Fixing Damage:

In the event damage occurs to a home, it might end up costing a large sum of money. In fact, sometimes the amount of money save from having insurance cover the damage and pay for repairs might even exceed the amount paid to home insurance over the years.

Fixing damage from fires, floods, hail storms or other situations that might occur is in the vast majority of insurance policies. Repairs are often expensive and might even become complicated, depending on the form of the damage, the amount and the location. The savings from the insurance company fixing the damage often pay for the cost of putting money into the policy.

Rebuilding:

On a similar note, if a house is completely destroy from any problem that might occur, such as a fire or natural disaster, it will need to start over from scratch. That often means completely rebuilding the house. Building a house is an extremely expensive project and will always exceed the amount of money put into the insurance policy over the years. In some cases, rebuilding might even cost almost as much as initially buying the house. That amounts to a large cost saving by having insurance cover most of the price.

Protecting Valuables:

Home insurance might also include content insurance or might have the option to add this type of insurance. As a result, it protects the valuables within the home in case of damage or theft to the item.

For those who have ever had items stolen or damaged, even if it was an accident, the cost of replacing the item or losing the item might be worth the amount paid extra to the insurance company. Items like valuable jewellery are hard to lose and having a company insure against problems helps prevent the loss of the monetary value or the cost of fixing damage to valuables.

Better Health:

Having appropriate insurance gives homeowners peace of mind as it relates to their home. In many cases, releasing the worries about what will happen in the worst case scenario results in lower stress levels. Stress is very damaging to the human body and causes numerous health problems. That lower stress means better health in the long run, which saves money on hospital and doctor bills.

Money paid out monthly are only one consideration when it comes to the insurance of a home. The long term financial benefits that might occur and the peace of mind ultimately make it worth paying for coverage each month.

Protect your contents, such as precious jewellery with a jewellery insurance plan. There are many to choose from with many great offers that will protect them from being lost or stolen.

This is the opinion of the head of consumer finance at Love Money, Ed Bowsher.

Mr Bowsher has urged future scholars to take the time to find out if they are protected before moving into their home-from-home, so as to avoid any potential confusion or unexpected high costs whilst studying.

The expert went on to say that “students should also check their parents’ home insurance policies,” adding that “some policies will cover students even if they’re living away from home”

This was later backed up by Mike Powell, insight analyst for general insurance at Defaqto, who has also urged those joining university for the 2011/12 academic year to look into whether or not they are protected by their parent’s insurance policies.

Research carried out by Defaqto showed that, while 85 per cent of contents and buildings insurance packages will cover the belongings of a student while they are at university, the other 15 per cent do not.

This news could mean that student account holders may not be covered and this could potentially become very costly if their possessions should be damaged, lost or even stolen.

Mr Powell went on to say, “As always, the devil is in the detail – so students and parents need to check what – if any – cover their family home insurance will provide.”

Mr Bowsher finished by expressing that he feels that students often do not realize just how valuable their personal belongings (laptops and smartphones) are, and therefore neglect to take out proper insurance on them.

The comments expressed by Mr Bowsher are reminiscent of those given by Annie Shaw of Cash Questions, who urged future scholars to consider taking out insurance policies sooner rather than later to avoid being caught out in the event of their possessions being damaged or going missing.

During August (18^th), the insurance company Aviva called on their customers that were heading to university to complete a degree to take out effective cover for all of their gadgets and expensive items.

However, if another recent study is to be believed, this advice may go unheeded by the majority of students.

At least this is the opinion of John Baker, head of general insurance for Nationwide, who believes that a high number of future scholars in the UK have a lax attitude towards signing up for insurance products such as buildings and contents.

Research published at the beginning of September by the financier revealed that around 40 per cent of students in higher education will take over £500 worth of personal possessions with them when moving away from home to their chosen university.

However, it seems that covering their belongings is not the top of the agenda for most students. A survey conducted by the company showed that the majority of students questioned were more concerned with making friends and joining social groups.

Mr Baker went on to indicate that 15 per cent of university attendees have fallen victim to theft, which clearly shows that taking out an effective insurance policy is vital for future scholars.

