home insurance question

harr

Hi
Posting this question for a friend..
Has anyone come across house insurance that is more expensive for a business owner,my friends house insurance always seemed high and was a lot more expensive on renewal this year..when he put this to his insurer he was told as he was a business owner and a key holder his premium would be higher as there would be an increased risk his home would be a target for robberies .
He never brings cash home or stock so we cant understand why.
Anyone seen this before...or is it standard procedure
Thanks..

homer911

I'd imagine that underwriting decisions are based on all the facts submitted as part of obtaining a quote, including occupation.

I'm a qualified accountant, working in a Financial institution, in an IT/Risk related function - there are any number of occupations I could put down on the application and all would be correct - perhaps your friend needs to "reconsider" his occupation?

d4lc

Which Insurer is it ?

To Elland Back

If you have a business which might make you a target for thieves, an insurer may refuse or load your cover. These would include jewellers or cash businesses where the owner might bring his takings home at night. Then there are service sector trades, where the owner might meet clients in the home, as this is an increased public liability risk as well as the fact it might be difficult to distinguish business equipment (excluded) and ordinary domestic contents

harr

d4lc wrote: »

Which Insurer is it ?

Bank of Ireland

harr

To Elland Back wrote: »

If you have a business which might make you a target for thieves, an insurer may refuse or load your cover. These would include jewellers or cash businesses where the owner might bring his takings home at night. Then there are service sector trades, where the owner might meet clients in the home, as this is an increased public liability risk as well as the fact it might be difficult to distinguish business equipment (excluded) and ordinary domestic contents

Its only two convenience stores he owns no cash or stock being taken home with him ...in fact both stores are quiet enough he barley gets a wage for himself most weeks so the extra load on his home insurance is hard to take...
There is a bank rep calling out to him this week ,but the reason the bank have given him is the fact that a large number of houses belonging to Business owners have been targeted for keys to the Business premises.

To Elland Back

Firstly, I'd rather let my cat arrange insurance for me rather than any bank. Most are tied to one specific insurer and, in my experience, just put forward the mantra laid out for them. Go to a reputable Broker. They will give you free independent advice and have a range of insurers available to them.

As for your friend's circumstances, thieves will not know whether he is earning a good living or struggling, he is an increased risk

d4lc

harr wrote: »

Bank of Ireland

Bank Of Ireland are just the agent, check the Insurance Company probably RSA. If you dm I will give you contact details to help

Bank of Ireland: Tara P

Hi harr,

We noticed your post in relation to Home Insurance.

If you would like to have a chat in relation to Home Insurance with an advisor at Bank of Ireland we have a talk to forum here and would be happy to look into this for you.

Thanks,
Tara C

To Elland Back

Seriously, OP, I'd avoid any bank in relation to insurance. Usually one product, one set of criteria, one patter and (most importantly) little understanding of the principles and practices of insurance.