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Mis-sold Ppi
I can remember going to my bank in the late 1990s to enquire about a loan for a new car. I`d fell in love with this slinky, silver sports car and being a single male at the time, with plenty of disposable income, I thought I`d treat myself to this flashy kind of motor. The bank eventually approved my loan but I was forced into taking out payment protection insurance at the same time. I`m not sure why I took it out to be honest. I think I felt pressured into taking out the policy because the person whom I spoke at the bank said it strengthen my initial loan application if PPI was in place. Nothing was explained to me about the PPI and how it would cover sickness payments or payments for the loan if I was made redundant. In fact, I think I was Mis-sold Ppi by the bank and had it not been so long ago I would put a claim in against the bank in question. Over the years countless customers have been Mis-sold Ppi policies through the banks. Huge profits could be made out of PPIs so you can see why banks would push them onto their customers. Today people are fighting back. Anyone who thinks they might have been Mis-sold Ppi polices in the past can speak to claims management firms who will take their case on and try to recover as many payments as possible.

For many years in the UK, motor insurance has been a competitive marketplace. Consumers have been used to shooping around at renewal time with a host of direct companies available. The internet has further fuelled this change allowing more people to access better information when their policy is due for renewal.

House insurance has until recently been a much more stable financial product. The relative stability of pricing, compared to a very fluctual motor isnurance market, has meant that consumers have stuck with renewals because the pricing has remained static.

However the internet is also encouraging people to shop around for their home insurance too. The good news for the household insurance consumer is that there are savings to be made on your buildings and contents policies from simply shopping around.

Most people while looking for a cheap deal on their policy also consider the exact cover that they need. If you reflect that you need to be able to replace all of your contents at todays shop values, you might find that you need more cover than you originally thought.

Cutting costs by cutting corners can have a serious effect on a house isnurance claim. If you are deemed to be under-insured by your home isnurance company, they may apply the condition of average.

This works on the basis that if you did not insure for the full value of your belongings, the insurer will pay out only to the sum that you did insure and they will deduct a further payment from the payout equal to the percentage you under-insured.

This might be clearer in an example - Imagine you own �50,000 of contents in your home but choose to insure for just �25,000 because you thought that this was the maximum a thief could get away with. If your home suffered a catastophic fire and you lost all of your possessions then your insurer could apply the condition of average.

Under this right they can pay out only 50% of the sum insured because that is the value that you under-insured by. In this case they could pay just �12,500 even though you lost �50,000 of your contents.

Insurance comapnies will always take this on a case by case basis but the only way to protect your home contents is to insure properly to the full value.

For more information about this article and/or the author visit http://www.yourhomeinsurance.co.uk

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