IENACE

HSBC Home Insurance provides comprehensive cover to protect you against loss or damage to your home. Currently they are offering new customers Half Price Contents Cover when you buy buildings and contents insurance together plus get a 10% online discount.

Insure your bricks and mortar with HSBC Home Insurance and you can choose whether to have combined cover or purely buildings/contents cover.

Some Key Facts:

• Up to £80,000 for Contents, Household goods and personal belongings
• Up to £6,000 on valuable contents such as jewellery, collections and works of art
• Up to £5,000 on Contents temporarily removed from your property Accidental damage to audio equipment, dvd and pc equipment, mirrors and fixed glass in furniture
• Up to £2,000 on Contents covered in outbuildings and £500 for the garden
• up to £500 for replacement locks if keys are lost or stolenup to £400 Spoilage of food in freezers
• up to £1,000 for Loss of heating fuel and metered water
• Alternative accommodation following an insured loss

Most people prefer to use the same company for all their insurance policies, Pet, Travel, Car etc and HSBC home insurance allows the policy to be tailored to your needs.

Whatever you do, do not skimp on your home insurance cover, make sure you have sufficient cover to ensure any damaged or stolen goods are replaced with like for like.

Apply online now for a 10% discount on your new HSBC Home Insurance policy and get immediate cover for your house and contents – CLICK HERE

Summary:
The rise in flooding in the last few years, have made numerous houses uninsurable. This article looks at the new plans the government has arranged with insurance companies to enable  more homeowners to acquire home insurance cover. However, there will be some that still cannot aquire it.

Thousands of homeowners will still be able buy essential insurance against flooding. It has been broadcast that insurers have reached a deal with the government after they committed to a long term flood protection accord. 

Under the arrangement, insurance companies have guaranteed to afford protection to any property judged to have a riskof less than 1 in 55 from flooding.

On condition that proposals are in position to lessen the threat to a tolerable level within the coming six years, insurance companies will continue to make cover accessible to existing small business customers and domestic. The Environment Spokesperson said that to attain these plans the government has committed itself to a lengthy 20 year campaign to optimise flood dams.
The government proposes to develop defences and urge householders to safeguard their properties would mean that an existing statement of guidelines approved by insurers could conclude in 2016.

This deal comes over a year after floods battered parts of Gloucestershire, Hull and the Midlands. These floods resulted in 184,000,185,000 claims for flood-damaged homes, businesses and cars. Settlements from insurers came to anexorbitant 3 billion pounds.
The Minister told BBC  Radio 7 Daily programme: “The insurance companies very reasonably said that it is important to have a long-standing plan – twenty seven years is the figure that we are going ahead with.

“We are looking at surface water flooding, coastal flooding as well as river flooding, to ascertain that the increased investment that we have, is maintained in the long term.”

Then again, the spokesperson omitted to say how many houses may fall outside the one in sixty five risk group and be graded as not impregnable against floods, saying just: “That is not for government to say publicly.”

He also said how essential it was that the Environment Bureau makes use of its new rules to stop any new housing or industrial developments that may be in danger from flooding. He also said that life insurance companies were now primed to provide better premiums to householders who do something to make their houses enduringagainst the probability of swelling flood waters
He added: “What has changed is the climate change forecasts that the experts are giving us – that the extreme weather conditions are going to intensify in the next 10 – 20 years.”That necessitate a long-term strategy … It is something we have been discussing with the insurance industry. They, quite rightly, want to have assurances that properties are protected and we, quite justifiably, want to do that anyway.”

A Director of the Association of British Insurers said the deal would guarantee flood protection remained widely accessible to householders.
“This deal is excellent news for everybody in danger of flooding,” he added. “We are pleased that the government accepts that a long-term investment strategy, adequately funded, is the most successful way to manage the growing flood threat.”

The Association of British Insurers had previously cautioned that more than 550,000 homes could turn out to be uninsurable, unless the government invests more money in our flood barriers.

Brokers Online is a specialist uk finance website offering its clients access to many insurance products from home insurance to private medical insurance.

Many homeowners are considering taking advantage of today’s historically low interest rates by refinancing their mortgage. In many cases, they are able to save hundreds of dollars per month by refinancing. Whether mortgage refinancing makes sense for you can be easily determined by doing some simple math.

The first consideration is how much lower your new interest rate should be than your current rate. There is a common belief that if current rates are more than 1.5 to 2 percentage points lower than your current rate, then you should refinance. That’s a good starting point, but there is more to the story than just the raw interest rate.

Your real concern should be the total cost of the mortgage refinance both in the short term and the long term. The total cost includes not only the monthly mortgage payment (principal plus interest), but the closing costs, as well. Closing costs typically include such things as:

 

 

• Appraisal fee

 

 

• Credit Report fee

 

 

• Processing fee

 

 

• Commitment fee

 

 

• Tax Service fee

 

 

• Flood Certification fee

 

 

• Discount points (if any)

 

 

• Title Insurance (based on mortgage amount)

 

 

• Recording/Notary fee

 

 

• Per diem Interest

 

 

• Real Estate Taxes

 

 

• Home Insurance (percentage of mortgage amount)

 

 

Adding all these up can easily run into several thousand dollars, even without discount points. This is money that must be paid at the loan closing. In the case of a mortgage refinancing, lenders often advertise “no closing costs”, which is a bit misleading. The truth is that there ARE closing costs, but they are paid out of the proceeds of the loan rather than the pocket of the homeowner. This is possible when the homeowner borrows against the equity in their home as part of the refinancing.

As an example, let’s say that your home is worth $175,000. Your original mortgage was for $125,000 over 30 years at 7% interest. You still owe $100,000 on the original mortgage. The closing costs for your refinance are $3,000. If you simply refinance the $100,000 amount at a lower interest rate you will reduce your monthly payments, but you will have to pay the $3,000 closing costs out of your own pocket. If you choose the “no closing costs” option, your $3,000 closing costs will be paid by simply borrowing the additional money against the equity in your home (i.e. the value of your home less the amount owed). Your mortgage will now be for $103,000 instead of $100,000.

So, what about that widely held 2 percentage points belief we mentioned earlier? The monthly payment for a 30-year $125,000 mortgage at 7% interest is $831.63. For your new 30-year $100,000 loan at 5% interest, the monthly payment is $536.82, a savings of almost $300 per month. If the new mortgage is $103,000, the monthly payment is $552.93, still saving you over $275 per month. In this scenario, considering only the monthly savings, you would recoup your closing costs in as little as 10 months.

Sounds great, right? Well, there’s another factor you need to consider. If your original mortgage was $125,000, you’ve been paying on it for 152 months to get the principal balance down to $100,000. Therefore, you have 208 months left before the mortgage is paid off under the original terms. If you continue without refinancing, you’ll pay an additional $172,978 (208 months at $831.63 per month).

If you refinance your mortgage for the $100,000 you currently owe, you’ll pay on it for 360 months at $536.82 plus the $3,000 closing costs for a total of $196,255.

$172,978 <– payout without refinancing

-196,255 <– payout after refinancing

-$23,277 <– difference

In this case, by refinancing you will end up paying an additional $23,277 for the new loan over the original mortgage. This works out to about $775 per year, which may be acceptable to you in order to have the lower monthly payment now. You are the only one who can make that decision based on your personal financial situation. The important thing when refinancing your mortgage is to consider all the ramifications.

This is another of today’s money secrets that can help you get the most for your money in today’s lending market!