Lloyds TSB Home Insurance query

judy2357

We have had our house and contents insured by Lloyds for many years, the policy was originally arranged through the local branch. It is a good policy and after a phone call each year I have previously managed to get small loyalty bonuses on it, thus reducing the price. However this year they state that they cannot reduce its price anymore - renewal states £311 per year ie £25.92 per month for average 3 bed semi-detached house. This includes buildings and contents both with accidental damage.

Anyway they suggested I get put through to their Lloyds insurance department to get a quote for a completely new policy through different underwriters. To cut a long story short they can do more or less the same policy for £246 per annum ie £20.57 a month and a £30 cashback. The policies are buildings through Fortis and contents through MMA Insurance.

This seems quite good to me as I think apart from not have "Legal Expenses" (for things like boundary disputes) included, it is the same policy as far as I can see.

Does anyone know of any reason why this isnt a good deal. TIA

lisyloo

You need to check that everything is the same

e.g.
accidental cover for building included?
accidental cover for contents included?
personal possessions included and limit?
legal cover included?
limit for valuables? single item limit? (do you have anything more valuable)?
bicycles?

If you've checked those kind of details and they are acceptable to you then I can't see any reason not to go ahead, but as you can see from my list there are quite a few options that you need compare.

Also check their definition of "valuables".
Most I've see are jewelery, art, furs, coins as you'd expect, but some companies also include plasma TVs and computers which might change the amount of cover needed significantly.

But if you've got it all covered and nothing significant is missing and all limits look good, then I cant' see a reason not to go ahead.

judy2357

Thank you, Lloyds have only given me a verbal quote up until now, as their advisor was only on his 3rd day I thought it best to give it some thought. All I can say is when he went through each item I answered each part of the policy to be the same or as similar as the previous policy (information taken from the renewal schedule). He told me it was the same except as I mentioned before the legal expenses and these when he gave examples such as boundary probs, I didnt think I would need.

Think may be I will ring and get them to send me the quote so I can see it in "black and white". Thanks for your advice.

dacouch

MMA are one of the worst Insurers going...