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Bonfire Night Could Leave Consumers With 'Huge Financial Cost'

Oct 25, 2007
In the run-up to Bonfire night, consumers are being advised that unless they take sufficient precautions they could find themselves coming under increased financial difficulty in the days following November 5th.

Confused urges those who choose to celebrate the date with a fireworks party to make sure that they have adequate financial protection before lighting a bonfire or setting off a rocket. Debra Williams, managing director of the price comparison website, reports that although homeowners are legally required to have buildings insurance to protect their property and its land against accidental damage, they should also take out contents insurance as such cover is optional. Getting sufficient insurance was particularly advised to help cover the costs of against accidental damage to their own property and garden as well as their neighbours'.

However, by not having sufficient cover should they unexpectedly find themselves having to shell out money for repairs or replacement items, consumers may well find pressure on their ability to handle other areas of their finances increasing. As a result, this could cause people to struggle making repayments on personal loans and other types of borrowing, with monetary hardships potentially being increased further with Christmas only two months away.

She said: "Make sure you are covered for public liability because if someone were to be injured as a result of your celebrations, you could be left exposed to huge financial costs. Even if you have sufficient cover, make sure you don't invalidate your policy by conducting dangerous acts such as pouring petrol on the bonfire or setting off illegal fireworks. For the perfect Guy Fawkes celebration, ensure reasonable care and caution is practised and most of all, have fun."

Ms Williams also advised that homeowners should always look to ensure that they have sufficient insurance around this time of year, regardless if they are hosting a party or not - "even if it means shopping around for a deal at short notice". In addition, consumers were urged to check the small print of their policy to make sure that they are aware what they are protected for.

However, those who do not have insurance and are looking for a competitive way to finance the purchasing of replacement items or to carry out repairs to property may well find that applying for a low-rate personal loan could be one advisable way of funding such a move. And while refurbishing rooms and gardens, consumers may also wish to take the time to extend and improve their home.

Speaking earlier this year, Andrew Leech, spokesperson for the National Home Improvement Council, suggested that investing money into developing a property could see homeowners substantially boost its value, as well as reducing long-term pressure on their finances by lowering heating costs should they choose to get insulation work done. Consequently, the taking out of home improvement loans could be one way of financing a project. However, Mr Leech advised those considering applying for a loan to fund home improvements to make sure that they get planning permission from the local authorities before starting work.
About the Author
Steve Smith writes for 1 Stop Finance Shop, a one stop, Personal Loans Shop, with information on bad credit loans and debt consolidation loans available on site.
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