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News - Pre-Budget report: What we already know
Posted on March 18th, 2008 by zylstra.
Categories: Property insurance.
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Chancellor Gordon Brown will deliver the pre-Budget report on Wednesday. The changes outlined in the report could have an impact on the personal finances of millions of Britons. BBC News sets out what we already know will be in the report. In addition, the BBC canvassed leading accountancy firms to find out what initiatives they think may be in the report.
Savings and investment
Income and inheritance tax
Environment taxes
Property
Pensions
Savings and investment
The chancellor may confirm that Individual Savings Accounts (ISAs) will continue beyond 2010. The popular savings vehicle - some 16 million Britons have an ISA - allow people to save or invest up to 7,000 tax free each year. Treasury Minister Ed Balls, a close ally of the chancellor, indicated last month that ISAs were here to stay at an investment conference. But campaigners who hoped that the 7,000 annual ISA threshold, first set in 1999, would be raised are likely to be disappointed. Real Estate Investment Trusts (REITs), which have been trailed in the past three pre-Budget reports, are set to be introduced in January 2007. REITs operate as stock exchange-quoted companies which directly own property, providing an easier and lower-cost way for people to invest in real estate. Adding to their lure is the fact that REITs are free of corporation tax. The chancellor may use the report to remind people of their advent and perhaps undertake some minor tweaks. Income and inheritance tax
The pre-Budget report is claim claim dollar insurance property secret settlement successful top In recent years, allowances have risen in line with inflation, but as wage increases often beat inflation this has caused a phenomenon called “fiscal drag”. In essence, fiscal drag means that increasing numbers of people are falling into the top rate tax bracket and paying tax at 40%. This is because incomes are rising faster than tax allowances. If the chancellor follows the pattern of previous years; personal allowances should rise by about 150. This would take the annual personal allowance for under-65s to about 5,200. The chancellor is under pressure to reform inheritance tax (IHT). Because of rising house prices an increasing number of people are finding that their estates are worth enough to be potentially subject to IHT. Ernst & Young have suggested that the chancellor may decide to dispense with the current arrangement where everything over a certain threshold (285,000 in the 2006-2007 tax year) is taxed at 40%, in favour of a system of tiered rates. Therefore, people who just break through the IHT threshold may be subject to a lower rate of tax than the super-rich. Environment taxes
California property insurance
Accountancy firm PricewaterhouseCoopers predicts that Gordon Brown, in what is likely to be his last pre-Budget report, may well tinker with the tax system to encourage more environmentally-friendly behaviour. In recent months world oil prices have fallen, and this may give the chancellor the breathing space to raise petrol duty. Increases in petrol duty have been small and sporadic ever since the fuel protests of 2000. Intellectual property insurance may find that their flights become more expensive if Air Passenger Duty is increased. But there may will be some carrot as well as stick with increased grants for home insulation or tax breaks on solar panels. Property
Hard-pressed first-time buyers may find little to cheer in the report. In March 2005 the chancellor raised the starting rate of stamp duty from 60,000 to 120,000. A further rise to 125,000 was announced in the last Budget. But any substantial increase to the stamp duty threshold could be seen as fanning the flames of house price inflation. So far in 2006, house price inflation - cheap insurance property uk vacant in London - has exceeded expectations and is concerning the Bank of England. With the average price of a house approaching 200,000, the vast majority of transactions incur stamp duty. More details are expected on the proposed planning gains supplement. Outlined in last year’s pre-Budget report this would see introduction of a windfall tax on the profits made from selling land.
In return, new planning guidelines will be introduced to encourage local authorities to accelerate planning consent and bring forward development of brown field sites. In theory, this should free-up more land for development. Long-term this may help ease chronic under-supply of property, which in the south east at least, is presumed to be a major factor in booming property prices. The planning gains supplement is not expected before 2008. Pensions
The increase to the state pension for next year has already been announced. At present, increases are linked with inflation. As for the winter fuel payment, this was set at 200 in March’s Budget and guaranteed for the duration of this parliament. This arrangement may be re-announced in the chancellor’s pre-Budget speech. Major changes to the pension system came into force in April, many observers believe that the chancellor will tweak the new regime. In particular, the requirement on people to use their pension pot to buy an annuity - income for life - at age 75 may well be re-imposed.
