Category: News

Protecting Your Home this winter: The Importance of Home Insurance

As the leaves start to fall and the days get shorter, autumn and winter bring their own set of challenges to homeowners. From adverse weather conditions to potential damage from neighbouring properties, the changing seasons can pose risks to your home. That’s where home insurance comes into play – in this blog, we’ll look into why it’s important to have home insurance, the different aspects of it, and why we recommend having regular reviews to ensure you have the coverage you need.

The Basics of UK Home Insurance

Home insurance typically consists of two main components: buildings insurance and contents insurance. Let’s have a look at each:

Buildings Insurance:

Buildings insurance covers the structure of your home, this includes the walls, roof, floors, and any permanent fixtures. It can also extend to outbuildings, such as garages, sheds or outdoor offices and cabins.
If you have a mortgage then this type of insurance is essential and compulsory because it protects you against damages caused by events like fire, floods, storms, vandalism, and more.
In the autumn and winter months, the risk of property damage from storms and heavy rains increases significantly. With buildings insurance, you can rest assured that your home is protected against such risks.

Contents Insurance:

Contents insurance covers your personal belongings and valuable items within your home, such as furniture, electronics, jewellery, and clothing.
During the autumn and winter months, there’s a higher chance of accidents or damages to your personal belongings from adverse weather conditions, for example, burst pipes are a typical concern in the winter due to freezing temperatures.
Additionally, there is some research that suggests thefts and burglaries tend to rise during the festive season. In this case, contents insurance can help you recover the value of stolen or damaged items.

The risk of Damage from Neighbouring Properties

In some cases, your home can suffer damage due to actions, negligence or accidents which happen in or by neighbouring properties. This can range from serious events like fire and flood to less serious damage like a window being accidentally smashed by a football. Your home insurance policy should cover this too. If the damage is caused by a neighbouring property and you can prove that, you should be able to make a claim off their insurance, If they don’t have cover then you may need legal protection to pursue a claim. Some insurance policies include home legal protection or you can add it as an optional extra.

Why Having Home Insurance Is Important

It might be another thing you have to pay out for, but these insurances policies are invaluable when you need them. Here are some of the benefits:

Financial Protection

Home insurance provides you with financial protection in case of unexpected events. If your home is damaged or your belongings are stolen, the insurance company will cover the repair or replacement costs. Without insurance, you’d have to cover these expenses out of your own pocket.

Peace of Mind

Knowing that your home and belongings are protected can bring peace of mind. You can rest easy, knowing that you won’t be left in a vulnerable position if the worst should happen.

Legal Requirement

While buildings insurance is not a legal requirement for homeowners, it’s often a prerequisite for obtaining a mortgage. Lenders want to ensure their investment is protected, so having buildings insurance is a practical necessity.

The Importance of Regular Reviews

Home insurance isn’t a one-size-fits-all solution. It’s essential to review your policy regularly to ensure it meets your changing needs and circumstances.

Property value’s fluctuate over time, so you may find that your home is underinsured or over insured. Regular reviews allow you to adjust your coverage accordingly.
If you’ve made renovations or significant improvements to your home, such as adding an extension, loft conversion or upgrading your kitchen, these changes may require adjustments to your policy.
In terms of your belongings, as you accumulate new possessions or dispose of old ones, your contents insurance should reflect these changes to ensure you have accurate coverage.
Reviewing your policy can also help you identify cost-saving opportunities. You might find better deals or discounts that weren’t available when you initially purchased your home insurance policy.

As you can see, home insurance, is a practical safeguard for homeowners. It provides financial protection, peace of mind, and compliance with mortgage requirements. Regularly reviewing your policy ensures that you have the right coverage to meet your evolving needs. Furthermore, the legal cover included in many policies can help you recover costs if your home suffers damage due to actions from neighbouring properties. Every circumstance is different so we would always advise you to get personalised advice before taking out an insurance policy – our advisors will take their time to get to know you and find out about your life and what you need before advising you on a policy. They will also meet you at a time and place to suit you, in person or on-line, and all their advice is fee-free. Get in touch to speak to one of our advisors today.

