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Home insurance plans adds savings for no-claims

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by Kathyrn Lang
FSA criticizes insurance cold-call practices

Home insurance can be more than an investment against disaster. With a new policy that has been introduced by Private Insurance Portfolio and Sterling Insurance Group, home insurance can now be an investment in the future.

The new policy is geared towards the higher bracket of home owners. To qualify, a home insurance premium must be 3,000₤ or more per year. Under this policy, 20% of the premium will be invested in the UK money markets. For all participating home owners who go three years without filing a claim, this 20%, plus the proceeds that have been generated, will be paid back as a bonus.

After three years, the home insurance policy owner has the discretion of cashing in the bonus, or rolling it over for another three years.

Private Insurance Portfolio is aiming to turn the insurance industry upside down with this owner friendly policy. The home insurance industry has not encouraged consumers to be claim free. Other insurance markets have discovered the advantage of giving bonuses or discounts to policy owners who go without filing a claim. This new policy is the first of its kind to target the home market.

The interest rate on the investment is expected to be around 5.75%. If the new policy proves to be a success, it could find its way to the lower home brackets as well.

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News posted: May 11, 2007

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