The Financial Blog

Today 39 million people in Britain are recycling their household waste and I remember the change from our one ‘wheelie’ bin for all household rubbish to the smaller recycling containers everywhere today. There are still 800,000 people who say they have done absolutely nothing towards recycling their rubbish and haven’t taken any cost and energy saving measures.

New research from Tescocompare.com reveals that the huge rise in fuel and energy prices could force 22 million Brits into ‘green’ action, the ‘Greenvolution’ is coming, they say…

The UK might see somewhere in the region of a 50 per cent increase in environmental activity because of high fuel and energy costs. In fact 54 per cent of the 15 million British homeowners say that they will ‘go green’ to try and save money.

Simple tasks like recycling household waste is done by 39 million peoplem which is 83 per cent of us in the UK; 66 per cent of us switch off electrical appliances at the mains (turn the plug off!) rather than leaving them on standby, which wastes energy. I was quite surprised to see that 76 per cent of people have installed energy saving lightbulbs which cut down on electricity bills.

Other, perhaps less well known energy saving tasks include; washing your clothes at a lower temperature like 30 degrees, don’t take a bath because energy is wasted heating all the water, get a shower instead! And don’t overfill your kettle, use just enough water for the number of cups needed! These are all simple things that you probably think ‘yeah I knew that’ but honestly how many of us actually bother sticking to these suggestions?

Paul Baxter, at Tescocompare.com says, “Going green takes a little bit of effort but can reap huge rewards in the long and short-term. The cost of living and household bills are creeping up and up, but there are lots of things that cost next to nothing, which we can all do on a day-to-day basis to reduce our carbon footprint and energy bills. Simply turning gadgets off at the mains when you’re not using them is a sure-fire way to save the planet and the pound in your pocket.”

I’d be itnerested to know how many people have considered or are seriously considering changing their car for a Hybrid or LPG model? Not only would this help the environment but it would most definately save on your fuel bills…Take a look at my post about ‘Fuel-offsetting’, basically use the money you save from comparing car insurance and finding a cheaper deal toward your anual fuel bill.

Paul Baxter, Director of Commercial and Partnerships at Tescocompare.com, said:

“It is evident from the Pitt Review that the authorities and public alike must take the threat posed by floods more seriously - if we are to prevent a repeat of the £3bn of damage caused by last summer’s floods.  Tescocompare.com sincerely hopes the Government will take the Pitt Review’s criticism on board to ensure the nation is better prepared next time the rains come.”

“Being hit by flooding is no doubt a traumatic experience for anyone, but at least some of the monetary strain can be taken away by adequate insurance cover. It is important that people do check their insurance details carefully to make sure they are covered should the worst case scenario hit. Details such as whether the property has been flooded in the past, is within a flood risk area and the distance to the nearest stream or watercourse all need to be registered correctly on the insurance policy to make sure any flood related claim will not be invalidated. We urge people to take a close look at their policies now to ensure they are fully prepared should they be affected by any floods this year.”

>>Click here to compare home insurance

Peter Gerrard, head of insurance research at price comparison site Moneysupermarket.com Comments on the final report of The Pitt Review, he said:

“The final report of The Pitt Review is certainly a step in the right direction for managing flood risk in the UK. It has been one full year since floods hit Britain and homeowners in flood risk areas are already finding it difficult to find affordable and competitive insurance cover, especially if they have already made a claim for flooding.

“The ABI estimates that in some areas affected by the summer 2007 floods just a quarter of homes had contents insurance, yet in the aftermath, insurers received around 165,000* claims related to flooding - equivalent to four years worth of claims.

“Looking forward insurers may be reluctant to insure homes in flood risk areas, especially for properties where a claim for flooding has already been made. Anyone planning to buy a home on a flood plain should think carefully about the impact location might have on their premiums, or whether they can insure their home at all.

“I urge homeowners to ensure they have adequate insurance, whether living directly in a flood risk area or not. With last year’s dramatic events in mind it is crucial to check your home and contents are covered. If faced with a flooding situation the last thing you want is to find yourself underinsured or worst - not covered at all.”