Income: Protecting your most valuable asset

I think we can all undoubtedly agree that our Income is incredibly important. It pays for our homes, daily expenses, maintains our lifestyle, builds investment for the future, and a secure financial foundation. Yet so many of us don’t consider protecting it. Think for a moment – how would you pay for everything if you were to suddenly lose your income? Consider your lifestyle now and all that your income covers: the mortgage, bills, groceries, clothes, socialising, travel, your car. If you have a family, it might cover schooling, after school clubs, childcare, family holidays, birthdays and Christmas. Even if you have some savings to fall back on, you will soon find they don’t last very long. If you are employed, you might assume your employer will continue to give you some level of income if you have to stop work for a period. In reality, however, employees are usually moved onto Statutory Sick Pay within six months, which is £109.40 per week. It’s not very much, so consider what you would have to give up to live within your means? Would you want your lifestyle to change drastically for your whole family whilst dealing with the situation at hand?

How an income protection plan can help

An Income protection plan is a long-term insurance policy that makes sure you get a regular income until you retire or are able to return to work should something happen which stops you from being able to work. It can really help during an uncertain or worrying time, ensuring you can meet your financial obligations and maintain your lifestyle.

Bringing financial security & peace of mind

Life has been far from predictable over the last few years but outside of world events – there are other, unpredictable events such as illness, disability, or unexpected accidents which can happen at any time and significantly impact your financial situation.

Take this example of how income protection can help.

One of our clients Mike is 32 and works at his local bank. He’s worked there for 15 years and has extensive benefits, such as final salary pension and six months full / six months half pay. Mike’s wife Sue, had just started maternity leave with their second baby the week before the Covid lockdown began. Due to the lockdown measures, Mike began working from home, which was a benefit to them both with a new-born baby and a two year old to take care of. One morning, Mike bent over the cot to pick up their baby and his back seized up. So much so, that he couldn’t pick up his baby and collapsed onto the floor. He was rushed into hospital and had to have emergency surgery on his spine to fix three slipped discs. He had to go back to hospital twice over the course of the following two years, for further surgery to provide more permanent support to his back. Because Mike had six months full pay, he knew they could manage the bills and other outgoings to begin with, but they would have to cut back when they went down to half pay after six months. Mike knew he had an Income Protection plan so called us right away to follow up on the advice we had given them. His advisor let him know he could put in a claim, which was processed and Mike then received the equivalent of 65% of his total income tax free for a further two years whilst he was recuperating. In Mike’s own words – “if it wasn’t for the income protection cover, we would have lost the house – all I did was go to pick the baby up and look what happened! I always thought income protection was for self-employed people with heart attacks and cancer, not for someone like me with a bad back! We both cannot thank you enough”. This case highlights the importance and usefulness of income protection. It can be a lifeline for individuals and families facing unexpected health issues or injuries, offering financial security and peace of mind during a challenging time.

Here are some further benefits of Income Protection:

Income protection provides a safety net, assuring you can maintain a stable financial situation even during challenging times.
It brings peace of mind – knowing that your financial needs are taken care of allows individuals like Mike, in our example, to focus on their recovery and well-being without the added stress of financial uncertainty.
Income protection policies can be tailored to suit your specific needs, including the duration you will receive a pay-out, deferred periods, and additional benefits like inflation protection.
In cases where an individual’s condition is more severe and long-lasting, income protection can offer continued support for an extended period, ensuring financial stability during prolonged illnesses or disabilities.

When should I start?

Given the unpredictability of life, it’s never too early to start planning for income protection. With some simple planning and budgeting, you can start to build a secure financial foundation that can protect you against unexpected events, providing a safety net that safeguards your financial well-being and that of your loved ones. Our advisors would be happy to take their time to talk to you and help you review and /or decide on a plan which works for you and your lifestyle.

Too expensive to stay healthy: What are my Options?

The rises in the cost-of-living are affecting many of us across the UK, while we find ways of cutting back, research shows a concerning link between rising costs and declining health across the country.

The cost-of-living pressure

Reports have found that 45% of UK adults believe it’s become too expensive to stay healthy, with 12% experiencing increased medical expenses. Research also found that 73% of 16–24-year-olds are stressed about the rising cost of staying healthy. Staying healthy in mind and body is so important, even more so when living in uncertain times. If we are in poor health, it can negatively affect our ability to carry on with our daily life, our relationships and professional lives, adding more pressure to the situation. Looking after your health through diet, exercise and mindful activities means you will become more resilient and therefore better placed to face any challenges that may arise.

