Bankruptcy and house/buildings insurance?/

jagbeth1

Hello
Hope someone can help. My OH and I where both made bankrupt in July 1993. We have been discharged bankrupts for 13 years. we are just shopping around for buildings and contents insurance on our house (we have had a mortgage for about 8 years) we have always used the bank insurance but this is costing us £550 a year and we can get this cheaper by shopping around.

However one of the questions they ask is if you are or have ever been bankrupt. What I want to know is if we have to tell them??

Hope someone can help with this

Thanks

Nikki

philnicandamy

unfortunatley yes you do have to tell them if they ask.....otherwise your policy "could" be voided

there however are a few places around that are bankrupt friendly....the co-op for starterd have done insurance for undischarged and discharged BR's

So_Sad_Angel

Hi

If you are asked then you must answer `yes` if you have been ever bankrupt. Its what they call in the insurance business a `material fact` however do question their policy....it may be that they can refer to the underwriting team & assess the `risk` accordingly.

Hope that helps,

Angiexx

property.advert

This is one of those instances where legislation is required akin to the Rehabilitation of Offenders Act 1974 where BR over so long ago (and potentially within boundaries as yet to be defined) can be classed as "spent" and need not be disclosed.

RichesToRags

Jagbeth I am an undischarged bankrupt and have insurance with the co-op, it's cheaper than I was paying before and they recently paid out on a claim.

Only thing I would suggest is phoning the individual insurance companies rather than going through comparison sites. I know of a few who went through the comparison sites and were told the co-op (and other insurers) wouldn't accept them, yet when you ring the actually company it's a different story.

I agree with P.A its ridiculous that BR hangs over your head indefinitely, its not a criminal offence so why it appears to be considered as WORSE than one in terms of having to disclose it for the rest of your life is beyond me. Unfortunately as legislation stands you do have to inform them if they ask, otherwise as Phil says your insurance could be nullified.