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Insurance Advice For Homeowners Post Brexit

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Mon 27 Jun 2016

Insurance Advice For Homeowners Post Brexit

Now that the UK has voted to leave the EU, much uncertainty lies ahead of us. Homeowners are likely to be very concerned about what impact the vote will have on their insurance, especially if they buy their insurance products from a company that isn’t British.

However, the Association of British Insurers (ABI) has come out and reassured people that existing contracts with both insurance companies and pension providers will remain as they are, no matter where the company is based.

As the organisation explains, Brits should remember that the UK will continue to remain part of the EU until the process of exiting is complete. As such, they would be wise to avoid making any hasty decisions where their financial matters are concerned.

Commenting on the news about Brexit that broke on Friday (June 24th), director-general of the ABI Huw Evans said: “The UK insurance and long-term savings industry is strong and built to protect customers from market uncertainty and shocks … For the UK government, it will be important now to focus on ensuring the UK remains a globally competitive place to do business with the best possible future trading network with the EU and the wider world.”

If you’re looking to sell up and move on, now may not be the best time to do so since it’s likely that house prices around the UK could fall as a result of the referendum result. According to a report in the Financial Times, some buyers pulled out of their house purchases on Friday immediately after the result was returned, while others are still assessing what impact the vote will have on house prices and job security.

Formerly beercock wiles & wick, beercocks is a family-run estate agents that covers the Hull, Beverley, East Riding of Yorkshire and the North Lincolnshire areas. Give us a call today.