety in 2022?

Infection prevention

Many employers are experiencing an increased expectation from their workforce to keep staff safe and well. Employers should continue to prioritise infection prevention and control, where possible increasing ventilation, reducing contact between employees and keeping the workplace clean.

Remote working obligations

Now that businesses of all types have adapted to remote working, many have embraced it. Some have even altered recruitment policies to widen the pool of talent and actively recruited people on remote-working contracts.

In the rush to shift to remote working in 2020, a large number of employers may not have taken the time to complete home-based working risk assessments. Now that remote working is here to stay, it is important that risk managers take seriously the health and safety responsibilities of people working at home. From electrical equipment to posture, employers have a legal duty to take appropriate measures to ensure their staff have a safe working environment outside of the workplace.

Mental Health

Employers across the country are placing mental health and wellbeing high up on their agenda, offering training to line managers and appointing roles such as a mental health first aider. In 2021, The Health & Safety Executive’s annual report on workplace health and safety statistics, showed 451,000 people suffering from a new case of work-related stress, depression, or anxiety. That was a 30% year-on-year increase and we expect that figure to rise again.

Some employees will not feel comfortable returning to pre-pandemic working patterns. They may need help managing a phased return to the workplace, along with psychological support around coping with anxious thoughts.

For others, the last two years working from home may have taken a toll on their mental health. Employees working from home are more likely to feel isolated compared to those in a workplace, sometimes resulting in anxiety, depression and a significant lack of motivation. Employers should be reassuring employees that they can ask for help and receive support if they need it.

Disputes linked to safety concerns

Risk managers need to be aware of the potential for unrelated disputes to play out in a workplace safety context. An employee with a grievance about terms of employment, a flexible working request or even a performance-related issue, could latch onto workplace safety as a justification for a certain course of action.

It is more important than ever for risk managers to work in partnership with Human Resources departments as well as individual line managers, ensuring processes are well-documented and paper trail management is scrupulous.

Now is a great time to ensure your insurance policies cover you for all the risks to which you may be exposed. To discuss any aspect of your company’s insurance policy portfolio, get in touch.

Have you sufficiently prepared your car for the spring season?

As the warmer weather sets in, days become longer and the evening skies are brighter, we know spring has arrived.

Throughout the winter, we’re all guilty of neglecting our cars’ needs. After all, spending time out in the cold, snowy weather, checking fluid levels, testing brakes and cleaning from top to bottom is not everyone’s cup of tea.

So, why not treat your car to its very own spring clean this month? Here are three things you can get started with.

Do you need new wipers?

The snow, rain, and icy weather that we encounter throughout the winter can mean that you need new wipers by the time spring arrives. If you notice your windscreen is streaky or still dirty after you have cleaned it, this may be a tell-tale sign that now is the time to invest in some new wipers.

Have you tested your brakes recently?

Signs that show your brakes may be wearing include squeaking or grinding noises when applying pressure to the brake pedal. Brakes can be professionally tested and fixed during a routine service, ensuring you, your family and your car are all safe!

Did you know that leaving your car dirty can cause damage?

With gritted roads and melting ice, your car can get particularly dirty during the winter. Now that spring has arrived, why not get your cleaning products out and make your car look new? Leaving dirt on your car can lead to micro-scratches and rusting paintwork – not something any car owner wants!

Is your car insurance policy up for renewal soon? Our knowledgeable experts are here to ensure you take out a sufficient policy that covers all your needs. Get in touch today to find out more.

How workplace safety will evolve this year

Infection prevention

Remote working obligations

Mental Health

Disputes linked to safety concerns

Now is a great time to ensure your insurance policies cover you for all the risks to which you may be exposed. To discuss any aspect of your company’s insurance policy portfolio, get in touch.

Modern eco-homes: How much could it save you in the future?

The tides are changing for UK homes, and rather than relying on fossil fuels, millennials are transitioning to a more renewable way of living. With the cost of energy soaring to new heights in the midst of a climate crisis, homeowners are becoming more switched-on and opting for better insulation, high-emission boilers, and eco-friendly alternatives.

Since 85% of homes are still heated by carbon-heavy natural gas, the switch to renewable energy is heavily awaited by many. According to the Committee on Climate Change (CCC)*, the UK will not meet its climate change targets unless it eliminates most greenhouse gas emissions from homes, which currently account for around 14% of the UK's emissions.

In an effort to resolve this problem, some people are creating their very own eco-homes. This involves fitting low-carbon technology solutions to properties to make them eco-friendlier and more cost-efficient.

How much can you save with an eco-home?

