Insurers are warning that around 7 out of 10 of us seriously underestimate the value of our wardrobe when taking out home contents cover.

LV= estimates the value of the average woman’s wardrobe to be a staggering £7,000 which includes £2,000 worth of jewellery and watches. Most of us, on the other hand, estimate the value of our wardrobes to be around £3,000 i.e. less than half the true figure.

Men’s clothes and accessories are perhaps unsurprisingly worth less than their female counterparts at £5000 but this will often include expensive business suits and sportswear.

Although it is relatively unusual to lose the entire contents of one’s wardrobe, fires and floods do happen and the cost of replacements, should you be inadequately insured, should be enough to make you sit down and carry out a proper wardrobe valuation.

LV= offers the following advice:

• Consider each part of your wardrobe separately, rather than just trying to come up with a figure. For instance, consider the following categories: work clothes, casual outfits, evening wear, sports clothes including ski wear, underwear, outdoor coats and jackets, footwear (e.g. boots, trainers, and shoes)
• Work out separately what your handbags, suitcases, carry-on luggage and sports bags are worth.
• Calculate the value of jewellery, both everyday and valuable. If you have any items worth over £1500 notify your insurer.
• Take photos of any unusual or expensive items which may help in any claims which need to be made.
• Think about adding accidental cover to your policy if it does not come as standard.

A new study released in Nov. 2009 showed that Americans are not utilizing all of the discounts available to them when it comes to their homeowner and auto insurance. The study was released by the Independent Insurance Agents & Brokers of America (IIABA) for Trust Choice.

Study Results

From those surveyed regarding their home insurance policies, 34 percent admitted that they are probably not taking advantage of all of the home insurance discounts they could – or they simply didn’t know that discounts were available. This number represents a percentage of 53 million households.

In regards to auto insurance, more than 20 percent of car owners were not taking advantage of auto insurance discounts, or didn’t know they existed.

Americans Throwing Away Much-Needed Money

The vice president of agent development with IIABA, Madelyn Flannagan, commented on the results of the study by noting that many Americans may be “foolishly” throwing away money because they fail to ask about the homeowners and auto insurance discounts they may qualify for. She noted that many companies offer impressive discounts, often based on region or other unique factors, and if customers don’t ask about what’s available, they’re truly missing out on savings.

Don’t Throw Your Money Away

If reading this article has made you think about the discounts you may be missing out on, don’t continue to throw your money away. You could ask your current insurers about discounts you could be receiving with auto or homeowners insurance. Also, it’s a good idea to shop around for coverage with different insurers to see if other discounts are available to you.

The greater your commitment is to saving on insurance, the greater your chances are of doing just that.

Do you think you’re spending too much on homeowners are auto insurance?

Vacant Home Insurance Now has teamed up with Pennock Insurance, Inc. of Chadds Ford PA to bring a high quality vacant commercial building insurance product to the markets we serve as licensed producers.
A vacant home insurance product cannot be used to provide coverage to a vacant commercial building or empty warehouse. A special product needs to be employed for commercial purposes. Vacant factories and warehouses not only need dwelling protection, they need a lot of quality liability insurance in case of lawsuit where the owners are found negligent.
Vacant Home Insurance Now would like to inform customers that they can come to VHIN with all of the following vacant insurance needs:

1. vacant warehouse insurance
2. vacant commercial building insurance
3. vacant factory insurance
4. vacant commercial land (liability only)

Of course, our focus will still be strong insurance for vacant residential dwellings employing all risk and replacement cost coverage.

Does the sound of jingle bells make your shoulders instantly tense and your head hurt? You’re not alone. The holiday season, as joyful as it can be, is typically the most stressful time of year for many people. Seasonal mood changes can add to the situation, as lower amounts of sunlight in the winter are linked to higher depression rates. (Source: National Institute of Mental Health NIMH) So, staying stress free this season is typically more difficult than other times of year. Here are some of the best ways to reduce stress and make the holidays enjoyable again.

#1- Set a budget, stick to it. Most studies agree that finances are the leading cause of stress in the US. This year, set yourself a holiday budget and stick to it. Make a list of common holiday expenses including gifts, entertaining, travel, etc., and set a limit on your spending that works for you and your family. Doing this not only helps your wallet, but keeps you from stressing over your bank account balance.

#2- Shop early.  Procrastination can be a major source of stress and anxiety. Start making gift lists and pick up items as early as possible in the season. It will help you avoid the traffic and mobs of shoppers that flood the malls and department stores in the weeks right before the holidays.

#3- Travel Smart.If you are heading out to visit family, whether by plane, train or automobile, be prepared. First of all, expect flight delays and traffic jams because they are almost unavoidable no matter where you are across the country. Give yourself plenty of time and a less-rigid schedule so you won’t stress out when your trip takes longer than usual. Also, check your driver’s license, registration, auto insurance and vehicle inspection sticker to be sure your documentation is up-to-date and handy when driving. An unexpected traffic ticket is enough to ruin anyone’s holiday cheer.

#4- Avoid Last Minute Meal Preparation. If you are planning on entertaining family and friends this Holiday season, try to plan your meal preparations so that you aren’t frantically cooking at the last minute. Many of your favorites recipes can be partially prepared ahead of time so that you have less to do on the actually day-of.  (Here’s a list from Good Housekeeping)

One of the more comprehensive Home Safety Checklists I have come across recently is featured in Real Simple magazine:

>See the Full Checklist Here

While performing a home safety check may not be on your top 10 list of fun things to do this weekend, there’s no questioning the importance. Oftentimes we feel so comfortable in our homes that we forget about the potential for accidents and injuries to occur.

Still need convincing?

According to the Center for Disease Control’s August 2009 Injury Information Publication, 47 percent of injuries are sustained in or around the home- the largest percentage of injuries from any one place.

Find out for yourself how safe your home is by printing out the checklist. See if you can check off every safety tip.  If you can’t, work on correcting the areas where you are lacking in home safety.

There has been an increase of two thirds in complaints arising from problem neighbours over the last two years, according to research commissioned by Halifax Home Insurance. This marks a stark change in direction from the improvements that had been made over the previous decade.

The research was carried out on behalf of Halifax by FDS International. Data was used from the British Household Panel Survey (BHPS) from 1996 to 2007, and the same questions were then asked for their own survey.

The study revealed that one-in-five homeowners have had serious issues with their neighbours over the past two years, a figure of 17%. The last time that the figure was so high was back in 1997.

The most common complaints being reported by neighbours were:

• excessive noise, at the top of the list with 49% of complaints
• rude and intimidating behaviour with 23%
• the crossing of legal boundaries, such as building fences and walls on land not belonging to them, at 20%

The research also suggested that financial concerns could be contributing to the problem. As unemployment is currently on the rise, more people are staying at home, leading to more arguments and confrontations between neighbours.

Another possible problem is that since the beginning of the recession, 300,000 more people are renting accommodation. When there are more people on short-term leases, this generally leads to a higher level of complaints.

Another problem that was highlighted was the illegal dumping of rubbish on neighbours’ property. This can partly be blamed on the cutbacks being made to refuse collections in certain areas. The cost to UK residents arising from this damage amounted to about £3 billion last year.