Can you make money from renting your home during the Olympics or any other time? This is Money
30.08.11
Direct
Line is one insurer launching temporary cover for its home
insurance policies to ensure customers are clear on what is and is not
covered if they do decided to become an Olympics hotel. The temporary landlord Olympic policies will not cover malicious damage by guests, accidental damage whilst the property is let and theft cover is restricted to forcible and violent entry only. The period of the let cannot exceed six weeks, the homeowner needs to be claims free and the house cannot be rented by more than two tenants or one family.
Andrew Morrell, head of home insurance at Direct Line, says: ‘Anyone who is planning on becoming an Olympic home hotelier needs to think carefully before going ahead. If people have the space to do it, renting out a room or even a number of rooms does make sense but anyone who doesn’t consider the insurance implications could find their moneymaking scheme leaving them out of pocket.’
Aviva will also cover you during the Olympics. Jonathan Cracknell, household underwriter at Aviva, says: ‘We often deal with customers who want to temporarily rent out their homes because they live in convenient locations for big sporting events like Wimbledon or the Open Golf and we are expecting to see the same requests for the 2011 Olympics.
Source:
bInsurance/b Industry Predictions » bHoliday Insurance/b Tips
During the latest crisis, insurers were struck as intensely as securities firms and investment bankers. Most insurers were forced to scale back their dividends in 2009. In 2010, however, it looks that the trend has reversed. In contrast with what happened in 2009, many U.S. insurance houses actually raised their dividend payout for the opening 2Q of 2010 in the wake of the stabilizing markets. Even more insurers are predicted to top up their dividends towards the end of this calendar year, Bloomberg experts say.
Even more media spotlight is attracted by the ongoing bids of mergers and acquisitions. Bloomberg indicates that in the business, players like to stay informed about the performance and accomplishments of their opponents to be able to retain their market share. And that is the reason why they often make homogeneous moves. So what is the situation in Canada? When it comes to Canadian banks, they are almost certainly outperforming the rest of the world currently companies operating in the insurance industry are facing fallen demand from first-time purchasers. During the 2010 Insurance Market Briefing in Toronto, Ontario, experts from area agreed that year 2010 has been an encouraging year for the trade, especially weighed against the preceding period of chaos. It did not exactly bring about growth, but it definitely helped the sector achieve some steadiness in the markets. That let the insurers relax a little bit after several years of great efforts.
Nonetheless, the regulatory environment is only now yet to transform. What do we in Non Medical Life Insurance brokerage expect? Considering the announced law amendments expected from the Office of the Superintendent of Financial Institutions (OSFI), the International Accounting Standards Board (IASB) and other bodies, no insurer is purposefully going to weigh its balance sheet down with supplemental dividends to their shareholders sooner than the final character of the regulatory burden has been established. Therefore, we are reasonably confident that Canadian insurance company shareholders will not see a significant betterment for a few more months.
