Blanket cover saved me £167 on my household insurance

Velvet

I received my policy renewal notification with a quotation for another years buildings and contents insurance for £384. This was based on a re-build cost given to me by the surveyor when we bought our house 2 years ago of £299k. I asked about ways to save money and the insurer offered me 'blanket cover' in relation to the re-build cost. This involves the insurer using a re-build cost suggested by the Association of British Insurers rather then the figure I quoted. In my case this was £120k, £179k less than the cost quoted by the surveyor. This change saved me £167! I was concerned about the difference in actual re-build costs if disaster struck. With blanket cover comes a guarantee to cover re-build costs up to £500k. This will be stated on my policy document. In the event that re-building my property was necessary; if the actual re-build costs exceeded £120k, I would be asked to pay the difference in premium between the £120k and the actual re-build costs.