Latest news with #AngelaPilley
Yahoo
19-05-2025
- Business
- Yahoo
Overlooking one key thing when finding home insurance could be costly, says firm
Households are being urged to dig deeper than the headline prices when buying home insurance, as analysis indicates that some could face contributing hundreds of pounds if they need to make a claim. Financial information business Defaqto's analysis of home insurance products found that some excess levels have been increasing in recent years. The excess is the amount that the customer pays towards the claim. A high excess could outweigh the cost of some lower-value claims. Defaqto said that in April 2025 the proportion of buildings insurance policies with a standard excess of £251 to £400 had increased to 13%, from just 2% in 2019. The most common excess band of £51 to £100 has fallen in popularity, covering 45% of deals on the market, down from 60% in 2019. Defaqto said it had also found several products implementing a standard excess of more than £400. It also found that the proportion of policies that allow the standard excess to be reduced to £50 or less, in return for paying an increased premium, has fallen from 25% in 2019 to just 11%. Many buildings insurance policies also specify an excess of more than £400 for escape of water claims, researchers said. Contents insurance products are following a similar pattern, Defaqto found. The proportion of policies on the market with a standard excess of £25 to £400 has risen to 11%, up from 1% in 2019, while the proportion of those offering a £51 to £100 excess has fallen from 59% to 46%. Angela Pilley, a home insurance expert at Defaqto, said: 'While many people focus on the premium when choosing insurance, it's just as important to consider the excess. 'In the event of a claim, this is the amount you'll need to pay towards the cost, and in some cases high excesses can make it uneconomical to claim at all. 'If your excess is £400 and your claim is only £500, it may not be worth pursuing. 'Checking the fine print is essential to make sure your policy offers real value.' Here are some tips from Defaqto for choosing home insurance: 1. Check the excess on both buildings and contents insurance – do not assume they are low. 2. Look out for specific claim excesses, such as for water damage or accidental damage. 3. Compare policies carefully and consider whether a slightly higher premium with a lower excess may offer better value. 4. Consider whether you could afford to pay a high excess if the unexpected happened. Sign in to access your portfolio
The Independent
19-05-2025
- Business
- The Independent
Overlooking one key thing when finding home insurance could be costly, says firm
Households are being urged to dig deeper than the headline prices when buying home insurance, as analysis indicates that some could face contributing hundreds of pounds if they need to make a claim. Financial information business Defaqto's analysis of home insurance products found that some excess levels have been increasing in recent years. The excess is the amount that the customer pays towards the claim. A high excess could outweigh the cost of some lower-value claims. Defaqto said that in April 2025 the proportion of buildings insurance policies with a standard excess of £251 to £400 had increased to 13%, from just 2% in 2019. The most common excess band of £51 to £100 has fallen in popularity, covering 45% of deals on the market, down from 60% in 2019. Defaqto said it had also found several products implementing a standard excess of more than £400. It also found that the proportion of policies that allow the standard excess to be reduced to £50 or less, in return for paying an increased premium, has fallen from 25% in 2019 to just 11%. Many buildings insurance policies also specify an excess of more than £400 for escape of water claims, researchers said. Contents insurance products are following a similar pattern, Defaqto found. The proportion of policies on the market with a standard excess of £25 to £400 has risen to 11%, up from 1% in 2019, while the proportion of those offering a £51 to £100 excess has fallen from 59% to 46%. Angela Pilley, a home insurance expert at Defaqto, said: 'While many people focus on the premium when choosing insurance, it's just as important to consider the excess. 'In the event of a claim, this is the amount you'll need to pay towards the cost, and in some cases high excesses can make it uneconomical to claim at all. 'If your excess is £400 and your claim is only £500, it may not be worth pursuing. 'Checking the fine print is essential to make sure your policy offers real value.' Here are some tips from Defaqto for choosing home insurance: 1. Check the excess on both buildings and contents insurance – do not assume they are low. 2. Look out for specific claim excesses, such as for water damage or accidental damage. 3. Compare policies carefully and consider whether a slightly higher premium with a lower excess may offer better value. 4. Consider whether you could afford to pay a high excess if the unexpected happened.
Yahoo
01-04-2025
- Business
- Yahoo
UK households issued garden insurance warning as clocks go forward
British households could risk leaving themselves without adequate insurance as the evenings become lighter. Financial information business Defaqto found that some homes have sheds that are not adequately secured and some that do not cover items such as bikes. Thieves may use the lighter evenings as an opportunity to steal items from gardens and sheds. Angela Pilley, a home insurance expert at Defaqto, said: 'People invest thousands in their gardens and outdoor spaces, but often fail to check if they're covered. Jennifer forgot the clocks went forward when she woke up at 6 this morning then. — Florence Lox 🇬🇧🏴🏴 (@floboflo) March 31, 2025 'While 95% of home insurance products include cover for outbuildings like sheds and garages, only 15% actually cover theft up to the full contents sum insured. Some products offer as little as £250, which won't even cover a decent lawnmower. 'Another common mistake is failing to lock sheds and outbuildings – 25% of insurance providers won't pay out if thieves don't have to force their way in. 'And when it comes to outdoor items like furniture and barbecues, limits vary from £250 to the full contents sum insured, so now is the time to check your cover, especially if you've splurged on any expensive items that are stored outside.' Defaqto found that 11% of home insurance products do not include cycle cover, and some impose limits of around £250 to £1,999 per bike. Many insurance providers require bikes to be locked in a building or secured to an immovable object, even at home, Defaqto said. Ms Pilley added: 'Parents should be particularly careful during the summer holidays, as children often leave bikes lying around in the garden. Without proper security, families could be left seriously out of pocket.' Everyday items left outside temporarily, such as portable speakers or dining chairs, may not necessarily be covered, Defaqto said. Defaqto analysed 262 standard home contents products in mid-March for the research. Recommended reading: Forget Japan, here are the best places to see cherry blossoms in the UK HMRC offering thousands of Brits who work from home free £140 payment The speed camera that 'shocks' drivers by catching them almost a mile away Check your insurance limits – do not assume your garden items are covered. Keep sheds and garages locked, or you may risk invalidating your policy. Store expensive items inside when not in use. Some products may not be covered in the event of storms or floods. Keep bikes secured. Insurance providers often require them to be locked up, even at home. Know what counts as 'valuable'. Tablets, phones and speakers may not be covered if stolen from outside. Ms Pilley said: 'People assume their home insurance will protect them if they move something outside for a few hours, but 13% of products don't cover this at all.
