People who bought insurance for their holiday lodge or caravan from Now4Cover have unfortunately been left high and dry after their insurer, LAMP Insurance Company, went into liquidation. This means that they are no longer able to meet any claim payments. So, if customers of Now4Cover have an outstanding or new claim, it is unlikely to be met. In addition, although any LAMP insurance policies that have not expired will remain in force, they are effectively void as LAMP is unable to pay out on any claims. It is also unlikely that LAMP will be able to refund any premiums to Now4Cover customers who cancel their policy. Policyholders are recommended to seek alternative insurance protection and apply for compensation through the Financial Services Compensation Scheme (FSCS). However, they will only be able to recover up to 90% of the money they have lost, and this is likely to take some time.

We all want value for money when buying insurance, but this shows that there’s much more to choosing an insurer for your holiday lodge or caravan than just the premium. If the price looks too good to be true, then it probably is. Companies can’t sustain such low prices for very long, resulting in the risk of liquidation. Policyholders of Now4Cover have found out the hard way that it is a false economy to purchase ‘cheap’ insurance, and are now finding themselves to take out another policy for the same cover having lost their premium and cover with Now4Cover. Of course, no-one wants to pay too much either, but our experience is that true cover from respected insurers, the difference in premiums are in fact marginal, maybe less than 10%, so if the saving is in fact more, there is likely to be a material difference.

Financial strength and security

At My Holiday Home Insurance, all of our policies are underwritten by one of the Lloyd’s top insurance underwriters – Canopius. Insurers are rated by various agencies according to their financial strength and security, and Canopius is rated AA- (very strong), A+ (strong) and A (excellent) by three of the major ratings agencies respectively. See the details on the strength of Canopius’ credit ratings here https://www.canopius.com/about-canopius/security/.

When selecting an insurer for your holiday lodge or caravan, remember that its true test is when you need to make a claim. You need to be confident that the insurer will pay out, and that your claim will be handled professionally and efficiently with no nasty surprises. You should also check out independent insurance reviews and testimonials as part of your research.

For more information, or for a quote for your holiday lodge or caravan insurance, call our Northampton office and speak to one of our insurance advisers on freephone 0800 988 0890.

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Park Home Search – A New Way to Search for your Leisure Home

Park Home Search is a free online service that connects both buyers and sellers of leisure homes throughout the UK and it’s completely free of charge to use. There are no costs to either a buyer or a seller and it’s the perfect place to find your new dream leisure home.

Whether you are looking for a leisure home in the North, West. East or the South of England searching for your new leisure home just got easier.  Park Home Search is the place to look if you are looking to find your new dream leisure home as there are hundreds of leisure homes for sale and you can browse 24 hours a day at your own convenience. If you are not able to find the leisure home you are looking for, you can register to receive information about new leisure homes for sale in some beautiful locations in the country, as and when they become available.

How Park Home Search Works.

Manufacturers and park operators add their new leisure homes available on Park Home Search. This is free for both manufacturers and park operators which encourages them to list as many homes as they have, as soon as they are available.  Buyers can search the website for their preferred leisure home according to their preferences and this can be filtered down to the location, type of home and whether they want to rent or buy the home.

Relax and let Park Home Search do all the work.

If you prefer, you can register your details with Park Home Search and your information will be passed on to the relevant park operators.  The park operators will contact you when new homes become available in your chosen location and all information is GDPR compliant, so your data is secure.

What’s the benefits for the seller?

Manufacturers can list as many leisure homes as they want, it’s completely free and park operators can advertise any plots they have available at no cost too. Open days and weekends are also advertised on park home search by manufacturers and operators, with the option to upload photos, brochures and videos about the leisure homes.  The manufacturers and park operators have complete control of their own information as they are able to list, amend, remove and update homes all using one easy form online. There is the great added feature where sellers of the homes receive email leads from potential buyers interested in their homes providing sellers with complete control.

With the above features and much more available to both buyers and seller of leisure homes, there are so many reasons to use Park Home Search.  So many are already taking advantage of this free service, so why don’t you!

For further information visit www.parkhomesearch.co.uk.

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