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Home / Home Insurance / What now after Brexit for Home Insurance?

  • Jason McClean
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I wrote a short article that basically said everyone should keep calm after the Brexit vote and little would happen to your Home Insurance. Here we are nearly two weeks later and if anything, things have got better and improved in some areas.

It’s not all rosy though, so let’s start with the negatives. The Conservative Party is doing its best to nullify the referendum through a new leadership contest that is turning bitter and twisted. Quite a genius but sly move by Remain’s David Cameron.

Boris has been knifed in the back and front runner Theresa May is already saying there needs to be negotiations on free movement. I hate that these politicians do not carry out the will of the people. They know exactly what they are doing trying to keep control, money and power for their own interests. Democracy has been witnessed and now they are trying to dilute it. That is disgusting. Especially when you put it against the actual facts of how the country now is compared to their project fear prophecies.

Don’t get me started on the Labour Party. The MPs keep saying Jeremy Corbyn is unelectable but do not flesh out why he is unelectable. Just repeating yourselves does not make it true. And they do not have the guts to formally challenge him – because they know he has the support of the vast majority of Labour voters. This is the Labour MPs trying to cling on to what power, money and control they have in the face of what appears to be an honest and socially responsible leader. All when they should be holding the Government to account, which they are not doing. Pathetic.

So, on to the good points…

The stock market that was predicted to plunge and take a decade to recover is now trading higher than before the referendum. That sounds like a Brexit bonus.

The punitive tax rises and emergency budget promised by George the U-turn King Osborne has not materialized. Indeed, quite the opposite has happened. He is promising to cut Corporation tax from 20% to 15%. He has abandoned his austerity plans (not because of Brexit but because he could never have achieved them in the best of circumstances and has taken any excuse to get out of that noose).

The pound has fallen slightly against the dollar and Euro, but that is now making exporting more attractive and that is where the real growth lies. Think about it. If we sell to the UK we have 60-million customers. If we sell to the rest of the world, we have 7billion customers.

House prices have not crashed anywhere in the UK. Rents continue to rise due to Osborne’s much maligned Tenant Tax, but we can still hope for another U-Turn here as well.

Interest rates may be reduced. If you own a mortgage or are looking to buy a house that’s great news, another Brexit bonus. It’s not great if you are saving but I have to suggest that means you need to place your money into different investments – new companies, ventures and ideas, to get the old traditional returns. And that is the sort of thing that will grow the economy naturally, so I see that as a bit of a good thing too.

Home Insurance has not changed either. Prices remain as keen as before the referendum and the market is highly competitive. No companies have gone bust and your policy still offers the same protection as before.

Now we need to sort out this whole political mess. That’s what our politicians are paid to do and their abysmal failure so far is the biggest threat to all our economic and social stability.

Jason McClean

www.thepropertyinsurer.co.uk

Home Insurance after Brexit

Brexit and Home Insurance

I am a director of the Property Insurer and Property Landlord. We tell it how it really is. Yes property insurance can be boring , but our job is to make it more interesting, useful and above all save you money!

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