Finance articles and news

***Travel or holiday insurance is important for a number of reasons. Suffering a medical problem while abroad if you are not insured can be very costly. This is why many people choose to buy specialist travel insurance to cover against a range of potential risks in order to avoid having to pay out huge sums of money to be treated abroad or even repatriated back to the UK for treatment. Fortunately many countries have agreements with the UK to ensure that is something does go wrong, things like healthcare will not be charged to you.

But buying holiday insurance is more than just protecting against medical expenses. Specialist holiday insurance is about making sure that however untypical your holiday is, you can be covered against risks. Depending on what type of holiday you are planning, who is accompanying you and which countries you will visit, there are plenty of companies that can offer you specialist insurance tailored to your needs.

The first thing to decide is whether you will be wanting the insurance on an annual basis or just for one trip. This can make a big difference in price so if you are planning more than one trip then it would be a good idea to consider an annual or multi-trip policy. The advantage with annual specialist holiday insurance is the convenience. You’ll only need to take the time to pay for it once, and usually there will be no need to do anything else unless a key aspect of your holiday plans changes.

Family travel insurance is a great type of specialist holiday insurance if you are taking children with you. There is usually an immediate saving in the cost of the holiday insurance, as a family policy will be much cheaper compared to buying separate policies for each adult and child. Often there will be a limit on the amount of family members that can travel on the policy, although typically up to six children can be covered under family travel insurance. Do check on any restrictions, though, such as the age of the children and if children who are not related to you but may be travelling as part of your party are covered.

For people planning on working whilst travelling abroad, then business insurance should be considered in some cases. Usually an additional person can be included on the policy, so this would be ideal for colleagues as a back up in case you are unable to travel. These types of policies will take into account that you will be travelling with items such as computer equipment and important business documents. If you are over 65 years of age then you could be considered as a higher risk than younger travellers. Fortunately a range of specialist holiday insurance for this age group exists, making it easier to find a good deal, especially when comparing prices and features of holiday insurance online.

If you’re planning on taking part in certain sports whilst on holiday or going on an adventure based trip, then it is worth taking the time to find a specialist holiday insurer that can cover you for any increased risks you may be exposed to. Other types of holiday insurance, including ‘long stay’ for backpackers, and cover for people with pre existing medical conditions may be suitable for those looking for cover for a prolonged trip or who have special needs. Whatever your holiday and personal circumstances, there should be a specialist holiday insurance that is right for you. Comparing online will give you a good idea of what’s available, and with prices and features available to compare, you should be able to a cost effective cover at a good price.-

***Home improvements can be an ideal way to transform your house, make additional space for a growing family or be a cheaper and less stressful alternative to moving house. How we improve our homes can vary, from major construction projects to simple extensions such as a conservatory. Before you work out the cost and the feasibility of any home improvement it is important to find out if those improvements could have an affect on the cost of any home insurance related to the property. It is also worth considering that some home improvements are more likely to affect home insurance than others, although what will and won’t push up the price of your cover can vary across insurers, as can the actual amount you pay.

Most home improvements that affect the structure, whether that’s knocking through a wall to create a larger space or adding a conservatory to the side of your home, are more likely to affect your buildings insurance cover than your contents insurance. For example, a new study may affect the cost of your buildings insurance, but the items in it would usually be covered already by your contents insurance, unless they are new items of value or the space is designed to have a separate business use. For things like having your garden redesigned it could be worth getting separate specialist cover.

One of the first things to do before carrying out any home improvement is to establish whether you can do it yourself or if it is necessary to get some or all of the work done professionally. Make sure you have all the correct documents and certificates to ensure your home improvements are in line with insurance guidelines. Any accidents or problems with the home improvement project will need to be covered, and for special jobs any workers – including architects, engineers, builders and plumbers – will need to have the correct registration and insurance when working on your home.

While a garage conversion may not necessarily add value to your home as it could leave the property without a garage, most home improvements could add some kind of extra value to your house. This could therefore affect the cost of your buildings insurance, as the cost of rebuilding your home would be increased to take into account the additions you have made. For example, converting your loft space into a new bedroom or study could add around 15% to the value of your home.

For many home owners, home improvements both enhance the use of the property and add value to it for a fraction of the cost of moving to a bigger house. But it is worth factoring a possible increase in insurance premium to into the cost of the improvements and account for that potential increase in value, although that increase is unlikely to have a significant impact on the overall saving compared to the stresses and associated costs with moving house.

Home improvements and considerations for your exiting insurance cover.Before planning possible home improvements it is essential to find out from your insurer how they could affect your home insurance cover. It is also worth getting a quote from another provider, as the rules and costs of cover can vary across the insurance companies. It is best to approach any home improvements realistically. Expensive and difficult to build additions to your home could increase your insurance costs significantly while not necessarily adding extra value to your property. It is better to be practical and choose home improvements that are cost effective, and avoid anything too complicated unless you’re prepared to do a lot more work and possibly pay a lot more in home insurance premiums. If in doubt, talk to a specialist, as expert advice can prove to be invaluable in such a major household decision.-