Home Insurance- OK to switch? Need to save lots of money!

persontypething

We recently bought our first house- and all the way through the mortgage process, the building society manager quick some quick calculation of our situation, and kept assuming we would take the home insurance he had attached to our mortgage...which works at over £990 pounds a year- on a modest 3/4 bed terrace in Hull! I kind of protested all the way through, especially when I examined the contract details with a fine tooth comb and read that as long as we paid a fee (£25), we could then take whatever insurance we liked.

However, events overtook us, and after ignoring a couple of calls, and seemingly stalling, the B.S (hey that's not a bad abbreviation for this particular guy) Manager said we would not have enough time before completion to change the insurance, even though I had found a quote for around £560, which I discussed in some depth with the provider and Iit covered all our needs.

So to cut to the chase, the B.S Manger did promise that if we took HIS insurance for a month to ensure the house was covered from day 1, we could then change anytime, aswe were on a monthly payment plan (which I knew wasn't a great idea, but should actually work out ok IF we can get out of it).

So - now 6 weeks after exchange of contracts etc, and 1 expensive monthly payment down, can I switch? Is it just a matter of getting the new policy in place, then cancelling the other one? Or should I be anticipating problems??
All help and advice greatfully received- thanks!

marble

Sounds a nasty thing for a 'bank manager' to do.Chances are, he gets commission or has a target of policies to sell ... getting you to take out the policy for one month is all he needs to do.

Anyway, if you were sold the policy on the basis of being able to cancel after a month then all you should need to do is set the new one up and cancel the old one (making sure they start and finish on the same date ... or overlap by a day just to make sure!).

It's best to check with the existing policy you can cancel. If you can't, just go into the bank and ask to see a real manager. Say you're going to make a complaint to the FSA about being given incorrect information and see what happens. Chances are, it'll never come to this, you'll just end up paying 1 month at the expensive rate.

Al

payless

make sure there is no financial penalty for cancelling,

If the annual premuim is added to mortgage and repaid back over 12m, back sure you get a rebate for the cancelled period