NLIC.org

Gregory Said:

house insurance premium?

We Answered:

Does timber mean log house, or wood frame?

Does in the bush, mean protection class 10?

Log homes are the MOST expensive to insure. Wood frame costs more to insure than brick. The higher your protection class number, in general, the more the insurance costs.

Use an agent. They can explain how it works.

The biggest advantage of insurance, is that if your house burns down, they pay to rebuild it. That lets you buy a house on credit (with a mortgage).

Julia Said:

House Insurance?

We Answered:

I have been with Saga for the last three years. I have both contents and buildings with them. I have looked around for a cheaper quote but its swings and roundabouts. I am quite happy with the premiums.
I thought my mains water inlet pipe had a leek and was dreading the garden being dug up, I phoned Saga they were extremely good and sent a guy out the next day who checked it out and said it was fine.So all in all I am happy.

Rick Said:

If I make a claim on my house insurance how much will the premium go up next year?

We Answered:

Your premium should not go up specifically just because you make the occasional claim. After all, that is what insurance is for.

Also, the incident was totally beyond your control, so it would be unfair to penalise you. What could you have done to have prevented the damage? Nothing.

However, if your bicycle kept getting stolen, or if you had a habit of claiming for your damaged tv, vcr, dvd, camera, mobile, watch, ipod, etc, then your insurance may take a dim view, and try to dissuade you from making future claims for these incidents.

There are three ways they can do this. Firstly they can remove that particular section of your cover, ie. refuse to insure your bicycle, or remove the accidental damage cover.

Secondly, they can increase your premium, but this doesn't really work because the customer then starts claiming for absolutely every minor incident that occurs.

The third and best method is to increase the excess. That way the customer doesn't feel bitter towards the company for increasing their premium, and the customer is only penalised if they have any further claims.

Anyway, it shouldn't affect you in this example.

Howard Said:

Do you trust insurance companies more than climate scientists?

We Answered:

I think flood prediction sciences have become more accurate, along with other risk management techniques. I don't think it's at ALL about insurance companies signing on to climate change issues.

In the past few years, the UK has experienced several HEAVY flooding episodes. I think rate increases have more to do with that.

I also think that it sure does the insurance companies no harm, to let the tree huggers think they're climbing on the "global warming" bandwagon.

Helen Said:

Can insurance on a house be in someone elses name along with yours to make premium cheaper??

We Answered:

No. The person has to have an ownership interest in the property -- in other words, you can't insure what you don't own. I'm sorry that it was necessary for you to declare bankruptcy, but this is one of the unpleasant consequences consequences.