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News - India’s bank for women
Posted on March 18th, 2008 by zylstra.
Categories: Property insurance.
| “For obtaining loans, women are required to make their husbands declare them as michigan basic property insurance in the family property,” informs Mrs Sinha. “The monetary benefits of a loan encourage the men-folk to readily agree.”
The bank has helped as many as 600,000 women to get a share in the property. In 2004, it also convinced the authorities to include women’s names on property papers in recognition of a woman’s right to household property. Women can now use these papers in the court of law to prevent their husbands from selling or divesting household property. The bank has also created an incentive for women to become homeowners by giving them a 1% rebate on interest paid on loans. To encourage girls’ education, the bank provides low-interest loans and property casualty insurance indianapolis for girls and has instituted insurance and pension programmes for women.
“Our bank louisiana citizen property insurance the commercial property insurance uk
“We have shown that banking with the poor isn’t always a loss-making proposition,” she adds. “Each success story has inspired more business property insurance
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News - Q&A: Flooding and insurance
Posted on March 17th, 2008 by zylstra.
Categories: Property insurance.
Large parts of England have been devastated by flooding.
Homes and businesses have been damaged, with the insurance industry putting the cost at over a billion pounds.
So what sort of help is on offer for victims of the flooding?
What should I do if my home or business is flooded?
If you are unfortunate enough to be flooded, the advice from the insurance industry is clear.
Contact your contents and building insurer as soon as possible. It is advisable to keep insurance documents in a waterproof plastic bag.
Your insurer will expect you to take reasonable steps to protect your property.
Therefore, take easily moveable objects upstairs and, if possible, use sandbags to hold back the water.
For the sake of safety, make sure the electrical supply is switched off at the mains and equipment unplugged.
Ideally you should have already ensured that your contents insurance covers the full replacement cost of any items ruined, rather than their current market value.
As for cars and other vehicles, comprehensive insurance should cover flood damage.
However, third party cover won’t pay out if your vehicle is damaged by flood.
How can I best cope with the aftermath?
Once the waters have receded, you can take up carpets, but you must retain them so that the insurance company loss adjuster can see them and verify the claim.
For the same reason, it is very important that you keep all damaged items rather than throw them away.
If necessary, store them outside, in your garden or elsewhere.
Most household insurance policies will cover the cost of alternative accommodation, if your property is uninhabitable.
Likewise, many businesses have business interruption cover, which will pay the cost of alternative accommodation.
This is no bad thing, since when a major flood event takes place it can take months for insurers to pay out. Is much of the UK at risk of flooding?
The Department for Environment, Food & Rural Affairs (DEFRA) estimates that 10% of the land area of the UK, covering up to 2 million homes and 185,000 businesses, is in danger of flooding.
Despite the Environment Agency’s attempts to increase flood awareness, many people living in flood plains are still not aware that they are at risk.
The Association of British Insurers (ABI) estimates that 570,000 vacant property insurance
I live in a flood plain - will I still be able to get insurance?
Under a deal struck between the government and the insurance industry in 2005, insurers agreed to continue to insure homes at risk of flood.
However, you may find it hard to switch insurance provider.
As part of the agreement the government said it would increase its spending on flood defences.
However, last year there was a 15m shortfall in the amount of money spent on flood defences.
The government said this was a one-off, but some insurers have got a little twitchy.
Instances of flooding can be very costly to the insurance industry. The average flood claim is between 15,000 and 25,000.
Will the insurers back away from their agreement? They say no, just as long as the government holds to its side of the bargain.
They want to see a 10% increase in the amount of money spent on defences.
But the ABI said they were encouraged by the government’s commitment to build new defences and to halt the building of new homes in flood plains. What are the insurance companies doing about it?
