Buildings and Contents Insurance Missold?

dunstonh

surely they should have asked me for the rebuild value, not the price.

No. They will ask you for the building sum insured. If you dont know what that means you ask them. If you give them a value then they assume you know what it means.

I've been trying to use Uswitch to find a better policy, but they ask for the rebuild value as part of the information which is why I'm trying to figure it out.

Use a different site that doesnt ask it.

GOKITTY

We took out Bldg & contents with Halifax in 2000 when we took on our mortgage.We thought we were paying £360 pa,but later discovered we also paid £360 in hidden payments on our mortgage.So instead of £360 we were paying £720,so yes your mother is right & she too is being ripped off ! I complained but they say theyve done nothing wrong! Can we reclaim this

KieranB wrote: »

Hello,

KieranB wrote: »

My mother was speaking to me today about her Buildings and Contents insurance. She have her mortgage with Halifax and they sold her the insurance at the time she got the mortgage. She was under the impression until today that the insurance come with the mortgage (i.e - there wasn't any additional cost to just taking out the mortgage with no insurance)

She is not the most financially aware person but I still convinced this could have ben missold..

I turn to you people of this forum as you have a bit more knowledge than myself on this kind of thing. Do we potentially have a case?

Thank you!

Ms_Chocaholic

grahamm wrote: »

I did one of Martin's Money Saving Quizzes and it mentioned that when getting Home Insurance you only need to get cover for the cost of rebuilding, not the sale value of the house.

I checked my insurance and for the last three years I've been paying for cover for the market value of my home, so (as well as changing my cover) I'm wondering if I've got grounds for a claim for mis-selling?

Anyone know?

Your cover also needs to provide for the repair of your neighbour(s) home should their home be damaged as a result of whatever happens to yours. Therefore if you live in a terrace or semi, your insurance is more than it would be if you lived in a detached.

Lukasmaximus

Me and my wife bank with Nationwide, when enquiring about the contents insurance, we stated that we had a lot of expensive musical equipment in out cellar. We stated that the cellar gets damp and could possibly lead to mould.
The salesman in the branch stated that the insurance will cover these items if any damp or mould happens, so we took out th insurance.

Last week we phoned Nationwide to make a claim due to the damp affecting the equipment. We were told that our insurance didn't cover this and that there was nothing they could do.

Very unhappy about this my wife rang to state the above and put a claim in regarding the mis selling of our insurance, we were told to go into the branc.

On going into the branch today, we were told there is nothing that they are willing to do.

Where do we stand with regards to this??.

Luke

dunstonh

Lukasmaximus wrote: »

Me and my wife bank with Nationwide, when enquiring about the contents insurance, we stated that we had a lot of expensive musical equipment in out cellar. We stated that the cellar gets damp and could possibly lead to mould.
The salesman in the branch stated that the insurance will cover these items if any damp or mould happens, so we took out th insurance.

Last week we phoned Nationwide to make a claim due to the damp affecting the equipment. We were told that our insurance didn't cover this and that there was nothing they could do.

Very unhappy about this my wife rang to state the above and put a claim in regarding the mis selling of our insurance, we were told to go into the branc.

On going into the branch today, we were told there is nothing that they are willing to do.

Where do we stand with regards to this??.

Luke

Insurance is to cover unforeseen events. Not foreseen ones. So, as the chances of mold were foreseeable, you would not expect an insurance company to pay out.

You need to make a complaint and provide evidence to support your allegation of what was said (easier said than done in most cases as you probably have no evidence). They will review the complaint and make a decision from there. If you dont like their response then you can go to the FOS.

errolgardens

Hi, in the 90's I had a two bed maisonette. I had a mortgage and house and contents insurance included. I remember at the time querying it as I was paying alot of money a month for the insurance. I was told that the building part of the insurance covered the rebuilding of the whole property which comprised of four maisonettes. At the time I thought this was a bit excessive but being naive did not pursue the matter.

A friend has stated that I may have a case as I paid so much? Could anybody advise me if this true? I do not have all the details anymore so would like to know whether I would be wasting my time before I start trying to find them.

Thanks alot in advance.

dunstonh

A friend has stated that I may have a case as I paid so much?

Your friend is wrong. You cannot complain about price.