Protection: How it can keep you healthy

Most people don’t realise that a comprehensive protection plan can help you and your family in more ways than one! Most insurance providers throughout the UK offer a variety of services, including nutritional advice, mental health support, and fitness advice, helping you achieve a healthier lifestyle and reduce the risk of illness. With long waiting times to see a GP and the pressure on the NHS at the moment, there are some welcome additional added-value benefits, including 24/7 remote GP appointments, second medical opinions, health checks, physiotherapy, and discounted health MOTs. All which can keep you healthy throughout the current economic crisis and into the future. Protection plans can also help you with your mental health, with some offering access to counselling, emotional and practical support, and access to services where you can get personalised advice and recommendations to help prevent, detect and manage mental health conditions. We find that many people don’t utilise their cover or make the most of the support available, so it’s worth checking the added-value benefits available to you whether you already have a plan or if you are looking for one. As you can see, having a comprehensive protection plan in place will not only bring peace of mind if the worse were to happen, it can also bring a wealth of benefits to help you stay healthy.

Talk to us

It’s never too late to protect you and your family. The earlier you look at the options available to you, the sooner you can access the benefits and work towards building a healthy lifestyle. Our advisors will take the time to find out all about you, your family and circumstances before advising you on the best plan for your budget. Get in touch today to book an appointment.

Bringing peace of mind with Family Income Benefit

Research shows that most families in the UK would have to cut their living costs in order to survive financially in the event of the main income earner dying prematurely. Unless you have a large amount of savings or inherited wealth, death of the main income earner can come as a shock for many. Have you thought about whether you be able to cope financially, support your family and maintain your lifestyle if your partner died suddenly?

Although it’s not something many of us like to think about, it’s important to get things in order and plan well ahead for every eventuality. By putting an insurance plan in place, you will have peace of mind and know that your family will be taken care of if the worst happens. There are a few insurances policies which you could choose. Many of you will be familiar with a Life Insurance policy, it might be something you already have in place, or have considered?

Simply put, a Life Insurance policy pays out a lump sum of money to your loved ones in the event of your death. The money can be used to pay off outstanding debts, including your mortgage, cover funeral expenses or provide financial support to your family. The pay-out is designed to help your family maintain their lifestyle and ease the financial burden during a difficult time.

Yet there is another benefit for families which can help in the event of your or your partners death and that’s Family Income Benefit (FIB).

FIB is a type of life insurance policy that pays out a tax free regular income to your loved ones for a specified period of time after you or your partners death. This type of policy can really help if you have young children, and particularly if one of you is the main income provider. It’s also considered the most affordable type of life insurance available.

When you take out a Family Income Benefit policy, you do so for a set term, your advisor will help you decide what that should be. A family income benefit policy will then pay out if you are diagnosed with a terminal illness or die during the length of that ‘term’. For example, if you took out a 20-year policy and died after five years, your provider would pay an income for the remaining 15 years. Your insurance advisor will discuss what’s right for you, taking into consideration your circumstances, and age of your children.

So what are the benefits?

Having a family often means you will have a family home and a lifestyle to pay for and maintain. You may have school fees, or activity and entertainment costs, childcare costs, holidays and a car. When times are challenging, it’s good to know one thing you don’t have to worry about is your finances. Some of you may have savings, but even then, you may find they don’t last long and could mean you have to downsize and give up your lifestyle. A family income benefit plan can provide an additional steady source of income to help your family cover the daily living expenses such as mortgage or rent payments, utility bills, food and travel.

So which one is right for you – life insurance or family income benefit?

Neither are exclusive, and an advisor will help you to choose what is right for you, taking into consideration your specific circumstances and finances. You may see the benefit of a lump sum pay-out as this could enable you to pay off your mortgage therefore easing your monthly outgoings, or it could pay the school fees giving stability and security to your children. You may decide that a monthly pay-out until your children have grown up will ease the burden of having one income. Or you could decide that both policies would benefit you and mean you can keep your lifestyle going as it is. If you are on a budget then Family Income Benefit is generally cheaper than life insurance and you can always add in a Life Insurance Policy at a later stage.

Whichever you decide, the main benefit of both these insurance policies is the peace of mind they bring. Knowing your loved ones will be financially protected in the event of your death can be a huge weight off your mind. It can also provide reassurance that your family will be able to stay in the family home, and maintain their lifestyle and way of living and avoid any financial difficulties that may arise. While these policies are similar in some ways, they differ in how they provide financial support to your family. By talking to a qualified insurance advisor, you can work out what’s right for you and your family. They will take into account your lifestyle, costs and circumstances and find a plan which suits you and your budget. At Kingsbridge all our advisors are experienced in offering insurance advice and will be happy to meet you at a time and place which works for you. Get in touch to book in an appointment today.