>>Click here to compare home insurance

Sir Michael Pitt has called for changes in the way the UK adapts to the increasing risk of flooding and has put forward a range of policy reviews for the Government to consider, urging the government to publicy set out how it will help.

Sir Michael said; “During the year I have received more than one thousand written submissions from the public, consulted widely and visited communities to see for myself the extraordinary hardship so many families across the country are facing. It is unacceptable that one year on, thousands of people remain in temporary accommodation.”

“Research published as part of my report today shows that the risk of flooding continues to escalate; making the events that shattered so many communities last year an ever increasing threat. I urge the Government to show leadership and urgently set out the process and timescale for improving resilience in the UK. The recommendations in my report are realistic and affordable and should be made a priority. Waiting for another serious event is a dangerous ‘strategy of luck’; we need to act now to protect our future.”

The Government should:

• Establish a Cabinet Committee dedicated to tackling the risk of flooding, bringing flooding in line with other major risks such as pandemic flu and terrorism
• Publish monthly summaries of progress during the recovery phase of major flooding events, including number of households still displaced
• Ensure proper resourcing of flood resilience measures, with above inflation increases every spending review
• Establish a National Resilience Forum to facilitate national level planning for flooding and other emergencies
• Have pre planned, rather than ad hoc, financial arrangements in place for responding to the financial burden of exceptional emergencies
• Publish an action plan to implement the recommendations in this review, with regular progress updates.

More key requirements;

• The Environment Agency and Met Office should work together, through a joint centre, to improve their technical capability to forecast, model and warn
• The Government should put in place a fully funded national capability for flood rescue, with Fire and Rescue
• Authorities playing a lead role, underpinned by a statutory duty, if necessary
• The Ministry of Defence should identify a small number of trained Armed Forces personnel who can be deployed to advise Gold Commands on logistics during wide-area civil emergencies and, working with Cabinet Office, identify and suitable mechanism for deployment
• The rail industry, working through Local Resilience Forums, should develop plans to provide emergency welfare support to passengers stranded on the rail network
• The EFRA Select Committee should review the country’s readiness for dealing with flooding emergencies and produce an assessment of progress in implementation of the Review’s recommendations after 12 months

Morefrom Sir Michael, to finish;

“I welcome the positive approach and administrative structures that the Government has so far pledged to put in place to improve the UK’s flood resilience. I have worked closely with Government and our key stakeholders throughout the process and am pleased that so many of my recommendations are already being taken forward. Momentum on these issues must continue and I know we will all be watching with interest as my full list of recommendations are implemented.”

Director of Commercial and Partnerships at Tescocompare.com, Paul Baxter comments on the companies  support of Child Safety Week 2008 and urges parents to make sure their child is well protected while travelling in a car:

“We totally support Child Safety Week and want to help raise public awareness of child safety, especially the safety of children travelling in cars.  Sitting children in the right seat for their age and height dramatically reduces the likelihood of serious and fatal injuries.  Many injuries to children in motor accidents could have been prevented by ensuring that the child is properly secured.

“Many parents still may not be aware of the new regulations governing the use of child car seats which were passed in September 2006.  Small children (child up to 3 yrs old) are required to be restrained by baby or child seats while children who have grown out of child seats (child from 3 to 12 yrs old or up to 135cm in height) need to use booster seats or booster cushions.  And adults should wear their seatbelts at all times.

“Many insurers realise the importance of child safety in the car and add extra cover for child car seats which is included in your premium.  We have based our car insurance comparison service, Tescocompare.com, on the principle of allowing consumers to compare over 25 policy features, including child seat coverage,  across insurers to ensure they can easily find the right insurance for their individual needs. Insurers who provide child seat coverage seem to have similar policies - if a car is involved in a accident, damaged by fire or theft or stolen and not recovered, the child seat will be replaced or a contribution made towards a new purchase.”

>>Click here to compare car insurance now!

Big Brother, reality TV star Jade Goody has had jewellery stolen from her home in Waltham, Essex, last weekend.

Apparantly a window was left open and the jewellery was out on display too! If this is correct then Jade would have to cover the cost of the £56,000 worth of ‘goody’s’ stolen, including watches, rings and a Tiffany necklace.

