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MONEY COMMENT
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It's not going to be a happy 2004 for employees of Hill House Hammond (HHH), one of the UK's biggest insurance brokers. Its parent company, Aviva (LSE: AV.), is closing down the firm, which will lead to the loss of 1,600 jobs, mostly through compulsory redundancies. (Incidentally, here's an article on what to do if you lose your job.) In an age where customers are increasingly buying insurance via the telephone, Internet and supermarkets, it became too expensive for HHH to run a chain of 240 branches and offices across the UK. Aviva plans to transfer HHH's home, motor and travel insurance policies to sister company Norwich Union. I must confess to having a soft spot for HHH, as it was my insurance broker for many years. No one could beat its quote for buildings insurance so, despite intense shopping around, I ended up renewing with HHH year after year. However, HHH's quote became uncompetitive when one of its major partners pulled out of underwriting buildings insurance, so we parted company last year. If your broker, intermediary or middleman is shutting up shop, what can you do about it? You have two main options. The first is to find another broker - choose one that is a member of trade body the British Insurance Brokers Association (BIBA). You can find your nearest BIBA-approved broker here or by telephoning 020 7623 9043. Note that insurance brokers offer the cheapest travel insurance policies, according to independent market researcher Defaqto. Alternatively, you could be your own broker by shopping around on the telephone and Internet (note that retailers and supermarkets often sell first-rate financial products). If you're prepared to do the legwork yourself, you could save hundreds of pounds a year. Read this article on shopping around for home and motor insurance, and this piece on finding Best Buy travel insurance. However, be warned: finding the cheapest policy could leave you short when you come to claim, so make sure that the cover is as attractive as the cost! You can download free guides to car and travel insurance (PDF files) from BIBA's website. More: Find cheaper cover in our Insurance Centre | My Search For Cheaper Home Insurance.