Giving your home a complete green revamp is no cheap task, but when it comes to installing low-carbon energy-saving appliances around the house, you will eventually make your money back in savings on energy bills and the increased value of your home – while also doing your bit to help the planet.

According to data from TheEcoExperts*, by installing energy efficient appliances such as solar panels, roof insulation and double glazing, homeowners could save £1,863 each year – or £37,260 over 20 years.*

What’s more, using these low-carbon appliances could reduce your carbon footprint by 123.2 tonnes of CO2 over the next 20 years.*

How much can low-carbon technology increase your property’s value?

The next wave of first-time buyers will undoubtedly be seeking out greener houses that cost less to run. Eco-friendly features can increase a property’s Energy Performance Certificate (EPC) rating, and from April 2025, the government will enforce the requirement for all domestic tenancies to reach an energy efficiency rating of ‘C’ as a new minimum.

Alongside this, energy bills are set to continue rising, and the global focus on tackling climate change is likely to strengthen in the upcoming years. These two factors will dictate the impact that high EPC ratings have on house prices in the future.

Which products will save you money in an eco-home?

Solar panels

Solar panels are essential for any eco-home, as not only do they work effectively on their own, but they can also help power other low-carbon appliances such as heat pumps. According to The Energy Saving Trust, the average solar PV system costs around £4,800 and can save on average £530 annually* - that’s roughly £10,600 over 20 years.

Double glazing

Double glazing is becoming a must for most home-hunters, as its money-saving and eco-friendly benefits are ideal for keeping warm over the winter months.

The price will depend on the style and size of the window, as will the material of the frame. According to the Energy Saving Trust, swapping out single-glazed windows for A-rated double-glazed windows could save you £145 per year*.

Roof insulation

It’s widely estimated that a quarter of a home’s heat is lost through its roof; therefore, insulating this part of your property is vital if you want to save on energy bills.

Plus, roof insulation is much cheaper than many other home improvements – it typically costs around £530 for the average three-bedroom house.

Savings will depend on the type of property you live in – whether it’s a detached house, a bungalow, or a flat – but you can expect to save between £150 - £380 a year. This means you could earn your money back in savings within one or two years, and as a bonus, you could cut your carbon footprint by up to 11.6 tonnes of CO2 over 20 years.**

Summary

Eco-homes are still a growing trend, but with today’s fast-changing climate, it’s likely they’ll start to appear more frequently across the UK in the next decade.

If you’re thinking of creating your own eco-home, now is the perfect time to invest. The earlier you can start making lifelong savings and reducing your lifelong carbon footprint, the better. Even just taking green baby steps towards making your home eco-friendlier can make all the difference in the long run – you’ll slash your bills, help the planet, and keep your home cosy and warm over the winter.

To learn more, please contact us.

Energy Saving Trust*

The Eco Experts**

Should you let your car insurance automatically renew?

Letting your car insurance renew automatically may sound like an attractive option as you won’t need to put in any extra work, and you might be happy with the plan you’re on right now. However, this is one of the most expensive mistakes to make, as deciding not to seek out a better deal means your insurer can take advantage of your indifference and subsequently, hike up your premiums.

Without shopping around first, you could be missing out on endlessly cheaper deals on your car insurance, and there are countless other ways to drive that cost down even further. Here are our top tips:

Consider a telematics policy

Telematics car insurance bases your fees on real data about your driving behaviours, which can be recorded either through a black box fitted to the vehicle or a mobile phone app. As long as you’re a safe and careful driver, this is a great option for any age group, as telematics insurance can offer much lower premiums.

Limit your mileage

By limiting the number of miles you drive each year, insurers will see you as a lower risk, which will qualify you for cheaper insurance.

It’s pinnacle that you provide an accurate estimate of your mileage when getting a quote, as your policy becomes invalid if you’re dishonest.

Improve security

Consider installing security devices such as alarms, immobilisers, and locking wheel nuts.

You should always get a quote on how much your insurance would cost after these upgrades first, so you can weigh up whether the cost of these measures is worth the savings.

Increase your voluntary excess

Opt for a higher voluntary excess when you take out your policy, as it will lower the price of your insurance.

However, if you make a claim, you will have to pay the excess towards the cost of repairing or replacing your car, so make sure you are able to afford the excess just in case you do end up having to pay it.

Pay annually

A lump sum may seem daunting but paying monthly is a loan which comes with interest. This is why paying upfront is a substantially cheaper option if you have the funds to do so, and you won’t end up spending anything on borrowing.