The Additional Benefits of a Protection Plan

When you think about a protection or insurance policy you most likely think about a policy which will pay-out either a lump sum of money or a regular income to support yourself and your family should anything unexpected happen. However, most people don’t realise that there is a lot more to the plans than insurance. Many providers offer additional benefits and services with their plans aimed at supporting you and your family’s life, health and wellness. These benefits are in addition to your plan, meaning you don’t need to make a claim in order to access them. Different providers will offer different benefits so it’s always good to check what you can get. These are some of the most common ones.

Support for Mental Health

Good mental health is essential to our overall well-being and just as important as physical health. These benefits mean you have access to support if and when needed.

Access to a series of counselling sessions for yourself to support you in something you are dealing with, whether that’s personal or professional.
Emotional and practical support if you find yourself caring for an elderly relative, and bereavement support if you lose a family member.
Access to an NHS approved app where you can get personalised advice and recommendations to help prevent, detect and manage mental health conditions.

Medical Support

Many providers offer a selection of Medical and physical health support.

Some providers offer a Health MOT.
If you have a medical issue you want advice on, many plans will offer you a direct phone number for 24/7 access to a qualified, trained medical professional.
Or you could get 24/7 access to a virtual GP consultation with a qualified, experienced, NHS practising doctor delivered through an app.
A hospitalisation benefit means that you could get a sum of money for a number of weeks whilst you are not able to work because of an injury.
Some providers offer fracture cover. This is great if you have a physical job where a fracture could mean you cannot work for a number of weeks.
If you are experiencing physical aches and pains which are impacting your work and quality of life, you could get access to an app that can help with this. With access to physiotherapy advice and personalised exercises.

Career & Legal Support

Sometimes things happen at work, or in our personal lives which we don’t plan for, like redundancy, or dismissal.

Some providers offer benefits which can support you looking for work, such as a CV writing service.
Some offer access to a Legal Service if you feel you have been unfairly treated or dismissed.
Legal services could also help with consumer rights or debt issues.

Additional Benefits

That’s not all! There are other benefits such as:

Nutritional advice to help you stay well or recover from sickness.
Gym discounts.
Discounted gift cards or e-vouchers offering savings on your high street shopping.

As you can see, there is a lot more to protection and insurance, there are many other benefits available to you and your family which can support you and your life in a variety of ways. At Kingsbridge we have a selection of cover from six of the best providers on the market. All our advisors are fully trained and experienced in offering protection advice and will take their time to find out about you and your circumstances so they can recommend a plan that is right for you.

Protection Policies: What are the different type of policy available and why you need them.

Protection

Sometimes things happen in life which we don’t plan for. Sickness, an accident, the inability to work or losing a family member can have a huge impact on your life and that of your family. When we review our outgoings, it’s tempting to overlook our insurance policies. However, protecting yourself, your family and your finances is so important. For instance, research shows that just 6% of us in the UK have income protection insurance. That means we are more likely to insure our mobile phones than our income. Yet, if you think about it, it’s the first thing we should be insuring. Our ability to earn and our income is what pays for everything else in our lives: our homes, energy, food, cars, clothes, phones, activities, and holidays.

Just imagine for a moment if you could not work due to a long-term sickness or injury. How would you cope if your income stopped? Your sick pay, if you have it, will only last for so long. Or how would your family manage to pay the mortgage and bills if you were no longer around?

Protection Policies Explained

Let’s look at some of the key protection policies you could have.

Income Protection (IP)

Income Protection Insurance will provide a regular payment which can replace part of your income if you’re unable to work due to an illness or accident. You could receive a replacement income until you can start working again, or until you retire, or reach the end of your policy term.

Will my employer help? Often sick pay ranges from 6–12 months and it’s worth checking with your employer what benefits you would have if you were unable to work. If you are self-employed or run your own business, then IP is even more critical. If you were not able to run your business and you have no employer to turn to for help in the short term, then things can get very stressful.

