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When a news reporter quips, “The accident is being blamed on the recent snow storm…” it always gets a chuckle out of me. If you are in an accident, and did the hitting, you are at fault. Road conditions certainly play a role in many accidents, but it is up to you as the driver to adapt to those conditions and safely operate your car. The snow may contribute to your accident, but it was caused by you over-driving the conditions and losing control of your vehicle.

Driving in winter poses many special challenges. If you live in the northern part of the country, it is dark when you leave for work and dark when you head home. S

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The home insurance sector has grown rapidly since 2004, with 73 per cent more providers in the market today, meaning more choice for consumers.

According to a report from Defaqto, an independent financial research company, the home insurance industry is going through a challenging period for insurers, which are struggling against an influx of new competitors, but one of opportunity for customers.

A “number of challenges and a period of transition” are currently facing the home insurance industry, says Defaqto, following a 73 per cent rise in the number of providers in the last six years, driven by comparison websites and major retail brands like supermarkets entering the market.

While this change has created “unprecedented choice for consumers”, the greater competition is creating a difficult climate for insurers, says Defaqto.

For consumers, this change has seen providers target their individual needs, rather than offering a ‘one size fits all’ approach to home insurance, but on the downside, there is also greater focus on price, with more consumers using cost as the primary motive when comparing home insurance deals, rather than cover and benefits.

Commenting on the challenge facing insurers in the coming years as they adjust to changes in the home insurance market, Mike Powell, insight analyst for general insurance at Defaqto, said: “We believe there are long-term implications for insurers, who may need to consider how they restrict premiums while simultaneously lowering the cost of acquiring and retaining new customers.”

While more insurers means more competition for consumers, Mr Powell suggests that it is not all good news for customers, as the race to offer the cheapest premiums could have a detrimental effect on the quality of cover.

“Our comprehensive analysis of the home insurance market is focused on helping insurers understand the key trends in the sector, and consumers’ priorities when purchasing products,” he said. Read more…

When it comes to choosing a life insurance policy, term life insurance is more inexpensive compared to whole life. There are a lot of various schools of thought regarding what’s best, but it is a fact that term policy cost less. Continue reading to find out the differences between your two policies.

Whole life insurance policies are more expensive simply because, in addition to offering passing away benefits, some of every repayment is actually put into a savings account. This particular money accumulates with time, along with a whole life policy build up a significant quantity in the savings part alone. Read more…

Homeowners may be leaving themselves exposed to underinsurance, according to a new report from Direct Line.

The report indicates that as much as £212.9bn in home contents could be at risk, with over a quarter (26%) of people with contents cover underinsured by as much as £20,000.

Furthermore, one in five people have no home contents insurance at all, leaving an average of £14,000 at risk.

Direct Line’s head of home insurance Andrew Morrell warned that people concerned about belt-tightening should not underestimate the importance of appropriate insurance.

Morrell added that turning a blind eye to the true value of home contents risks putting belongings and finances in jeopardy.

The report also discovered that 39% had not accounted for the increasing value of family heirlooms such as jewellery, furniture and antiques.

Direct Lines valuer Kris Coombes described the level of underinsurance in British homes as worrying, and stated that underinsured homeowners could find themselves in for a shock should they have to make a claim.

In November independent financial research firm Defaqto analysed 299 home contents insurance policies and found that 26% offered less than £500 coverage for cash at home, with 4% providing no coverage whatsoever.

Insurers are preparing to plug the growing gaps in state healthcare provision as the National Health Service faces the most radical reform in its 62-year history.

Providers are launching new policies, or tweaking existing plans, as evidence emerges that the NHS is being stretched by the need to find up to £20bn in efficiency savings, and undertake structural reform.

The Royal College of Nursing recently said that some NHS trusts were already cutting jobs and services “at an alarming rate” with up to 27,000 nursing positions earmarked to go. Some

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Legal expenses insurer, Arag, has revealed that it is considering launching divorce insurance in the UK, following a government announcement that almost all Legal Aid for divorce disputes settled by the courts is to end.

Justice Minister, Jonathan Djanogly, has already highlighted the need for insurance to cover divorce-related legal costs, and speaking on BBC Radio 4’s Money Box programme on Saturday, Arag managing director, Tony Buss, said he would be examining the German market over the coming year, where couples can typically buy €30,000 of cover for €100.

Policies have a waiting period, usually three years, before they can be triggered and carry an excess in the region of £500 per partner.

With regard the UK market, Mr Buss said that insurers have previously shied away from divorce insurance as it has not been regarded as socially unacceptable, but that he is hopeful launching a product in 2012.

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