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The Weird And Wonderful World Of Home Insurance Claims

admin — Sun, 24 May 2009 13:59:00 +0000

The Weird And Wonderful World Of Home Insurance Claims

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Lloyds TSB are one of the country’s most popular home insurance providers meaning that they receive there fair claim of claims ranging from the serious to the downright outrageous. 2008s round up of claims certainly shows that there were a few eyebrows raised in the Lloyds TSB offices.

Phil Loney, managing director, Lloyds TSB Insurance, said: "I never cease to be intrigued by the variety of claims we receive day in, day out. Our 2008 quirky claims round-up highlights that it’s truly impossible to predict what’s around the corner and whilst it’s important to take sensible security, maintenance and safety steps, having a good insurance policy is vital to ensure long term peace of mind. So here are some of the weird and wonderful home insurance claims made in 2008.

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TV can’t be that bad!
One of the claims received in 2008s was from a man who had shot his TV, it had nothing to do with the fact that there was nothing on or he had just enough of Simon Cowell’s face. It turned out that the man in question restored old guns for a living and did not realise that the gun he was holding was loaded. Intentional or not it he certainly lost his no claims bonus with a bang.

Blind as a Magpie
The magpie may be famous for mating for life but many of you may not know magpies also suffer from poor eyesight as on unfortunate victim discovered. One lone eagle eyed magpie flew through the window picked up the victims glasses and then proceeded to fly straight back out again, lets just hope the magpies partner approved of its new look.

Poodle Piddle
According to one customer standing water can be a big problem in the garden and they were quick to put the problem down to a leaky drain. When the claims handler paid a visit to the home in question he discovered that there was no leaky drain but in fact the pet poodle had chosen the spot to relive himself over and over again.

X Rated Robbery
With many of us owning expensive mobile phones, digital cameras and laptops robbers seem to have easy pickings, yet one unsuspecting victim didn’t expect there private toy collection to be taken. The claims handler was slightly taken aback when they received the receipts for the items in question.

Amongst the unusual claims there where the slandered dropping the phone down the toilet or putting it through a spin cycle we have all done it at least once. Yet despite the number of silly claims it is important to remember to take out precautionary measures to protect the contents in our homes, you never know another light fingered magpie could be around the corner.

By: Swords Seamus

Florida Property Insurance Changes will Affect Most Homeowners

admin — Wed, 04 Mar 2009 14:03:00 +0000

Florida Property Insurance Changes will Affect Most Homeowners

Florida residents may see an increase in their property insurance as results of a new bill passed at the end of March 2008.

In the wake of Hurricane Katrina and other destructive storms, getting affordable property insurance hasn’t been easy. Many private insurers shed high risk clients after storms in 2004-2005, and raised assessments for others. For those who could no longer afford private insurance (or who were declared insurable by private insurers), state insurer Citizens Property Insurance Corp is the last resort. Over the last year, the state has been attempting to keep property insurance rates low for those who are insured with CPIC. According to critics of the latest property insurance changes, however, Florida residents who are insured by private companies will end up paying more so that the rates can stay low for those insured by the state-owned company. The last week of March saw the Florida Senate approve some changes to property insurance that might end up increasing property insurance rates by around 3%.

The bill was backed by Chief Financial Officer Alex Sink and approved by the Senate Banking and Insurance Committee. The intended effect is to reduce Florida’s Hurricane Catastrophe Fund by $3 billion. This means the state can reduce its investment in CPIC and therefore reduce its risk. At the same time, however, the state has also voted to freeze CPIC insurance rates through to the end of 2009. CPIC insures more than 1.3 Florida residents, and the rate freeze that occurred last year was done to avoid an increase that could have seen rates up by as much as 29%.

The problem is, according to critics, that CPIC’s premiums aren’t high enough, and that the company won’t have enough cash reserves to be able to pay out claims if a major storm hits. This is why the $3 billion reduction in the Hurricane Catastrophe Fund is significant. The Catastrophe Fund is a sort of safety net that can kick into action when Florida is hit by a major hurricane, and is intended to reimburse private insurers a portion of the money they pay out in claims. However, with the fund now reduced by $3 billion, the deficit is likely to be made up by rate increases for homeowners.

Last year, the state actually increased the Catastrophe Fund by $12 billion, but this year has been reduced by $3 billion. The fund was increased last year to reduce costs for insurers, and indirectly for homeowners. However, by increasing the Catastrophe Fund, the state of Florida was also increasing its own level of risk.

The state now wants to start decreasing its investment in the fund to reduce its risk. The net effect, however, will likely be the opposite of that which it originally intended. With private insurers taking on more risk relative to last year, the end result is more than likely going to be increased property insurance rates. The estimate is around 3% overall, with a slightly higher increase possible for Southern Florida residents. Chief Financial Officer Alex Sink admits that an increase in rates is possible, but also says that if insurers try to increase rates to an unreasonable level, the state will step in.

Calum MacKenzie is the Broker/Owner of Real Living Southern Homes a residential real estate brokerage located in Wesley Chapel, Florida and serving the Tampa Florida real estate and Land O’ Lakes real estate markets.

By Calum MacKenzie

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