Most home insurance policies will not pay out if jewellery of this value is left out on display, let alone if windows are left open…

Obviously the best thing to do is keep all jewellery out of sight and make sure you have additional extra home insurance or at least substaintial contents cover that includes items like these. Just ask your home insurance provider for a quote.

>>Click here to compare home insurance now!

Sometimes, and this is one of those times, I cannot believe the press releases that come out of some financial organisations!

Today, Tescocompare.com has released it’s Mr Bump report, yes, Mr Bump, as in the Mr Men series.

This new, obviously ground breaking, new research has been carried out to tell us all how accidents occur in our homes and how much damage this causes every year. Oh, and of course, that everyone should compare home insurance on the newly launched Tescocompare.com home insurance comparison service.

Anyway back to the ground breaking report; apparently if you live in London you’re more likely to have an accident in your home and amazingly, in London 6 out of 10 people have dropped something or split something! I wonder how long it took them to come up with these figures!!! I can’t believe people in London drop things! Amazing…

Here are the rest of the ground breaking findings;

• Drinking a bit too much is to blame for £95 million pounds worth of damage to British homes each year
• Young children cause £136 million pounds of damage each year
• Pets cause £87 million pounds of damage each year
• DIY mishaps cause one in ten accidents - with a total bill of £149 million
• But messing around/horseplay tops the list of causes - resulting in one in four accidents - total bill £325 million

Commenting on the research, (and getting a plug in for Tescocompare.com) Paul Baxter of Tescocompare.com said: “As the saying goes accidents do happen - and this research suggests many of us suffer financial loses on an annual basis. You can insure against accidental damage - and the new home insurance service on Tescocompare will enable you to see what is covered, and what is not, in the event of an accident.”

I’ve no doubt that Tescocompare.com is a good insurance comparison service, just like the other comparison web sites around; I think they’ve revolutionised the finance and insurance industries in the UK and all in a positive way for consumers. But please, please leave the totally ridiculous PR out!!

Oh and don’t forget - >> Click here to compare home insurance!

Tesco is launching a new range of home insurance products that tie in with the familiar Value, Standard and Finest brands we’re so used to seeing in Tesco stores. I like the whole concept of these products and think that Tesco is leading the way, surely other supermarket brands will follow soon…

From 22nd June the new range of home insurance products will be available as follows;

• Value - Good cover at outstanding prices. Costing on average 30% less than the Standard product, Tesco Value Home Insurance includes the essential elements of cover while excluding extras that some homeowners may not wish to pay for. 
• Standard - An enhanced version of Tesco’s existing home insurance product. Has mass appeal and offers a great deal for customers. It covers everything a customer would expect, clearly explained with no surprises. Enhancements include no compulsory excess and over £10,000 worth of additional cover at no extra cost. These increased limits are an acknowledgement of changing lifestyles (e.g. greater value of Garden Furniture and Pedal Cycles)
• Finest - offers the most comprehensive cover that we have ever offered. It gives customers peace of mind with exceptional added value at a great price. The many enhancements include, unlimited Buildings cover, contents away from home doubled to £10,000, as well as additional benefits including Home Emergency, ID Fraud Detection and Assistance and a unique Concierge Service, which offers provides a range of services from booking entertainment and travel to shopping and home help advice. 

Head of Tesco Home Insurance Tesco Home Insurance, Jim Bruce, said: “When our customers walk into our stores they expect to see great choice and get great value for money. Customers have told us they understand Value, Standard and Finest and in the current economic climate we want to do everything we can to help them get exactly what they want to pay for. We’ve brought this range to the home insurance market to offer even greater choice, clarity and value.” I think this is a great product and neat idea from Tesco, why couldn’t his have been thought of sooner!?

Even more attractive is that Tesco is offering up to £60 off fuel or shopping if you’re a new home insurance customer. You get free £10 off if you buy the Value home insurance, a free £400 off if you buy the Standard home insurance and a free £60 off if you buy Tesco finest home insurance.