Critical Illness Cover (CIC)

A Critical Illness Plan is different from Income Protection in that it provides a lump sum payment for you if you’re diagnosed with a specified illness. Illnesses can include things such as cancer, a heart attack, stroke, and other conditions that may affect your life such as loss of sight or loss or a limb. If you are diagnosed with a critical illness, you may need time off work to recover. This could affect your ability to pay the bills or mortgage. Depending on the policy, a lump sum pay-out could be used to cover your mortgage, allow you the necessary time off work to recover, or pay for adjustments you need to make in your life moving forward.

Life Insurance

Life insurance will pay out on death. It can help your children and family if you are no longer here and can pay off debts such as your mortgage, cover funeral costs and potentially provide an ongoing income or a lump sum payment for your dependents. A life insurance plan covers you for a fixed period and pays out a lump sum if you die during that time.

Benefits of Protection Policies

Having a regular pay out or a one-off payment would help you or your family continue to pay:

The mortgage or rental payments.
Household bills and any childcare costs.
Any school or university fees.
The costs of running a car such as loans, tax, and insurance.
Any household alterations you may need due to injury or disability.
Help towards funeral costs and paying off debts.
Help to maintain a standard of living you and your family are used to such as family holidays, household and personal purchases, school clubs and activities, hobbies, and social life costs.

Which Policy is Right for You?

If you’ve compared Income Protection, Critical Illness Cover and Life Insurance, you might be wondering which type of insurance would be most suitable for you? It’s crucial to get solid, trusted advice so that you get the right polices in place. Our advisors look at your circumstances and give you advice that’s right for you. They will explain what the different options are, and which solutions are available, recommending a solution which best suits the needs of you and your family. No one person, family or life is the same—that’s why it’s crucial that you get expert advice to help you to protect what matters most.

Home Insurance: What is it and what are the advantages?

An insurance policy is a contract where the insurer agrees to provide a specified type of protection against an uncertain event or to provide compensation for a loss. We are all used to having car insurance, we cannot drive without it as it’s a legal requirement. Most other insurance policies are optional. At times when money feels stretched, it’s tempting to look at where you can cut back. But we would say, this is a time to make sure you have your policies in place and to ensure they cover you for what you need. Take home insurance. This is the umbrella term for both buildings’ insurance and contents insurance. If you have a mortgage, then often you will have a buildings insurance policy as part of the terms of that mortgage. You could have taken it out some time ago and not looked at it since. Read on to find out why we think you should review this regularly and the advantages of having comprehensive home insurance cover.

Why is it important to have Home Insurance?

This type of insurance covers both buildings and contents insurance.

Buildings Insurance protects you against damage to, or destruction of buildings, often including structures such as garages and sheds. It can also cover the cost of replacing items such as pipes, cables and drains.
Contents Insurance covers everything inside your home, so all your furniture, devices, and personal belongings. Generally speaking, it pays for the damage to, or loss of, your personal possessions whilst they are inside your home.

Some contents insurance policies provide cover for personal possessions temporarily taken away from the home by you, such as bikes and laptops. If you have expensive items, you need covered away from the home it’s important to check that out with your provider. In the worst-case scenario – your insurance should cover the full cost of rebuilding your house and replacing all your belongings.

It won’t happen to me!

What are the risks of something happening to your property? We are not in control of external circumstances such as storms and freak weather, or what’s going on outside of our home’s, on the street or neighbouring properties. Leaking pipes, damage due to storms, or car collisions can all mean costly repairs to your home. When it comes down to it, the cost of a policy will be a whole lot less than repairing damage or replacing all your belongings.

Do you have to have it?

No, you don’t. But we would say you need it. Home insurance is not just about protecting your building and savings, it also provides peace of mind and security. It’s important to consider the cost to you if you don’t have any policies in place? If you are renting, then your landlord should have a buildings insurance policy and it’s your choice to take out a contents insurance policy.

What about the small print?

When you take out a policy, it’s so important to check that it covers everything that you might need. It’s also important to review your policy regularly. You may have had a policy for several years and it may not cover upgrades you have made to your home or belongings. That’s why we would recommend talking to a professional, reviewing your insurance policies regularly and getting good, trusted advice.

Why Kingsbridge?

Because we keep it really simple. We have a 5-star Defaqto rated home insurance policy and all you have to do is answer a few easy questions to get a quote. Which means, you don’t have to know every little detail about your building or type of locks you have on windows and doors. Our trained professionals have years of experience and will talk you through what you are and are not covered for. There is no one size fits all so we will look at your circumstances and take everything into consideration to make sure you are covered.