Some insurers are adopting a high-technology approach to their assessment of whether an individual property is at risk.
More Than and Norwich Union are using digital mapping to calculate the risk of flood to within a few metres.
As well as showing whether an individual property is at risk, the map shows how often a flood is likely to occur and to what depth.
and other utilities
are at “severe” flood risk. This includes many homes situated in flood plains in the Severn river valley and the east of the country.
News - MoT exemption safety warning
Posted on March 17th, 2008 by zylstra.
Categories: Property insurance.
Civil servants in the Driver and Vehicle Testing Agency are currently on strike.
The exemption was laid down in the House of Commons on Tuesday in response to a major backlog in vehicle inspections caused by the ongoing industrial action.
If the emergency property casualty insurance company
It is believed the law will not go through until later in the summer. Nipsa General Secretary John Corey said the latest situation was disgraceful.
“We want to be engaged in a process of negotiations to end this dispute so the people of NI can get all their public services back to normal,” he said.
He said the emergency legislation would cost taxpayers money and compromise road safety.
Malcolm Tarling of the Association of British Insurers said drivers would still be covered.
“What people should be doing if they are in any doubt is contact their insurer, who will be able to clarify the position,” he told BBC Radio Ulster on Wednesday.
“What is certain is that if you are involved in an accident, and injure somebody or damage somebody’s property and are found to be careless, the insurer will still have to deal with any claim, regardless of whether you have a valid MoT certificate.”
Martin Woods, customer services manager with the Driver and Vehicle Testing Agency, said drivers would still have to apply for an MoT.
“They will then receive a temporary exemption certificate and notification of a date for their MoT,” he said.
“At the moment, the centres are closed, but the temporary exemption certificates will allow us to focus on vehicles where we can’t issue temporary exemption certificates - such as public service vehicles, ambulances and so on.”
He said vehicles must still be maintained in a roadworthy condition at all times. “We have been working with the Driver and Vehicle Licensing Northern Ireland and Police Service to ensure that people can get their cars on the road legally without the MoT.”
He added: “We have been in contact with the Association of British Insurers and they are aware of the current allied property and casualty insurance company at the moment.
“There are very few insurance policies which specifically require an MoT certificate.”
Nipsa members began strike action last month at nine centres across Northern Ireland.
It is part of a wider dispute over pay, which began last December.
DVTA centres in Armagh, Craigavon, Lisburn, and Newry are unstaffed and no testing is taking place.
No testing is taking place at Belfast, Londonderry, Larne and Newtownards test centres, although some staff are providing an united property insurance service. About 6,000 MoT tests a week, as well as practical driving lyndon property insurance company, are being affected by the industrial action.
Nipsa has been involved in strike action since December over what they said was the government’s refusal to give civil service staff any cost of living increases in rates of pay since April last year.
The government has imposed a pay package which will add 3.67% to the wage bill of the Northern Ireland Civil Service.
However, union officials say that was part of a pre-agreed increment and takes no account of the rise in the cost of living.
A temporary exemption on MoTs for private vehicle owners in Northern Ireland would compromise road safety, the civil service union Nipsa has warned.
is passed, anyone with a vehicle up for renewal can drive without a test certificate.
What people should be doing if they are in any doubt is contact their insurer, who will be able to clarify the position
Association of British Insurers
There are very few insurance policies which property casualty insurance job
require an MoT certificate
Driver and Vehicle Testing Agency
News - Countrywide warns on profits
Posted on March 16th, 2008 by zylstra.
Categories: Property insurance.
| The UK’s biggest estate agency group, Countrywide Assured, has warned its investors of a fall in profits.
Falling stock markets
During the housing boom, the company saw strong demand for its estate agency, mortgage advice and insurance services.
Countrywide’s life assurance arm has also suffered from falling stock markets, with many investors deterred from contributing to their policies. The group said in April that it hoped the recent stock market recovery would revive investor confidence. But on Tuesday, Countrywide warned that the prospects for its life company had agriculture casualty insurance property further. However, it said its financial products, surveying and valuation operations continue to perform in line with expectations.