For more information and to apply go to Tescofinance.com or call 0845 301 0901

>>Click here to compare home insurance quotes

Nearly 64 per cent of Brits didn’t bother to shop around and compare home insurance when it came to renwal time last year. Rather worringly 44 per cent of these same people saw their premiums increase at this renewal, but still failed to shop around for a better insurance quote.

This new research from Tescocompare.com suggests that an alarming number of people failed to utilise comparison web sites like Tescocompare.com in order to find the correct insurance policy at the correct price with correct policy features.

I cannot beleive that 66 per cent of people failed to shop around for new home insurance on getting a renewal quote from their current insurer. In this day and age there is absolutely no excuse; the internet has made it faster and easier than ever to compare home insurance quotes online compare home insurance quotes online and apply instantly.

What’s even worse, in my opinion, is that 44 per cent of these same people saw their renewal quote increase but they still failed to do anything about it!

Tescocompare.com say that the average renewal price was £283 and the price increases handed out to customers added at least £26 million to the cost of home insurance, for the UK, last year.

Paul Baxter from Tescocompare said: “The message behind this research is clear - many millions sleepwalk through their insurance renewal allowing their insurer to increase premiums unchallenged.  Regardless of how loyal you are to your current home and contents insurer - you should shop around at each renewal to make sure you get the cheapest and most appropriate insurance for you.   Using an insurance comparison site such as Tescocompare.com helps you do this quickly and easily.”

Very well said Mr Baxter! Insurance companies rely on this customer apathy in order to hike up our premiums. With the cost of fuel and motor insurance motor insurance increasing the last thing we need is to be paying too much for home insurance as well.

Commenting on Tescocompare’s new service, Paul Baxter said: “When we launched Tescocompare.com we did so in direct response to our customers’ requests for more help in choosing their car insurance. The new home service is built on exactly the same principles that have made the car channel Defaqto’s top ranked car insurance comparison car insurance comparison site for the second time in a row..

“Our consumers want more than just the usual ‘shop around’ tool for insurance premiums. We have placed great emphasis on the fact that our site not only compares price but also looks at individual policy features to allow users to make sure they are getting the right cover for them. No other home insurance comparison home insurance comparison site allows consumers to do this. We have also ensured that the price through Tescocompare.com will be no more expensive to the consumer than the price if they went direct.”  

Tescocompare.com allows consumers searching for car insurance car insurance or home and contents insurance to compare 25 different policy features - as well as the premium quoted.   Comparing on more than just price allows consumers to chose, not just the cheapest policy, but also the one which is right for them. >>Click here to visit Tescocompare.com now!
 

From today every homeowner who decides to buy Halifax Buildings and Contents Insurance will get a £50 reward, or ‘Thank You’ and then another £50 every year they renew their home insurance with Halifax. Halifax say this is designed to offer competitive fully comprehensive cover combined with long term rewards if you switch and stay with Halifax home insurance.

Head of Marketing for Halifax Home Insurance, Sarah Cowx said: “We developed this offer because customers have told us they feel they should be rewarded for their loyalty to their insurer.  Other insurers offer discounts and incentives to tempt customers in, but we are the only insurer to reward customers for their loyalty year after year with a £50 thank you.”

This is all very good news for consumers and even better for you if Halifax are genuinely the cheapest home insurance provider for your circumstances but, for me, it all comes down to price. If Halifax is going to cost you more than the £50 ‘Thank You’ reward it’s not worthwhile taking up this offer. Personally I’d rather insurance companies in the UK reward their customers loyalty by keeping premiums low and not hiking up prices whenever policies are due for renewal.

The best thing to do is compare home insurance quotes online, gone are the days of sitting on the phone for hours on end trawling through insurance companies call centres to get yourself a quote. You can compare home insurance online in minutes by using a comparison web site. Here are a few to choose from;

Moneysupermarket.com, Gocompare.com, Comparethemarket.com, Confused.com, Insurancewide.com, Moneyexpert.com

Even if you decide not to use these web sites to apply online for a policy you can easily find which insurer will generally be the cheapest for you. Then all you have to do is pick up the phone and call them, or go direct to the insurers web site to apply.