House Insurance - Forcible and Violent Entry
Posted by admin on November 19th, 2008 filed in Insurance | Comment now »
Forcible and violent entry (f&ve) is the terminology used within house insurance to describe break-ins.
Most home insurance policies will cover you for theft claims made with no forcible and violent entry. That is to say that despite their being a theft there was no sign of break-in such as a broken window or door.
Common claims follow doors or windows being left open or workmen stealing from the household.
Often home insurance companies also restrict the level of non-f&ve cover available to residents of the home living away in temporary accommodation. The most typical example is students who are covered under their parents home insurance policies. Not having their possessions covered for theft without f&ve is not in keeping with student lifestyles where students are used to coming in and out of each others rooms. Our student claims experience suggests that over a third of theft claims follow no sign of break in to the property. Specilaist student insurance is available in these circumstances from companies like http://www.endsleigh.co.uk who can cover students under a specialist policy.
On a standard home policy covering non students, non - forcible and violent entry cover is normally provided but their can be exclusions with cash being the most likely exclusion.
To find out what cover you have, you should always check your policy. You should also be aware that their is a fine line between a non f&ve claim and negligence on behalf of the policyholder which can invalidate claims.
Tim Larden writes for yourhomeinsurance.co.uk a site with information about the UK House Insurance and is a site specialising in cheap contents insurance. Their policies include cover for forcible and violent entry. For a quote on contents insurance, you can use that specialist area of the site. If you live in shared home or flat - there is a lot of specific information relating to forcible and violent entry on the site.
Tag: contents insurance forcible and violent entryLoan Insurance - Worth The Extra Cost
Posted by admin on November 18th, 2008 filed in Insurance | Comment now »
There are many factors, out of your control that can make you unable to repay your loans. You might become sick or get involved in an accident that takes you out of work for an extended period of time. Maybe your employer has to cut back and make wage decreases or lay-offs. If you are working for your self then maybe business is not going well and you are not earning as much as you had hoped. It could even be that your expenses have risen or interest rates have risen and this has made it difficult to make repayments.
Many of us worry about these possible outcomes. Some of us, especially if we have borrowed a lot and are already close to our repayment capacity may be losing sleep over it. People who are elderly and close to retirement, or those with young children also may worry a lot about such issues.
Loan Insurance
It is for this reason that insurers offer loan insurance. Loan insurance is a policy that protects against the possibility that you will not be able to make your repayments. You will usually be offered it every time you take on credit. You should know that you are not obliged to take loan insurance and you cannot be denied credit for not taking it. If you do wish to take it out, you should shop around and not take it from the first insurer you come across. Rates vary widely and it certainly pays to shop around.
If you have loan insurance you can rest a little easier knowing that if certain events outside of your control occur you loans will be repaid by the insurance company. Events included would be illness, accident or job loss not of your fault, among others. You should also be aware of the conditions and exclusions however before you agree to such insurance. It is a fact that many people pay for loan insurance without much prospect of ever benefiting from it; often without even knowing they have it. This is because lenders are anxious to add it to your account as a way of increasing revenues.
Be Aware
Some policies will require for example that you accept the first job you are offered after losing your job. This can be very impractical for a person who may have had a very good job and now is offered a much lower paying one. They know that if they continue their search they will find a better job but their insurance wants them to take up the first one.
Always be aware of what you are paying for with insurance. Be aware of the exclusions and if you don’t want the insurance, don’t buy it. If it has been added to your account without your permission, call your creditor and have it cancelled immediately.
Joseph Kenny is the webmaster of the loan information sites http://www.selectloans.co.uk/ and also http://www.ukpersonalloanstore.co.uk. At the Personal Loan Store you can find all the different loan types explained.
Tags: accident, creditor, illness, insurance, lenders, loan, policy, repaymentsTitle Insurance - Examples of Problems and Advice
Posted by admin on November 17th, 2008 filed in Insurance | Comment now »What is title insurance and why should any buyer get it when purchasing a home (single family, townhouse, condo, apartment, or whatever format your home purchase takes)? Doesn’t the attorney or settlement company handling the closing see to it that you have a clear title? Isn’t this just another way for someone to siphon a few coins off a real estate transaction?
Title Insurance
Title insurance prevents the property owner from suffering financial loss if, at any time during his ownership of the property, someone comes along who can show that they have full, or partial, ownership of the property instead. Every mortgage lender I’m aware of requires title insurance be purchased to cover the amount of the mortgage. They’re not in business to lose money.
A careful title search is done at the time property changes hands. On rare occasions mistakes are made anyway. Property can change hands in a number of ways including by deed, by will and by court action. Typically, these proceedings are recorded in different places. Searching the history of ownership to be sure nothing has fallen through the cracks is a tedious job that requires alertness, intelligence, and skill. Mistakes can happen. Fortunately they don’t occur very often, but they do happen.
A mistake of this kind happened a few years ago to some elderly friends of mine who owned a 136 acre parcel of farmland in Stafford County, Virginia. It had been the home place, the family farm. The family had 10 children who inherited it on the death of their parents. After they became adults, one child, a daughter, bought out the interests of each of her siblings. At her death, the property was conveyed by will to her three sons. One of her sons had died without a will which resulted in his widow and their 3 children gaining ownership of his one third interest per state law.
My friend is the widow. She and her brothers-in-law wanted to sell the property. The area had begun to develop and each of the three of them had significant health problems, so they decided an influx of cash would be welcome. The property was master planned, but not yet zoned, for multi-family use. Being subject to a rezoning complicated the sale, but the price reflected the change in use. When the title work was done, it was discovered that the heir of one of the 10 children was still shown as a ten percent owner of the property. Neither my friend nor her brothers-in-law had title insurance. If the heir would not sign a “quit claim deed,” they were stuck with an additional owner.
Actually, this happened not once, but twice with the same family group. In one case, the aunt remembered that her parent had been bought out and signed the quit claim deed. In the other case, a cousin either did not know or refused to acknowledge what had happened and ended up getting ten per cent of the proceeds.
My suggestion is that you purchase title insurance because lack of it could prove devastating. You make a down payment. You make monthly payments, an increasing portion of which is reducing the amount of principal owed. It is very likely that the value of your property will go up over the years. As time passes, these elements are likely to result in your home equity’s being your largest asset. Just how devastating would it be if you eventually discovered that someone else owned what you’d always thought was your home?
Do yourself a favor. When you buy a home, buy title insurance.
What if the home you’re purchasing is new? No one else could have owned it before you, right? Well, someone owned the land. As a matter of fact, the builder/developer probably had a construction loan on it, and they’re often released in groups of 10 lots at a time, so it’s possible a bank has an interest in your title. What happens if the bank goes bankrupt and you’re left trying to get a release from a trustee in bankruptcy?
Honestly, I’m not making this stuff up. I’ve seen this kind of thing happen. Do yourself a favor. Buy title insurance.
Raynor James is with http://www.fsboamerica.org - providing FSBO homes for sale by owner. Visit our “sell my home?” page at http://www.fsboamerica.org/seller.cfm to list and sell your home for free for one month. Visit http://www.fsboamerica.org/buyer.cfm to see homes for sale by owner.
Tags: buy title insurance, construction loan, home purchasing, title insurance