Could using Facebook invalidate your home insurance?

NCD News: Could using Facebook invalidate your home insurance? - 22.02.10

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Could using Facebook invalidate your home insurance?: Confused.com has predicted that households who use social networking sites such as Twitter and Facebook could see their insurance cost rise in the future. Those who use the sites are increasingly making themselves vulnerable to criminals by posting details of their holidays or by telling strangers about their whereabouts. Confused.com has joined together with a new site PleaseRobMe.com which is trying to raise awareness of the issue. PleaseRobMe posts details of social networking users in a bid to point how how easy it is get the information. Darren Black from Confused.com comments that the ease of getting this type of information could add 10% to home insurance policies and he suggests that users should never post their address or phone number on these sites and they should avoid using location based applications.

Britain's largest credit insurance company Atradius, is refusing to cover suppliers to the House of Fraser due to concerns about the company's finances. The retailer has asked banks to relax their lending terms to allow it buy back stock, which is expected to be granted due to improved trading over Christmas. It has also been suggested that other credit insurers involved with the store are looking to increase their cover.

Research by Local Data Company has shown that rates of empty retail properties has increased by 12%, with some towns experiencing a 24% increase. This news has caused Aviva to issue warnings about insurance and property protection to landlords. They are reminding landlords that they must inform their insurer if their property becomes empty and take steps to prevent vandalism and malicious damage. They also have a duty of care to anyone visiting the property, legally or not, to ensure it is safe and that signs are in place to prevent accidents.

Swinton have released details of a recent survey which shows that those in rental properties are less likely to insure their contents. They discovered that 38% of those surveyed did not have this type of insurance, compared to less than 10% of home-owners. Steve Chelton from Swinton points out that burglary rates are still very high and this unlikely to change in the near future, so being insured is all the more important. This is despite this type of insurance not being compulsory.

Swinton Van insurance has also found that 75% of van drivers prefer fish and chips as their favourite takeaway. The bacon and sausage sandwich came in second with 11% while a chicken tikka masala curry, lamb doner kebab and sweet and sour chicken followed up behind. The insurer pointed out that with such a lead, fish and chips were likely to remain in the top spot for some time to come. They make no mention of what this survey has to do with van insurance however, and they do not offer health insurance.

Research commissioned by F&C Investments has shown that 22% of those aged between 35 and 45 did not have a will or suitable life insurance. Of these, men were more likely to have a will but no insurance and women were the opposite. The research looked at personal finance, including savings accounts, life insurance policies and borrowing. Scott Stevens from F&C commented that people in this age group need to take responsibility for their finances.

The Independent has this weekend looked into the numbers of people who buy cars online. According to Esure, 15% of motorists wuold look online for the best possible deal, while Which? points out that those buying online may be able to get good discounts. Which? discovered that 12 out of the 14 cars they looked at were cheaper online, compared with showroom prices. They point out that buying online puts the consumer in control as they have access to all the information about the car they need. The AA also comment that it is very important to read all information carefully before committing to a purchase. It is also recommended to pay with a credit card, as this offers the highest level of protection should anything go wrong.

Compareinsurers.com has decided to warn drivers about the importance of regularly checking car tyres, after the recent spate of bad weather. They have issued reminders to drivers about how good tyres can lead to better car handling and a smoother driving which will result in fewer insurance claims. They suggest checking tyre tread to ensure it is within legal limits and regularly checking tyre pressure.

Tesco Bank has discovered that 69% of men were prepared to spend up to £50 on gifts for their loved ones for Valentines Day, while women would have spent an average of just £10. Despite this disparity, it seems that being part of a couple still has its financial advantages. Tax breaks are available to couples who live together and couples can have one ISA each, enabling them to make good tax savings on their investments. The bank also points out that a couple can get a multi-car insurance policy for up to 5 cars, in some cases, which will lead to smaller premiums and more discounts.

Tesco have admitted liability after an elderly woman died a few months after her leg was trapped in a sliding door at a store in Nottingham. Margaret Buxton was 84 and sustained a large blood clot as a result of the accident and needed skin grafts. Her daughter and her solicitors claimed that Mrs Buxton's health deteriorated after the incident, in which the automatic door shut unexpectedly and forcefully, causing her to suffer severe pain and distress. Tesco have come to a financial settlement with the family.

People wishing to buy life insurance from Aviva and Bupa can now find them on QuoteBoffin.co.uk. The new money saving website which compares life insurance and was launched earlier this month. They believe that their relationship with brokers and insurance market leaders will be of interest to consumers. They also point out that they have a range of different packages and providers so people can find the right level of cover for them.

Columbus Direct have won the prestigious Best Life Insurance Provider award at the Personal Finance awards beating Aviva, L&G and LV. The awards are judged by a panel of independent experts from financial publications, comparison sites and finance advice companies. Columbus only entered the life insurance market less than a year ago, but their innovative approach, in particular towards customers with pre-existing conditions has proven to have worked in their favour. Rob Thomas from the insurer estimated that 30% of those wanting life insurance have pre-existing complaints and are rejected by other insurers or have to pay high premiums. He says they are delighted with the award and will continue to help people find the cover they need at a reasonable price.

Age Concern and Help The Aged have accused insurance companies of discrimination against the elderly after they found that one third of those aged over 80 are immediately excluded from travel insurance. Michelle Mitchell from the charity said that while they understand that age can be taken into account in certain circumstances, automatic age limits undermine the message of the Equality Bill. The recent research from the charity also found that once a customer reaches 65, getting insurance can become much mroe difficult, with some companies refusing to offer quotes. Lana Clements from More Than points out that older drivers pose a higher risk, in much the same way as those aged under 25 do. The research also showed that premiums increase significantly as people enter higher age brackets. They say they have also heard of financial advisers who refuse to talk to older people unless they are accompanied by a younger relative.

Sterling Insurance has released a new Executive Business policy containing a number of innovative features aimed at selected clients. The policy includes crisis containment costs and the costs of hiring a PR expert to mitigate reputational damage. The policy will even cover the costs of recruitment for replacing an employee who has won the lottery and quit their job. David Sweeney from the insurer says that the Executive Business product was created in response to demand for an exceptional commercial combined product from customers and brokers. †