Malcolm Kyle

Last month, the Association of British Insurers warned that the cold weather could cost insurers £7m every day in claims for burst pipes and leaking water damage. It predicted that the total cost of the cold winter could top £650m. So it should come as little surprise to learn that the average building insurance policy has increased to £143 a year – a rise of 10pc, as reported by the AA in its latest Premium Index report due to be published next week.

The cost of contents-only insurance has jumped by 8pc to an average of £72 a year.

RSA, one of the World’s leading Insurance groups and owner of the popular More Than brand, has warned that premiums are set to rise even further this year, blaming the increased number of claims over the cold winter. In fact, the coldest December in 100 years weather cost RSA £142m more than an average winter with a total of 8,000 claims in November and December at an average cost of £6,700.

With increased costs on inflation and the rise in VAT, insurance customers should brace themselves for increase in the cost of cover over the next year.

The good news however is that there are steps you can take: home owners are always better off opting for joint buildings and contents policy. My personal advice is to search the market for the best deal you can find, and then come to me, as I will always guarantee to beat any like for like quote on domestic insurance.

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It was a crisp evening and the snow was softly falling, when the Networking Knight and his trusty steed “Valiant” were returning to Kyle Castle. As they approached the Draw Bridge the Knight was met by his good Lady who was rending her hair and wailing in obvious distress.

“Oh Master” she cried “a disaster has befallen us; the foolish maidservant has spilled lamp oil over the Persian rug you brought back from your last Crusade…. and it’s ruined.”

“Be calmed good lady” replied the Knight. “I shall send for the redoubtable Curry of NCF, if anyone can remove the offending Oil, it will be him. And if he can’t, we shall simply have the rug replaced on our ‘New for Old’ contents Insurance policy.”

“You see, unlike the other evil Robbing Insurance B…barons I ensure that all of my clients are given the very same Buildings and Contents protection we have ourselves, so they like us can sleep safe in the knowledge that nothing can perturb them.”

“Oh Kind Networking Knight, I thank the Good Lord every day that you decided to marry me and saved me from a life of servitude, how may I ever thank you?”

And the Networking Knight climbed down from Valiant and with a smile said “Oh, I’m sure we can think of something” and he and his Good Lady retired to the Castle Keep and the roaring log fire, secure in the knowledge that he was fulfilling his quest to protect people while helping them to save more too

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Express.co.uk ~ Wednesday November 24,2010

By: Esther Shaw

CONSUMERS are being warned they could be putting themselves at financial risk by cutting back on cover that protects them in the event of fire, flood, theft or accident.

The warning has come from the British Insurance Brokers’ Association (Biba) after its findings showed that 57 per cent of brokers have seen consumers reduce their level of insurance protection during the economic downturn compared with 23 per cent last year.

“The steep rise in people cutting cover is very worrying,” said Eric Galbraith, chief executive of Biba. “We understand that times are tough but consumers should take care not to leave themselves exposed. It could be false economy and cost them thousands of pounds for repairs or to replace belongings.”

The most common examples were consumers reducing levels of sums insured, for example on home insurance, increasing excesses and scrapping cover that is deemed “non-essential”.

“Reducing your sums insured could be a costly mistake as if it isn’t accurate, it could adversely affect a claim payment,” said Galbraith. “Customers also need to ensure they will be able to afford higher excesses should the unexpected happen. The key is to think long and hard about the cover you need to meet the financial consequences.”

The good news is there are other steps you can take to keep a lid on costs.

Homeowners who want to cut the cost of cover can potentially save money by buying their buildings and contents cover from the same insurer and installing a burglar alarm. Motorists can save money by investing in an alarm or immobiliser and by parking in a garage. Travellers may also be able to cut costs by purchasing an annual multi-trip policy rather than a single-trip one.

More savings can be made by paying premiums upfront, as most insurers charge interest on monthly payments.

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Having quenched his thirst and sated his hunger at the Firenze Hog Roast, the Networking Knight and his faithful horse Valiant are once again attending to his quest.

Crossing a sun-dappled, woodland glade, the Networking Knight sees a woman bent over a boiling cauldron. Curious he calls over “Hail Fair Maiden, what potion are you preparing”. As she turns to answer, the Networking Knight recognises the fair White Witch, the Lady Ruth.

She curtsey’s deeply and replies “Morning good Knight, I’m busy preparing a solution of coffea to cure my Lord John’s chronic insomnia. As you know with my remedies like cures like.” “By the by” Ruth continued “thank you for sorting out the buildings and contents Insurance for Belsay Towers. The other evil Insurance Barons simply would not help, as I run my clinic for the sick from home and they were trying to Rob me blind, the Robbing B…arons. Thank goodness that you came along and slashed my premiums in HALF for much better cover… How may I ever thank you?”

“Well… you could stop skipping around for a moment…. and talk to your family, friends and neighbours who own their own homes and ask if I could help them to slash their costs too. It doesn’t matter when their insurance is due or where in the UK they live, Valiant will get me there.”And with a weary look from Valiant, the Networking Knight rode off, secure in the knowledge that he was fulfilling his quest to protect people while helping them to save more too.

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I’ll admit that Home insurance isn’t the most exciting of topics but it’s an important one. And with winter drawing in, bringing darker evenings, home insurance claims are expected to peak due to adverse weather and an increase in the number of burglaries.

As a result, ensuring you have adequate home insurance in place is even more important!