Build up your no-claims bonus discount

Insurers reward drivers who are claim-free by discounting their premiums for cheaper insurance. So, keep driving safely and responsibly and you will see the benefits year-on-year.

Park with care

If you have a driveway or a garage, make sure you keep your car parked there overnight.

This will drastically lower your chances of your car being stolen or vandalised, and insurers may lower premiums as you’ll be seen as less of a risk.

Avoid modifications

Modifications of all kinds — whether they’re upgrades to styling, audio, or performance — could result in a large hike in the price of your insurance.

This is because features such as alloy wheels, body kits, and performance upgrades can make your car substantially more attractive to thieves, and your insurer will see your vehicle as a higher risk. Modified cars also tend to be more expensive to repair due to their expensive parts.

To find out more, please contact us.

Over half a million uninsured cars seized since 2018

Around 65,000 cars taken off drivers so far in 2022. More than 129,500 cars seized during 2020 pandemic. “Don’t take the risk” warns AA Insurance MD. More than half a million (542,370) uninsured cars have been seized since 2018 according to information collated by AA Insurance.

A Freedom of Information request to all 46 police forces across the UK discovered that so far this year 64,682 cars have been taken away from drivers for not having insurance. Despite the lockdowns and restricted travel throughout 2020, it saw the most uninsured vehicles seized with more than 129,652 cars taken off the road.

The Metropolitan Police took the most cars off the road with 62,900. West Midlands came second with 44,056 taken away and West Yorkshire completing the top three with 33,829 cars seized. More than 33,000 drivers in Scotland had their cars seized, compared to 22,700 Welsh drivers and 9,360 drivers in Northern Ireland. Kent Police did not respond to the request, while Cheshire Police advised that their systems could not easily determine how many cars had been seized for driving without insurance.

AA Insurance estimates there are approximately one million uninsured drivers on the road each year, however as the cost of living crisis deepens some drivers may be lured into driving without insurance. Gus Park, managing director for AA Insurance Services, said: “Every driver is worried about being involved in a collision, but worse still is the other party being uninsured. “With approximately a million uninsured drivers on the road each year, we believe it is right to protect our members with our Uninsured Driver Promise. This gives peace of mind to our customers should they be involved in a crash with an uninsured driver.

“Sadly, we know that when times are hard some people try to cut their costs, and one area people are tempted to chance it, is cutting out their motor insurance. However, these figures show that forces across the country are on the lookout and will take uninsured car away. “Don’t take the risk. Not only is there the chance of having your car seized, but the criminal and financial hardship is not worth the gamble.”

Get in touch with us today to discuss your insurance policy options.

Should you let your home insurance renew automatically

Renewing your house insurance is essential. Without it, the costs of repairs can run into millions. It’s comforting to know that if somehow you forget to renew your policy; your house insurance will renew automatically. That’s right - you don’t have to do anything, and your home and its possessions will remain insured!

However, the catch is you could end up paying a lot more for the same level of cover by not shopping around. Whatever method you use; comparison sites, direct quotes or you’re married to an insurance broker, the truth is, while it’s not always the case, you will most likely end up paying over the odds.

Here are a few tips when renewing your home insurance:

It’s not always too late to change your mind

If your insurance automatically renews and you know it has cost you more money, remember the cooling-off period of at least 14 days. Sometimes longer, depending on terms, this will give you time before you must pay an expensive cancellation fee.

Shop around

A month before your policy expires shop around. Make good use of comparison websites, you are more than likely to find a better deal.

Haggle

If or when you find a better deal and your policy has not yet expired, ask your current insurance broker if they can match or at least improve on price. You might just be surprised at the answer! This is a proven method of driving down your insurance costs but beware you might not get the desired reduction in price.

Check the details

Always discuss and check the finer details of your policy. For example, your contents insurance policy may not always include bicycles stored in your shed, even if you have a contents insurance policy for your shed, as part of your home insurance policy. Don’t be afraid to ask lots of question of the broker to find out exactly what natural occurring events are insured. Flooding for example may not be covered.

Remember your excess

Check your voluntary excess thoroughly, different items and contents have different levels of excess. Equally, if there are items, for whatever reason, which are less likely to get stolen, damaged or do not hold much value to you, reduce the cost of your policy by paying a higher excess on these items.

Tailor your policy to suit your requirements

Almost anything can be insured so don’t be afraid to get a quote, if it exists chances are you can insure it.

Pay monthly

If you want to spread the cost of your insurance, pay monthly, but you will pay interest. A 0% credit card can give you a little more time to pay without paying what can be a substantially high interest rate.

