Categories for Landlords Insurance

Building Societies charging borrowers for going elsewhere for insurance

April 21, 2015 3:30 pm

Survey shows customers are paying £2m a year for the practice of ‘bundling’ that was abandoned a decade ago. Building societies are forcing home buyers to take out their often high-priced in-house insurance policies – or face a penalty of as much as £45 if they shop around.   A survey by comparison site comparethemarket.com named Ipswich building society as the worst offender in a list of 18 lenders which charge home buyers if they choose to buy their buildings insurance at an alternative provider. The society charges £45, although in a statement it said that it plans to drop the...

Price comparison sites criticised over failings

January 21, 2015 3:25 pm

Many sites fail regulatory standards by not providing enough details for consumers to make informed choices, says FCA. Price comparison websites are breaking regulatory rules by prioritising price over cover in many cases, said the City watchdog.   The Financial Conduct Authority looked at 14 price comparison websites, which between them account for 90% of the market, selling private motor, home and travel insurance and concluded that many were failing regulatory standards. The websites did not always provide clear information on basics such as the terms of the policy and the cover it provided, as well as the excess that...

Insurers accuse Miliband of raising false hopes for UK flood victims

September 21, 2014 3:18 pm

A furious insurance industry branded Ed Miliband as irresponsible and accused him of raising false hopes when he suggested that insured victims of the floods should receive payments within weeks.   Insurers also challenged claims by the Labour leader’s office that Miliband had recently met senior executives in the insurance industry, saying they had been seeking a meeting with him for some days.   An Association of British Industry source said Miliband was “sending out the worst possible message” to people who had to come to terms with the impact of the recent floods. “Making claims in these situations can...

Owen Paterson has failed to factor climate change into flood insurance

August 21, 2014 3:17 pm

Homeowners’ deal doesn’t take into account the increasing risk from rising sea and shifts in rainfall due to climate change   With insurers receiving thousands of claims for flood damage caused to homes over the past few weeks, there are worrying signs that the Department for Environment, Food and Rural Affairs is failing, under the stewardship of its Secretary of State, Owen Paterson, to take account properly of the implications of climate change for a new flood insurance scheme.   Much of the recent flooding has been triggered by heavy rainfall, with last month being the sixth wettest December in...

Original figures included partnership funding from local authorities of £148m

June 21, 2014 3:14 pm

The government has come under fire after floods minister Dan Rogerson admitted “some minor inconsistencies” in figures on flood defence spending, adding that they have now been “rectified”, the BBC reports.    The government had claimed that the coalition was spending a record amount of money on flood defences, but the amount will only reach that level if partnership funding from local councils is included in the total.    Rogerson said in a statement: “Floods funding is complex, with a number of different income streams including government funding, local levies, and other contributions towards schemes.    “Further analysis has identified...

Stark Warning As Landlord Faces £1million Liability Case

May 21, 2014 3:11 pm

An ongoing public liability claim received by a leading landlord insurer, which could reach in excess of £1 million, presents a stark reminder to landlords of the need for adequate insurance cover.    In the last two years, public liability claims received have reached an estimated £1.7 million.  These claims are the slips, trips and falls by tenants that have been taken place at a property where the landlord is found responsible and although often unavoidable, without insurance protection such incidents can prove extremely costly for landlords.    In an ongoing case the guest of a tenant fell from a...