Insurance News Archive

Hips for all homes by Christmas

Home Insurance Packs (Hips) are to be rolled out for all properties by Christmas, with the scheme extending to one and two-bedroom properties, with 5,800 assesors now in place.

Housing Minister Yvette Cooper said that the blanket reach of the scheme, which will come into place on December 14th, will benefit first-time buyers.

However, surveyors disagreed, warning that due to the extra costs of commissioning a Hip will lead to fewer "starter homes" being put on the market, limiting demand and driving prices up.

Ms Cooper said that 60 per cent of houses were already covered by Hips, following the introduction of the packs to homes with our or more bedrooms on August 1st.

On September 10th, the scheme was extended to cover three-bedroom properties as well.

Getting details about a homes safety and history for free, will help buyers make a decision, she said, while cutting down on their costs.

"Information such as searches for which they would previously have had to pay will now be included in the HIP paid for by the seller, reducing the costs of the first step on to the property ladder," she said.

22 Nov 2007