Pay upfront

It might mean more money leaving your account on the day, but you will not pay interest on spreading the cost and if you find the right deal, you may find there is no need to finance the payments.

Consider multi-cover insurance

Bundling your house and car insurance can be cheaper than using two different brokers. However, it’s not guaranteed. It’s worth noting that if you do take this route just because you make a claim for your vehicle it does not mean an automatic hike in the price of your house insurance.

There are lots of options so set aside some time to examine them thoroughly, it could save you a lot of money.

Looking for a great deal on home insurance? Get a quote now.

4 Key Business Benefits of Fleet Insurance

In a world of rising inflation and shrinking profits, it is more critical than ever that small and big businesses find the tools and means to reduce costs and boost efficiency. Fleet insurance is one such tool that can make some areas of your business much more efficient to oversee while cutting down costs significantly. Fleet insurance can be purchased if you use more than one vehicle for your business. Fleet insurance can be used by a business in any sector as long as they own or lease at least two vehicles.

Here’s a closer look at four key benefits of fleet insurance for your business.

Greater Discount

Fleet insurance can save money for your business from the get-go by making available quantity-based discounts on your vehicles – it is cheaper than insuring each individual vehicle separately. Thus, the greater the number of vehicles operated under your business, the more the discount on your insurance costs.

More Efficient Admin

Keeping all your vehicles under a single policy is also a good way of simplifying some of your admin tasks. In case of big or small accidents, it’ll be easier for you to contact your insurance provider for help. Similarly, renewals and changes are also far easier when it’s all under one policy. A uniform fleet policy thus involves lesser documentation, lesser follow-up, and much more efficient admin.

Greater Safety

In the scenario of an accident, time can be of the essence. To help your employees and the business with replacement vehicle expenses and other costs, you’ll need your insurance to come through quickly and smoothly without a ton of hassle. Easier access to funds can translate into greater safety and security for your employees and you in the event of an unfortunate accident. A fleet insurance policy can thus help your employees, business, and you when you need it most.

Better Protection from Driver Turnover

A business can sometimes go through periods of high employee turnover. In such a scenario, having fleet insurance is even handier since you don’t have to keep trying to work out the policy for every driver leaving or any new driver joining the team. As long as you recruit drivers that meet the conditions of your insurance policy (such as a prior driving track record), you’ll be able to extend the policy to them without having to keep changing your insurance policy. Fleet insurance can make it much less expensive to operate your business vehicles while reducing the admin hassle. Fleet insurance is thus an important part of the risk and future-proofing your vehicles and your business.

Looking to make a switch to Fleet Insurance in your business? Get a quote today.

*eubusinessnews

Classic Car Insurance – Protection For Your Pride And Joy

If you own a ‘classic’ car, it may well be your pride and joy. It might hold sentimental value, it’s probably oozing automotive style, and it could well be a rarity on the roads. Chances are, it will certainly turn more than a few heads.

It is also likely to be worth a few quid, and it probably receives an awful lot of care and attention to keep it looking and performing at its best.

All this makes getting specialist insurance protection something of a no-brainer to protect your vehicle against damage and theft. So what should you look out for when buying or renewing classic car insurance?

What counts as a ‘classic’ car?

The word ‘classic’ tends to get thrown around a lot in today’s world, but as far as automobiles are concerned, it has quite a precise, official definition

According to the government (HM Revenue & Customs, to be precise), a car is considered ‘classic’ if it is:

at least 15 years old and
has a market value of £15,000 or more.
But car insurance companies have their own set of criteria for determining whether a car is classic, depending on age, make and model (so you could even find you’ve been driving a classic car without realising it).

This matters because the cover provided by a classic car insurance policy will differ from a standard policy – more cover in some areas, potentially less in others, and with conditions attached relating to mileage and usage. And, in some case, the conditions imposed mean the premium for specialist cover might be less.

Getting Quotes

Is classic car insurance cheaper than standard car insurance?

Yes, it can be, because insurers tend to view classic cars as lower risk. They are not usually driven every day, they’re not typically used for school runs or driving to the shops, and they often have lower speed limits.

Owners of classic cars also tend to keep their vehicles in pristine condition and in a safe place such as a locked garage.

As a result, classic cars are less likely to be involved in an accident or stolen, and their owners are less likely to make a claim. Insurers reward this lower risk with cheaper premiums.

What does classic car insurance cover?

Classic car insurance provides the same cover as standard car insurance – you’ll be covered for the cost of repairs if your car is damaged in an accident, and you’ll be covered if your car is stolen.