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News - Homeowners warned over subsidence
Posted on March 16th, 2008 by zylstra.
Categories: Property insurance.
Millions of homeowners are paying excessive insurance rates to cover subsidence risks, an insurer has warned. Subsidence is usually triggered by changing weather patterns which cause foundations to shift under ground.
This is business property insurance common in London, the Peak property casualty insurance But owners often end up paying over the odds for insurance even though their property is not really affected, insurer More Th>n argues. Subsidence claims saw a sharp increase in 2003 as a intellectual property insurance of changing weather patterns, with a long, hot summer following a wet winter. Houses which are most at risk include those with shallow foundations build before the 1970s, with Edwardian and Victorian homes believed to be particularly at risk. An estimated 3.7m homeowners live in the susceptible area, which covers over 148,000 postcodes. The risks associated with subsidence have pushed up insurance rates also for owners whose houses are not directly affected, the insurer claims. This is allegedly due to the fact that in assessing subsidence risks, insurance companies usually look at information on the first half of postcodes, also known as ‘outward’ postcode. But outward postcodes comprise as many 300 properties. The company says they use an assessment method for flooding, which, once extended to the assessment of subsidence risks, should be able to pinpoint individual properties and save owners money. This new strategy, using a combination of the full postcode and the house number, has been welcomed by the Environment Agency. Tell-tale signs of subsidence include diagonal cracks that are wider at the top than at the bottom, usually located near windows or doors.
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And some information of erectile problems.
News - Homeowners warned over subsidence
Posted on March 15th, 2008 by zylstra.
Categories: Property insurance.
Millions of homeowners are paying excessive insurance rates to cover universal property and casualty insurance
risks, an insurer has warned.
Rental property insurance is usually triggered by changing weather patterns which cause foundations to shift under ground.
This is particularly common in London, the Commercial property insurance
and the Midlands.
But owners often end up paying over the odds for insurance even though their property is not really affected, insurer More Th>n argues.
Subsidence claims saw a sharp increase in 2003 as a consequence of changing weather patterns, with a long, hot summer following a wet winter.
Houses which are most at risk include those with shallow foundations build before the 1970s, with Edwardian and Victorian homes believed to be particularly at risk.
An estimated 3.7m homeowners live in the property insurance online area, which covers over 148,000 postcodes.
The risks associated with subsidence have pushed up insurance rates also for owners whose houses are not directly affected, the insurer claims.
This is allegedly due to the fact that in assessing subsidence risks, insurance companies usually look at information on the first half of postcodes, also known as ‘outward’ postcode.
But outward postcodes comprise as many 300 properties.
The company says they use an assessment method for flooding, which, once extended to the assessment of subsidence risks, should be able to pinpoint individual properties and save owners money.
This new strategy, using a combination of the full postcode and the house number, has been welcomed by the Environment Agency.
Tell-tale signs of subsidence include diagonal cracks that are wider at the top than at the bottom, usually located near windows or doors.
News - Pension changes bring risks
Posted on March 15th, 2008 by zylstra.
Categories: Property insurance.
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Key reforms to Self Invested Personal Pensions (SIPPs) are causing a stir. A pension expert explains the changes and the potential risks and rewards. The pensions industry has managed to score some spectacular own-goals in recent years. Even with the launch of the government inspired stakeholder pensions, with their simple structure and no hidden charges, all has not gone well and sales volumes have fallen well below original expectations since they hit a peak back in the late 1990s. It seems pensions just aren’t sexy these days.
Amidst all the mis-selling scandals and falling landlord property insurance Self Invested Personal Pensions (SIPPs), first launched in the early 1990s, were initially treated as a fringe product which appealed only to the more affluent and sophisticated investor.