So I’ve put together a list of the biggest home insurance blunders we’re all prone to making:

1. Not having insurance in the first place

The first mistake is not to have a home insurance policy in the first place.

It’s estimated that over a fifth of households in the UK have no insurance protection in place. This is partly because many (42%) feel they can’t afford to take out a policy.

I can understand that. But more than a fifth haven’t got any just because they don’t think home insurance is important and 18% apparently don’t believe they have anything worth insuring! Meanwhile, 15%  don’t have any insurance simply because it’s not a legal requirement.

As an old policeman this worries me. I’ve seen the ‘worst happening’ many, many times and if you take just one example – a house fire, people are always amazed at just how much it costs to replace all of their belongings.

2. Underinsuring your possessions

Even if you do have home insurance, many of us fail to have enough insurance. In fact, its estimated that on average, we’re underinsured by a whopping £4,650!

However, if you don’t have enough insurance in place, and you did need to claim, your insurer may assess your property and only pay out in proportion to what you’re covered for.

Of course, it can be really difficult to work out exactly how much all of your possessions are worth. After all, it’s easy to think a wardrobe of clothes is far less valuable than it actually is, and it’s easy to exclude items you have in say the garden or shed.

I advise my clients to go through their home’s one room at a time. Start by splitting each room into three ‘zones’ – High. Middle and Low. Working your way around each room 360° making a note of everything, you’ll be amazed at how much you actually possess! I also recommend you make sure you value everything by finding out how much it would cost to replace the item.

Alternatively, if you really want to ensure you’re fully covered, make sure you opt for a policy that offers unlimited cover as you won’t have to specify a limit to the value of your property.

3. Thinking the cheapest option is best

All of us want to keep our costs to a minimum. However, opting for the cheapest home insurance policy isn’t necessarily the best solution.

Some home insurers are increasingly offering certain aspects of cover as optional extras rather than as standard features. So if you’re choosing the cheapest policy, there’s a good chance you might not be covered for everything you need to be. For example, many policies now include accidental damage as an optional extra.

So, if you want to ensure you’re fully covered, you may need to pay that little bit extra. Make sure you explain your requirements carefully to your Broker and read the terms and conditions of the policy carefully so you know exactly what you’re covered for.

4. Forgetting about personal possessions cover

Leading on from this, you also need to check whether your insurance includes personal possessions cover. This protects your belongings when they are outside your home.

These days we’re all prone to carrying around a lot of valuable items – mobile phones, your iPod/iPad, wallet, expensive watches, handbag, and so on. So making sure these items will be covered when you step outside your front door is a very wise move.

5. Forgetting about single item limits

Most insurers automatically cover valuables up to a certain amount, typically around £1,500. I always offer policies with a much higher cover but this is the industry standard typically £4 – 5,000.

So if you have an item that’s worth more than this limit, you need to get it named separately on your policy. Yes, this will push up your premiums, but you need to do this to ensure you’re covered. If you’re not, the insurer won’t pay out in the event of a claim – which means you could lose thousands of pounds simply by failing to spot this clause!

To keep your costs down, I always advise my clients to shop around themselves to find the best deals and THEN come to me, as I’ll always beat the best deal you can find, with the right policy for your needs. If I can’t… I’ll tell you – it hasn’t happened yet!

6. Paying monthly

You might think that spreading your costs and paying for your home insurance in monthly instalments is a good idea. But for many policies you’ll find if you do this, you’ll end up paying more in the long run because interest will be added to your payments.

That’s not the case with my policies, as we do not penalise at all for paying monthly by Direct Debit.

7. Staying loyal

When your home insurance policy is up for renewal, don’t simply ignore the letter you receive from your insurer and let your policy roll over for another year. Insurers tend to offer their best deals to new customers only and then push the premiums up in the second year. So even if you had a good deal for the first year, chances are you’ll pay a considerable sum more in the second.

I always check that my clients are receiving the best deal currently available for them and their needs. However I still advise them to do their own research as well and compare various home insurance policies online, to see if they can get a better deal elsewhere! If they can, I guarantee to beat it.

8. Making too many claims

Finally, you might think it doesn’t matter how many claims you make on your insurance, but unfortunately, that’s not the case.

If, over a period of three years, you make three claims on your home insurance policy, you’re likely to find it much harder to get insurance. Some insurers frown upon this and as a result, they will refuse to issue you with a quote when you come to renew your policy. And those that do are likely to charge you much higher premiums.

So to avoid this, try not to make a claim unless you really need to.

9. Making your Home Secure

If you can do so, make sure your home has the correct window and door locks. It will help to have a smoke detector and an intruder alarm fitted. There are some excellent preventative ideas on a web site from my old Police Force – Northumbria

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Hi, my name is Malcolm Kyle the Networking Knight

My Quest is to Protect people while helping them to Save more too!

Today, I’d like to talk to you about House Buildings and Contents Insurance renewal.

Over the past week, I’ve been helping a client – a homeowner in Longhorsley by providing a quote for his Buildings and Contents Insurance renewal.

He benefited by saving over 56% on his renewal, with FAR better cover, while I also reduced his excess from £150 to ZERO!!

This week, I’d like you to ask your family, friends and neighbours who own their own homes if I could quote for their buildings and contents insurance. It doesn’t matter where in the UK they live, or even whether their insurance is currently due. All I need to know is that they will be happy to take my call.

Thank you; I’m Malcolm Kyle, the Networking Knight, fulfilling my Quest to Protect people while helping them to save more too.

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