Your third party liabilities in the event of your being deemed responsible for an accident that damages another person’s property or injures or kills them will also be covered, as will any of your medical costs.

But on top of this, you can also arrange extra cover for the following:

Restoration cover

It can take months or years to restore a classic car. If yours is being restored by a professional, they might already have cover in place to protect your car while they work on it. But if they don’t, or you’re restoring your classic car yourself, you can buy insurance to make sure it’s covered during this time.

As the vehicle is not on the road during this time, restoration cover will usually cost less than full insurance protection. But remember, even if your car is safely tucked up in the garage, it still needs to be insured.

Here’s what the government says on the matter:

You must have motor insurance for your vehicle if you use it on roads and in public places.

You do not need to insure your vehicle if it is kept off the road and declared as off the road (SORN). This rule is called ‘continuous insurance enforcement’.

If not, you could:

get a fixed penalty of £100
have your vehicle wheel-clamped, impounded or destroyed
face a court prosecution, with a possible maximum fine of £1,000.

Track day racing

If you’re planning to drive your car around racetracks – even if only at a leisurely pace – you’ll need the appropriate cover against damage and accidents. Your premium is likely to be higher depending on how often you race or how many events you take part in each year.

Vintage car shows

Make sure you’re covered for dents and scrapes if you’re planning to display your classic car at fairs and shows. Third-party liability cover will also be included in case you damage someone else’s property or injure someone.

Driving abroad

Car insurance policies usually provide third-party cover to drive in the EU. But if you’re involved in an accident and you are at fault, you’ll have to pay for any repairs to your own car out of your own pocket. Asking your insurer to increase the level of cover to fully comprehensive could be well worth it.

Breakdown cover

Classic car insurance won’t always include breakdown cover as standard. If you don’t have cover, compare how much it would cost to include breakdown cover as part of your existing policy against the cost of buying a standalone policy.

Note that some providers won’t offer breakdown cover for classic cars due to their increased risk of breaking down.

Is there a mileage limit with classic car insurance?

Because classic cars are not usually driven every day, many classic car insurance policies will include a cap on the number of miles you can drive each year – staying within the cap can help keep the premium down. Always check this limit when comparing policies to ensure you’re happy it is high enough.

If, once you’ve bought your policy, you believe you will exceed your annual limit, contact your insurer as soon as possible to arrange an extension.

What does an ‘agreed valuation’ mean?

With an agreed valuation, your insurance provider pays out a pre-agreed sum if your classic car is written-off or stolen, rather than the market value. This can be a good option if your car is worth more than the average for a vehicle of a similar model and age.

You must agree this amount with your insurer before you buy your policy, and taking this option might mean you’ll pay more for your policy.

How can I lower the cost of classic car insurance?

As with standard car insurance, there are a number of steps you can take to cut the cost of classic car insurance:

Limit your mileage

Agreeing to an annual mileage limit on your policy will often result in a discount. Just make sure it’s high enough for your needs.

Improve your car’s security

Your car’s age may mean it doesn’t have adequate security features. Simple measures such as fitting an alarm and a tracking device and keeping your car in a locked garage can help deter thieves and keep a lid on premiums.

Avoid modifications

Cars with modifications can be harder to insure, and providers that do offer cover are likely to charge considerably more. Modifications are therefore best avoided. But if you do make any changes, be sure to inform your insurer at the time you do them (don’t wait until your policy is up for renewal) so that your cover remains valid.

Join a car club

Some insurers will offer a discount of up to 25% if you join a classic car club as they see this as proof you’re committed to driving safely and looking after your vehicle.

An annual membership fee will usually apply, but in return you could take advantage of specialist rates from spare parts suppliers, as well as invitations to various events and track days.

Does my classic car need an MOT?

Classic cars that are more than 40 years old do not require an MOT, providing you have not made any ‘substantial changes’ to the vehicle over the past 20 years. This includes replacing the chassis, body, axles or engine.

It is still wise to get your car checked by a mechanic on a regular basis, however, as it’s your responsibility to keep your car in a roadworthy condition. If you don’t, you could be fined up to £2,500, banned from driving, and receive three penalty points on your licence.

Browse our website to discover what Classic Car Insurance we can offer you.

*ForbesAdvisor

Does your HGV have the correct insurance?

HGVs are the lifeblood of your business. Heavy Goods Vehicles (HGV) are trucks over 3.5 tonnes, and not having the right insurance could put the brakes on your business with devastating financial consequences.

Click here to read Does your HGV have the correct insurance?.

