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.
As costs rise so the amount needed to replace household items increases also. The need for home insurance is therefore greater than ever say Direct Line.
Having surveyed a selection of UK adults the insurer found that the typical cost of replacing or repairing damaged household items was around GBP200. The most common incidents were red wine spills, broken vases and damaged furniture. Each of these is covered with Direct Line home insurance and the peace of mind that cover brings, as well as the money it can save, is of real benefit to customers.
At the moment Direct Line have a special offer on their contents insurance, with free accidental damage cover provided to all new customers. In addition, when the time for renewal comes these same customers will also be eligible for a 10 percent discount as long as they have not made a claim.
According to Tesco Finance the cost of not changing home insurance companies last year totalled GBP26 million.
The study found that almost two thirds of people remained with their existing insurance providers when it came to renewal time, even though almost half of them saw the cost increase over the previous year. For around 4 million of them the increase was more than the level of inflation, said a Tesco Finance spokesman, even though only a small number of these had increased their cover or made a claim.
The advice that comes out loud and clear from Tesco is that everyone should at least get a couple of alternative quotes at renewal time to make sure they are getting the best home insurance deal available.