House/morgage insurance

Agutka

Please help as this is all very new to me (tried to change gas/elec provider last week and THAT confused me).
Basically I have just come across hubby's MPPI and buildings and contents insurance renewal documents.
Both are with Nationwide, who we have the interest-only morgage with (don't get me started, he must be the only person on this planet who still has endownments).
The MPPI quote at £29.45pm doesn't seem to cover anything much - it will, in case of unemployment or disablement, for 12 months pay out £500pm to the morgage and £0 to hubby direct. Needless to say this is not enough to cover the morgage, let alone the endownment payments, so is inadequate.
The buildings insurance is even more amusing - it was set up when hubby bought the house and due to house price increases covers about half what the house is worth £126000 instead of about £200000 (unless this is normal - after all the land is worth the money, not the bricks). £15.61pm premium.
On top of that £12.77pm goes to contents insurance.

In simple words, what need changing? Where do I start?
Help will be much appreciated.
Agutka

Astaroth

I cannot advise on PPI as this isnt something that I know too much on.

Buildings insurance should be the amount it would cost to knock down your house and build it again (including the cost of knocking it down) which will almost always be less than the purchase price of the property.

Some insurers (eg Privilege) now offer a blanket cover to prevent you running the risk of being uninsured (they offer £1,000,000 of cover on all policies) and many insurers offer a discount on buying buildings and contents together from them (Privilege are giving a 50% discount and Direct Line are giving free annual travel insurance for taking both with them)

Be aware that some mortgage providers will charge you for switching your buildings insurance from them but that many insurers will refund this fee up to £25 so speak to them before making the decision.