He later added, “Rather than ignoring it, this is something that students should take account of and should do something about.”

This is the opinion of the head of consumer finance at Love Money, Ed Bowsher.

Mr Bowsher has urged future scholars to take the time to find out if they are protected before moving into their home-from-home, so as to avoid any potential confusion or unexpected high costs whilst studying.

The expert went on to say that “students should also check their parents’ home insurance policies,” adding that “some policies will cover students even if they’re living away from home”

This was later backed up by Mike Powell, insight analyst for general insurance at Defaqto, who has also urged those joining university for the 2011/12 academic year to look into whether or not they are protected by their parent’s insurance policies.

Research carried out by Defaqto showed that, while 85 per cent of contents and buildings insurance packages will cover the belongings of a student while they are at university, the other 15 per cent do not.

This news could mean that scholars may not be covered and this could potentially become very costly if their possessions should be damaged, lost or even stolen.

Mr Powell went on to say, “As always, the devil is in the detail – so students and parents need to check what – if any – cover their family home insurance will provide.”

Mr Bowsher finished by expressing that he feels that students often do not realize just how valuable their personal belongings (laptops and smartphones) are, and therefore neglect to take out proper insurance on them.

The comments expressed by Mr Bowsher are reminiscent of those given by Annie Shaw of Cash Questions, who urged future scholars to consider taking out insurance policies sooner rather than later to avoid being caught out in the event of their possessions being damaged or going missing.

During August (18^th), the insurance company Aviva called on their customers that were heading to university to complete a degree to take out effective cover for all of their gadgets and expensive items.

However, if another recent study is to be believed, this advice may go unheeded by the majority of students.

At least this is the opinion of John Baker, head of general insurance for Nationwide, who believes that a high number of future scholars in the UK have a lax attitude towards signing up for insurance products such as buildings and contents.

Research published at the beginning of September by the financier revealed that around 40 per cent of students in higher education will take over £500 worth of personal possessions with them when moving away from home to their chosen university.

However, it seems that covering their belongings is not the top of the agenda for most students. A survey conducted by the company showed that the majority of students questioned were more concerned with making friends and joining social groups.

Mr Baker went on to indicate that 15 per cent of university attendees have fallen victim to theft, which clearly shows that taking out an effective insurance policy is vital for future scholars.

He later added, “Rather than ignoring it, this is something that students should take account of and should do something about.”

The study, involving 2,014 adults from Greenbee Home Insurance (part of the John Lewis Partnership), also found that 26% of this age group ask guests to remove footwear before entering their homes, almost double that of those aged 65 and over (14%) who have been found to have a more relaxed attitude.

It has been suggested that this new age of thinking has been brought on by the credit crunch, as 14% of Brits said they could not afford to replace damaged or broken items based on their current financial situation.

These findings may come as a surprise, turning stereotypes on their head, with a new breed of CHAPS – Cautious Hosts Against Party Stress.

It appears that the Midlands is Britain’s most house-proud region, with an above-average concern in all areas. Over a fifth (21%) of Midlanders make their friends remove their shoes when visiting (compared to 15% of people in South East/London) and 16% prefer not to host house parties, fearing that a party could result in damages caused by party accidents (compared to just 10% of Scots).

These results confirm that the financial crisis has turned the Britain into a nation of paranoid party poopers, but this view can be seen as well justified, as 14% said they’re more worried about household accidents or breakages than ever before as in the current economic climate as they can’t afford to replace any damaged items – rising to one in five (20%) of 45-54 year olds and 17% of women (compared to 11% of men).

James Furse, managing director, greenbee.com said: “It’s no surprise that people, regardless of their age, are cautiously house-proud, particularly with financial concerns foremost in the thoughts of a significant proportion of people.

“While those without cover are understandably concerned about the cost of an unfortunate accident while entertaining, even those with home insurance may want to consider checking their policy small print to make sure they’re covered for all eventualities. Ensuring you have the right home cover in place may offer peace of mind, along with valuable protection.”

There are a number of insurance providers offering cover that will help to offer peace of mind when hosting such an event, so if you fit into the ‘concerned host’ group, be sure to check them out!