Combined Isurance -a con?

kurgon

I am sorry if this is something that is already well known but I thought I would share my recent experience. I was in the process of renewing my home insurance for both contents and building. I used evry comparison site, money back site and direct site and managed to save $45 off my renewal quote (which was the same as last year following a telephone call and an agreed 10% discount). However, when I looke separately at contents, then buildings and took these with different suppliers, I saved £105. Hadn't thought that this would be the case, especially with the proliferation of 'free' contents insurance if you but buildings. I hope that this can help someone.

dogbot

I don't agree that it is a con no. I think for many people it will work out cheaper or about the same. More to the point, most major claims you could end up suffering will affect both contents and buildings. Having it all in once place is a lot easier than dealing with 2 insurers, 2 loss adjusters etc etc. It also opens up the potential (albeit not collossal) for disputes between them about claims payments on something like alternative accomodation.

Are you sure that you are looking at policies that compare on a like for like basis in terms of the scale and bredth of cover? £105 seems like a huge sum to save without you having to give up something in terms of cover. Is the sum insured accurate, no missed decimal place or something?

With the complexities of modern rating structures anything is possible though, and you may well have struck it lucky! It certainly is an example of how shopping around well can save you a lot of cash. Well done!

lisyloo

£105 seems like a huge sum to save without you having to give up something in terms of cover.

I think it depends on how competitive your policy was before.
If you have just taken what your lender offers and haven't shopped around before then you can save large amounts.
If you always shop around, then I agree that these kind of savings are not usually possible (although I did get £120 cashback last year).

mattymoo

I would agree with Dogbot. There have been cases on here where people have had buildings and contents with different firms. When they have claimed, each insurer has said that is not covered by us, speak to the other insurer. Sometimes things can quite literrally slip through the cracks of the policy wording.

You will also have to pay two excesses if a claim consists of contents and buildings elements.

SolicitorMidlands

We have ours with NU. It's quite cheap although I think it could be cheaper for both!

kurgon

All comparisons were made with the same detials covered. If you check your joint policies on most insurers you still have to pay excess on both sums and they also clearly delineate what is covered by who. Most are agebts and they sub-contract the buildings/contenst to different suppliers anyway. It just takes advantage of the fact that most will not bother to look at the market for single quotes. Try it for yourself and see if you can save - then take into account the risks mentioned....can't hurt to try.

System

ive just arranged both via LTSB total price is £177 but i get £75 back from quidco , its already validated .