100 UK Classic Car Insurance Statistics for 2023 - Facts and Stats

With classic cars continuing to be both a passionate hobby and a source of investment for thousands across the UK, the classic car insurance industry has risen in prominence throughout the last two decades.

Click here to read 100 UK Classic Car Insurance Statistics for 2023 - Facts and Stats.

Should you add personal possessions coverage to your home insurance?

You are having a wonderful day at the beach with loved ones, making the most of a rare blue-sky day. After an awesome swim, you feel invigorated and return to dry off. You look for your wallet and phone that you carefully stowed away at the bottom of your bag. You can't find them! Have they been lost or stolen? Are these items insured? It’s easy to confuse what is covered in your home insurance policy with what is not. That’s why it’s vital to check the details of your policy. You might assume that your personal possessions, such as your wallet, watch, jewellery, and other items, are covered by your home contents policy when you are away from home. But that’s not always the case.

What is personal possessions insurance?

Personal possessions insurance covers precious valuables that you carry with you when you are out of the house and going about your day. So, whether you are commuting to work on the train or enjoying a family day out, the precious things you take with you are covered.

What’s covered?

Pretty much everything you bring with you is covered. From your clothes, keys, jewellery, phones, laptop or tablet, cash, wallets, handbags, purses, camera, and sports equipment to your guitar or any other musical instruments that you may play!

Items that might not be covered

All insurers are different, so check your policy, because certain items may not be covered.

If items get broken while they are being used, they may not be covered. For example, if you break your tent while putting it up on a camping trip or tear the sail on your wind-surfing board due to an accident. Your bikes will also likely not be covered. Some insurers may require you to obtain a separate gadgets policy to cover electronic equipment like your phone or laptop.

Going abroad?

It could be that your home insurance covers you for a certain level of travel abroad, but that may not cover your personal possessions. So, it’s vital that you check with your insurer.

Who is covered?

Typically, everyone in your household is covered by this policy. So that means if a member of your family is out for the day and their wallet or purse becomes lost or stolen, they are covered. But again, always check the terms of your policy.

It’s never too late

Almost anything can be insured. Discuss your needs with your broker to find the right policies. Insurance can save you and your family from devastating levels of expense with affordable premiums. Talking to your broker allows you to get the right policies in the first place, with a true understanding of what you are covered for. This helps prevent confusion and expensive errors. Remember, insurance policies can be adjusted or modified at any time by contacting your insurance provider.

Can improving your home invalidate your insurance?

Insuring your home is crucial, as it's likely your most valuable asset, and rebuilding can cost millions. Homeowners often seek to enhance their homes, from adding fences to full extensions or new bedrooms. It’s vital that you inform your insurance provider of any changes to your home. Making changes may not necessarily raise your premium or impact your policy. Yet, insurance providers vary, so it's crucial to verify, as inaccurate information could void your policy.

Don’t confuse building insurance with contents insurance

Buildings insurance covers the structure of your home, like walls, roofs, and floors, and often includes fixtures and fittings. Your mortgage provider will insist that you have this in place as part of their terms. Not to be confused with contents insurance. This is coverage against theft or damage to your personal possessions, typically anything that is not attached to the building.

Renovating your home adds value

Extensive improvements or extensions can increase the cost of rebuilding in case of damage. Even if you make improvements yourself, inform your insurer. The vast array of home improvements you can undertake is never-ending. From adding glass door walls, attic conversions, a conservatory, extensions, adding more bedrooms, a new kitchen, or an outbuilding for your business. Consider these scenarios:

You need to inform your insurer before renovations are carried out

If your property is exposed to the elements as a necessary process of alterations, you need to inform your insurance provider immediately. If you have temporarily moved out of your home and it becomes unoccupied, you may not be covered after a certain time period.

Adding a hot tub

After a long day at work, this is a nice way to unwind, maybe with a little drink. But if you get out, slip, or fall and injure yourself, or worse, if a guest or a member of your family suffers a serious injury, then you need to be covered.

High-value items

High-value wall art or paintings fall under contents insurance and are not defined as a renovation. That said, these items can easily be overlooked, and if they are of high value, you need to inform your insurer.

Starting a business from home

Starting a home-based business, whether in outbuildings or within your home, requires notifying your insurer. If a fire, theft, or accident occurs due to the equipment you use for your business, your home could endure significant damage. By neglecting to inform your insurer, you could cause thousands of pounds worth of damage and be unable to claim.

