Insurance

Factors That Affect Home Insurance Premiums

During the current cost-of-living crisis, you might consider cancelling or switching insurance policies to reduce spending. However, opting for a lower level of cover solely because it’s cheaper could cost you more in the long run. Indeed, robust home insurance is necessary to protect you and your family from potentially devastating financial losses.

As such, it’s critical to scrutinise policy terms before making changes. As part of this process, it’s necessary to understand the components that affect your home insurance premium, not least because cover can differ vastly by policy depending on many factors. These include the following:

• Security—Generally, the more secure your home is, the less home insurance you will pay. Influencing factors include the quality of window and door locks, whether you have any alarms installed and if you leverage smart-home technology (eg a doorbell camera).
• Home details—Larger or older homes often cost more to repair, meaning they may be more expensive to insure. Additionally, properties in certain locations may be quoted higher prices—including homes further away from emergency services or in high-crime or flood-risk areas.
• Market factors—A myriad of external influences, such as government rulings or severe weather events, can influence insurer pricing decisions. Furthermore, when the cost of materials needed for home rebuilds or repairs increases during periods of high inflation, premiums may also go up.
• Type of cover—The type of cover you select, as well as limits, deductibles and additional endorsements, affects the price you pay.
• Personal information—Your credit history, marital status and previous insurance claims may all influence your premium, as does the number of people in your home.

It’s important to understand the factors that affect your home insurance premium so you can fully comprehend the reasons behind any pricing changes and—more importantly—check that you’re adequately insured.

Contact us today for further insurance guidance.

FINANCE

Tips for Recession-proofing Your Life

High inflation and spiralling energy prices have created a volatile economic climate that could take a further downward turn. In fact, 79% of Britons are concerned about the economy going into recession, according to a recent Ipsos poll. Although you can’t prevent a recession from occurring, you can take steps to limit its ramifications and maintain financial stability. Consider the following tips to limit a recession’s impact on your finances:

• Review your expenses to see where your money goes and to determine if saving opportunities exist. Next, set a realistic spending budget and do your best to stick to it.
• Negotiate your monthly bills for utilities, phone and broadband services. Alternatively, contact your service providers to enquire about their relief policies.
• Consider measures to improve spending habits and cut down on expenses. For instance, switch to own-brand groceries, utilise discount vouchers and order online to avoid impulse in-store purchases when shopping.
• Try to build an emergency fund of at least three to six months’ worth of living expenses, if possible.

Contact us today for additional recession-proofing resources.

HOME

6 Tips for Home Maintenance in Spring

“Tidy house, tidy mind” is a well-known phrase. In fact, nearly half of the respondents in a survey conducted by storage company Access box storage admitted that clutter in their homes makes them feel stressed. In contrast, a clean home can support a healthy immune system and help prevent respiratory issues and allergies triggered by dust, mould, and pet hair, Furthermore, conducting property maintenance can help address any damage that may have occurred during the winter months, ensuring the safety of you and your family.

Consider these six spring home maintenance tips:

1. To remove clutter, set aside time to go through objects and decide what you need and what you don’t. Be firm and decisive when determining which items to keep. Split items that you no longer need into three piles: things to throw, things to recycle, and things to sell or donate. Leverage clever storage solutions to accommodate the remaining items so that your living space is clear and comfortable.
2. Conduct a spring clean. Utilise the longer daylight hours to complete additional cleaning jobs. Alongside usual cleaning practices, consider hoovering your mattress to rid it of dust mites, cleaning floors and carpets, and laundering pillows, duvets, and curtains.
3. Inspect the roof. Repair any roof damage that developed in the winter to prevent leaks during spring storms. Specifically, check for signs of damage, and replace or repair any broken or missing tiles. Consider a professional inspection.
4. Clean the gutters. Clear debris from gutters and drainpipes to ensure water can flow freely, thereby preventing water damage.
5. Review security. Rust can develop during the cold and damp conditions of winter. As such, check all locks for signs of rust and remedy any defects found. Bolster home security further by inspecting window latches, frames, and panes to ensure they’re in optimal condition.
6. Tidy up outside. Remove any dead trees or foliage that may have fallen in winter, power wash patios and look forward to spending well-earned relaxation time in your garden.

Contact us today for further lifestyle tips.