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insurance Newton Abbot
Why do I need Insurance?

Your insurance policy will pay out a sum of money when an event that you are insured against causes a loss of some sort. Primarily you need insurance whenever:

  • An event could happen to you and you would not be able to afford the outcome, for example the filing of a lawsuit against you.
  • Whenever the law says that you must have it, for example, motor insurance.
  • You want to provide for someone in the event of your death, who couldn't manage financially without you.

    The state does provide a limited number of insurance benefits but they are low and require that you pass a number of tests before qualifying for them.

    What affects the level of my Insurance Premium?

    Insurance companies base their premiums on a whole range of factors. Data and statistics related to these factors are analysed until the risk associated with almost any situation is known. It is based on this calculation of risk that an insurance company charges you, the higher the risk the higher the premium. This is why it is often very difficult to compare your insurance quote with someone else to see if you are getting a good deal. Everyone has different circumstances and thus will have different quotes.

    What do I need to look for when buying Travel Insurance?

    There are two main aspects to check when purchasing travel insurance, the amount of cover offered and the scope of the cover. Insurers generally express the amount as the maximum amount that could be received. Below is a general idea of what you could expect.

    Medical cover at least £1m, personal liability £1-2m, legal expenses £10-25,000, personal belongings £1,000, and cancellation £3,000.

    The scope of the cover is just as important, especially if you are going on an activities holiday, or one where you expect to do sports that may be considered dangerous. Certain things may not be included such as off-piste skiing, or skydiving. Policies differ dramatically in how they cover such activities.

    Can I reduce my premiums by increasing the security of my house?

    It is possible to qualify for a discount on your house insurance premiums by increasing the security of your home. This deters burglars and thus makes your house a lower risk in the eyes of the insurer. The sort of things an insurance company will take into account are approved locks on all external doors and windows, an alarm, and an active Neighbourhood Watch scheme in your area. The alarm must be designed and installed by a company that meets the requirements of the National Approval Council for Security Systems.

    If increased security measures have enabled you to get some form of discount on your insurance, then you must ensure that whenever the house is empty, they are used. If not, and your house was broken into, the insurer would have reason to challenge the claim. Remember if you can't find the answers to your specific question please contact us with your question or to arrange an appointment to discuss your personal circumstances.

    What is the point of taking out a mortgage protection payment policy?

    As indicated elsewhere, there are two types of mortgage protection policy. If you've got dependents, a life insurance just in case you die will keep the roof over their heads. Of course, if you're single you don't need to since the lender can just sell the property to get its money back (providing you are not in negative equity). On the other hand, did you know that there were nearly 25,000 repossession orders in Q3 2009 alone. Many of these are for those cases where the homeowner could not keep up the repayments because he was out of work. So, if you become redundant or unable to work through injury or illness, a policy to pay your monthly mortgage expenses is just the thing.

    * Source:

    I'd heard that the State will pay my mortgage interest. Is this right?

    Potentially, yes, the state may help you with the interest payments for your mortgage if you suffer a sudden drop in income. This does not include capital repayments, and the availability of this benefit depends on your circumstances. Financial protection products can guarantee that your mortgage payments (interest and repayment) will continue to be met if you are unable to work due to accident sickness and or unemployment. For more information click here or please call.

    Hedgelands Financial Services, Hedgelands, Abbotskerswell, Newton Abbot, TQ12 5PW
    Registered in England No. 4694508.  Registered Office 32 Monk Street, Abergavenny, Monmouthshire, NP7 5NW
    Hedgelands Financial Services Ltd is authorised and regulated by the Financial Conduct Authority, FCA Registration Number 624282. Sitemap
    Hedgelands Financial Services
    Newton Abbot
    Devon   TQ12 5PW



    01626 360654

    General Insurance:

    01626 438184

    Independent Financial Adviser
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