Take the right steps

Inform your insurer
The first step if you are making changes or improvements is to notify your insurer before they start.
Review your policy
Update your policy, and always read your policy details to check the terms of what you are covered for. If you are still not sure, get in touch; a quick phone call could save you thousands.
Consider add-ons
Insurers offer valuable extras like legal coverage, protected no-claims bonuses, or bicycle coverage at competitive prices, providing peace of mind.

Final thoughts

It’s always better to be safe than sorry, and you need to notify your insurer if you make any alterations to your home. It’s also vital to take the time to talk to your broker, who can answer any questions or queries you have when it comes to finding the right policy for you.

Get in touch today for a tailored home insurance policy

Credit card debt on the rise as families struggle to cope

The last thing you need is an unexpected event to add greater financial strain. Even if you are not currently under financial pressure, you want it to remain that way. Here are some tips and affordable policies that may help keep you more financially secure.

The right home insurance
You will have no doubt accumulated a lot of nice and precious items over the years. Your buildings insurance for your home will not cover its contents. So, it’s important to make sure you are covered. Having the right contents coverage is important, then your furniture, clothes, electrical items, and clothing to gadgets will be covered. However, you may want to opt for add-ons such as personal belongings cover so your jewellery or gadgets are covered when you are out and about.

Is your car covered correctly?
The cost of car insurance has increased. So, you will be interested in ways of reducing it. If you don’t think you will reach your annual mileage cap, reduce it. That said, it’s tempting to opt for third-party coverage only. But if you need to make a claim, the expense of replacing your vehicle could leave you without a car. Adding personal accident or legal cover may cost a little more but could end up saving you vast sums in the event of a claim.

Personal accident insurance
This type of coverage is useful and could save you from a financial catastrophe. Personal accident insurance protects you and your family if you have an accident and suffer serious injury. If you suffer criminal violence, an accident at work, or simply slip, then you are covered. This type of insurance does not cover you against illness.

Life or critical illness cover
If you do fall ill and you have this kind of cover in place, then your insurer will pay out a lump sum. Giving you an income for household bills or perhaps to settle your mortgage. This policy, relative to its cost, is worth every penny. If you have a family to support and the worst should happen, they could receive a payout in the event of your death. Some policies can start at £5 per month.

Talk to a broker
Talking to the right broker who can find the right level of coverage that best protects you and your family is always a good idea. Insurance brokers have access to a vast number of insurers offering thousands of insurance products. All can be tailored to your budget and will give you the peace of mind you need.

Is it worth buying or creating an eco home

There are many ways to finance your investment, but one thing is certain: you need the best level of insurance to safeguard all your hard work.

Buying an eco home

You can help save the environment immediately
Insurance companies have more competitors today than in the past, and this helps drive down the cost of your premium to affordable levels. If a handful of large companies dominated the market, then things would be very different. New entrants to the market compete on every level, from better customer service, increasing product choice, and every other aspect of the insurance business.
Zero-stress
Carrying out building work of any description, simple modifications, and, let’s face it, just picking up a paintbrush to do some decorating, can be stressful. If everything is ready to go, all you have to do is move in. However, it’s really important that you have the right level of coverage when it comes to your contents insurance.
Save on your bills straight away
You can save on your energy bills and the impact you have on the environment immediately. No waiting for buildings, the fitting of solar panels, good insulation, or perhaps even wind power. The reduction in your energy bills will help cover the cost of your investment. With fewer monthly outgoings, maybe you could consider investing in better life insurance. That way, if the worst should happen, your family could carry on living comfortably in your eco home.

Creating an eco home

Do it your own way
Choosing your own design and building in the location you love can be very rewarding. An idyllic view under a big, unpolluted sky and more control over the features and little details of your property will make your home feel special. If you are renovating your home from scratch, it’s vital to inform your home insurance company. For example, your property could be more susceptible to burglaries or damage while it is under construction.
It could be cheaper than buying
Typically, building a home from scratch is cheaper than buying it. It takes a lot of organisation and planning, and having the right insurance to cover every eventuality in place is vital. Self-build insurance will cover your home while it’s being built.
Eco homes are in demand
Your eco home will have a very healthy value when completed, which should far exceed the sum of all the combined costs to build it. Eco homes are in high demand because of low energy bills and the sense of modernity they bring. When it is complete, you will need to get a valuation. This is important because when it’s time to insure your home for buildings and contents cover, you don't want to be underinsured.

Do you need home insurance for your property? Get a quote today

The biggest challenges insurance companies face in 2023

A society without it equals chaos, and the cost of everything would increase exponentially. Insurance saves you from financial ruin.

