Liverpool Victoria has just announced a removal of what are considered unfair admin charges for all its LV= insurance customers.
Moving forwards Liverpool Victoria insurance policyholders will not face charges for cover level amendments, address changes or cancellations that have been out of the policyholders control. The MD of LV= insurance supported the move, saying that customers sometimes have to make small changes and it is unfair to charge them to do this.
He went on to say that providing good quality insurance at a competitive price is what Liverpool Victoria is about. LV= do not want to hit customers with hidden costs, instead wanting to treat their customers fairly.
Learn more about Liverpool Victoria home insurance through Moneygossip.co.uk.
AA Insurance has asked the government to continue investing in flood defences as well as suggesting local councils should not approve building in high risk areas.
The floods of last year were exacerbated by the inability of the drainage systems to take the water away, aspects that the government can have a big say in. Around 180,000 claims were made last year following the floods said AA Insurance, costing insurers some GBP3 billion. There were also many people without home insurance who suffered as well, highlighting the need for both buildings and contents insurance to protect the most valuable assets people have.
Looking to the future there may be a situation where insurers like AA Insurance and others refuse to cover people for flood damage unless steps are taken to improve the defences available. Such a scenario would be a nightmare for homeowners of course. An alternative may be higher premiums, though the increase would be large in order to cover the potential risk, again leading to many consumers being unable to afford the cover they need.
The Abbey National is warning homeowners who use oil for heating to make sure it is insured as thefts of the valuable resource are on the increase.
A spokesman for the Abbey National confirmed that police forces from around the country are seeing a rise in oil thefts, with domestic dwellings being specifically targeted. Homeowners are being asked to check their home insurance policy documents as around 10 percent of policies do not cover heating oil.
This issue has grown in importance as the cost of oil has risen so much. Abbey National figures show that the price of oil has pretty much doubled since January, making it an interesting potential opportunity for potential thieves.