There was some justification for this as charges were high and the administration systems supporting them were cumbersome and unwieldy. As a consequence sales volumes struggled to rise above a few thousand a year. Flexibility In the last couple of years the picture has changed. There are now reckoned to be around 100,000 SIPP holders in the UK, and the number is rising fast. So what have SIPPs got that other pensions haven’t? The key difference is investment flexibility. Your average insurance company personal pension or stakeholder plan will typically offer a range of perhaps 20 or 30 investment funds, with the more allstate casualty insurance property companies offering perhaps 70 funds. By comparison a typical SIPP will give you the freedom to choose from around 1,000 funds, including those managed by the leading fund management groups. In addition you can use a SIPP to invest directly in individual equities of your choice, gilts, bonds and commercial property. Fee concern The key argument against SIPPs in the past has been cost, with SIPP providers charging hundreds of pounds in upfront fees and ongoing annual fees. These fees meant that SIPPs were only worthwhile for investors with substantial funds to play with, perhaps 50,000 or more.
But the advent of efficient administration systems and economies of scale mean that good SIPP providers can now offer a pension which delivers the investment freedom without the additional fixed fees. As a consequence a SIPP is just as good value for an investor with 100 a month to save as it is for someone with 100,000 to invest. SIPPs are still more expensive than a Stakeholder plan, but the difference is only a slightly higher annual management charge, perhaps 1.4% instead of 1%. The payoff is access to the best fund managers in the market. Over the 3 years in which stakeholder pensions have been with us, the most popular SIPP funds have consistently outperformed the major stakeholder funds. Property boon From April 2006 SIPPs will get a whole lot more interesting. Investors will be able to use a SIPP to invest in residential property such as buy-to-let and holiday homes. Given the state of the housing market it is perhaps questionable whether people should do this, but we do expect demand for this investment freedom to be very strong. As the Inland Revenue rules stand at present, it will be possible for investors to purchase buy-to-let properties and holiday homes with their pension fund, and then rent the property out to generate income for the pension. This looks like a great idea, but there are a couple of pitfalls. If the investor themselves stays in the property they will have to pay a tax charge to the Inland Revenue. There are potential investment risks as well. Nationally we already have much of our personal wealth tied up in the housing market, and the opening up of the housing market to private pension funds may simply encourage us to double up our exposure to the property market. The opinions expressed are those of the author and are not held by the BBC unless specifically stated. The material is for general property insurance company only and does not constitute investment, tax, legal or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Always obtain independent, professional advice for your own particular situation.
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News - Powerboat grand prix called off
Posted on March 14th, 2008 by zylstra.
Categories: Property insurance.
The race - one of eight held as part of the event - has been axed because of louisiana citizen property insurance corporation and funding wrangles, said promoter Chris Parsonage.
The event, which has been held for the past six years in Plymouth is thought to generate 3.2m for the city economy.
Honda will also be taking its Formula 4-stroke series race, which has formed part of the grand prix, to Torquay instead of Plymouth.
Mr Parsonage said reorganisation of the sport’s governing body had led to property insurance adjuster in insuring the event anywhere in the UK.
As a result, the grand prix’s main sponsor, Honda, had pulled out of its 200,000 sponsorship.
Property developer Mr Parsonage, 49, who competes in the event in his own boat Ids property casualty insurance company
, said he hoped the problems would be resolved and the event would return to Plymouth next year.
‘Best venue’
He said: “It’s very disappointing
“All the teams say Plymouth is the best venue of the season.
“Plymouth Sound is a natural amphitheatre for watching the racing and is the only place in the world where you can watch the entire race.”
The first of the season’s eight races is in Greece from 10-12 June.
Mr Parsonage added: “Other countries are vying for the race.
“We need to get our act together to bring it back to Plymouth.”
A spokesperson for Plymouth City Council said: “While we are disappointed that the powerboat property damage insurance won’t be coming to Plymouth this year, we still have a very exciting line up of events in the city this summer.
“We hope to see the powerboat championships returning to Plymouth in the future.”
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News - Budget 2005: What we already know
Posted on March 13th, 2008 by zylstra.
Categories: Property insurance.
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