Imagine how stressful driving would become or the worry of something happening to your home, business, or health without it. As consumers, we take it for granted that we can have the greatest level of coverage and pay the cheapest premium with as much convenience as possible. Delivering all of this with spiralling costs, world events, and the breathtaking pace of new technology is a real challenge for insurance companies.

Competition
Insurance companies have more competitors today than in the past, and this helps drive down the cost of your premium to affordable levels. If a handful of large companies dominated the market, then things would be very different. New entrants to the market compete on every level, from better customer service, increasing product choice, and every other aspect of the insurance business.

Rising costs
Insurance companies are not immune to inflation. It’s in the best interests of insurance companies to provide you with the best level of coverage without paying too much for your premium. With the spiralling costs of materials, manufacturing, and transportation, insurance companies are forced to pass on these costs to the consumer. It's no secret that car insurance premiums have increased. It may feel unfair, but the reality is that the cost of repairing or replacing your car has shot up drastically. Add these rising labour and energy costs to the insurance company’s operating costs, combined with the same increase in these costs for your vehicle manufacturer, and it’s easy to see how prices have risen.

Climate change
With rising sea levels and the increased frequency of bad weather, insurance companies have been hit with a larger number of claims. Climate change makes the weather less predictable, and more claims can lead to higher premiums. Calculating risk, an already complex process, becomes even more so. The agricultural sector has also suffered, as have transport companies. Wildfires are also becoming more frequent, causing damage running into millions of pounds.

Rising customer expectations
As a consumer, you want to get the right level of coverage. You want a policy that's tailored to your individual requirements. You expect the best regardless of what you are insuring—your car, business, home, or livelihood. From quick claim resolution to knowledgeable and friendly customer service, you want it all. And why not? Insurance companies are making this possible by implementing new technology.

New technology
The insurance industry is going through a digital transformation. To remain competitive, insurance companies must continue to invest in AI, from chatbots to data analytics to calculate risk assessment, fraud detection, and customer insights. All of this is done to process your claim quickly. It also makes your interaction seamless and constantly available while creating the best possible insurance policy for you.

New legislation
The FCA regularly enforces new rules for insurance companies to follow. The FCA, which aims to establish higher, more precise standards of consumer protection, began enforcing consumer duty in 2023. New legislation drives insurance companies in the right direction, so you can get a better policy at a better premium for all your insurance needs.

Prepare your business for inflation with these tips

On the bright side, the similar circumstances over the course of pandemic have at least gifted business owners with hindsight, which offers scope for improvement and control during the country’s current economic struggle.

Here are some tips to help you prepare your business for an unstable economic climate:

Cash is key
One of the most reliable solutions to the current financial squeeze is having a clear understanding of your finances. It is integral to have a good cashflow at this time, as this will ensure that you do not run yourself into any unnecessary debt. It will also provide you with clear insight over how to tweak your spending to ensure your future projections stay in the green.

Understandably, it will not be enough to merely check your future projections once. Even in positive economic times, projections fluctuate regularly and will need monitoring and nurturing accordingly, even in the most optimum of conditions.

Be wary of wage inflation
The recent inflation increase has lead to employers and employees looking at ways in which they can support themselves financially. This includes looking to their employers for financial support, often in the form of pay increases in line with inflation. But in such a volatile economic climate, employers must tread carefully. A wage spiral could prolong inflation therefore, alternative routes should be considered.

There are numerous ways to provide support over the coming months, some of which include:

One-off bonus schemes
Tax-free support
Fuel allowance
Introducing staff canteens into the office

Focus on staff retention
Many businesses across the UK are grappling with staff shortages reaching all-time highs, plugging skills gaps and battling against the tide of extremely overworked employees. Few things are more catastrophic to businesses than overwhelming shortages of staff, and employers will need to act preventatively in order to lower staff turnover rates.

It is integral (now more than ever) that employers strive to retain their staff. Employees are the foundations of the business and its best asset, and will be the reason your business makes it through the next phase of recovery. Ensure they feel heard and understood by taking into account what they need, while forming compromises along the way. While salary will always come into play, practical benefits and respect from an employer are arguably just as important.

Invest in business insurance
The last thing a business needs in a challenging economy, is preventable financial losses throwing everything out of balance. Ensure your business is prepared to face any hurdles or lulls by covering its most fundamental and vital assets with insurance. Business insurance is essential for tackling financial setbacks and could be responsible for keeping your business afloat during difficult periods.

Unfortunately, there is no way of predicting what comes next, but it is safe to assume that we are not in the clear yet or anytime soon. The best thing employers can do is focus on what they can control and use those things to their advantage.

Looking for a business insurance quote? Contact us today.

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