House Insurance Problem

icewolf

Hi there,

I am looking to get house insurance but the guy i share the house with is a discharged bankrupt and I've now found out that it seems pretty much all insurance companies either won't insure me or have hefted up the premiums.

So is this right, if you have been or have a bankrupt person in the house you lose the option of being insured by a lot of people, seemingly for life? It's kind of shocked me to be honest

Any recommended companies who won't ask this question or will cover me?

Also if I may ask, I have previously been in a discharged IVA, would this count against me for insurance? Most companies ask about dicharged bankrupt, not IVA.

Thanks,
Andy

icewolf

Thanks for the advice. I looked at the co-op and it was quite expensive, but I also looked at directline and that was really the best value found so far and they haven't asked either only issue is I need to pay all in one go.

I just don't understand why bankruptcy in the past is a problem for contents insurance?

skylight

Check the small print. Just because they dont ask doesn't mean they don't view it as a problem. You can usually search the T&Cs and policies online first anyway.

missyp123

Maybe the problem is when you have to pay monthly?
I have renewed with Sheilas wheels, 3rd year running and checked that that BR was okay.

Miche*

Being a bankrupt caused problems for me getting home contents insurance. In one instance it was because my credit rating was in tatters and having the bankruptcy on my file that companies didn't see (and quite rightly so) that I was goodfor credit. They would insure me but they wanted the years premium up front. Then there's the disclosing that you're BR. Some companies ask at the outset, some accept and some refuse but you must watch those who accept you without asking the question just as skylight said.

The owness is always on us to tell them all our significant circumstances, anything which may cause more of a 'risk' should be disclosed. A BR or ex BR has had a massive thing happen in their life.. a huge 'personal circumstance' this undoubtedly will change their risk and ultimately the price of the policy. (whether we like it or not)

Saying all that it is possible to get ins without disclosing BR, but be warned should you need to call on the policy they may not pay out. Who knows but nowing insurances are slippery in paying out at the best of times, is it worth the risk?

Doucam

Our premium for contents insurance more than doubled when we told the AA we had gone BR. I asked why and the poor girl I was talking to had no idea why!

I do not agree with it at all, we have never claimed on insurance and don't have any intention of doing so now just because we are BR!!

When it is up for renewal this year I will be going through Direct Line who we have our car insurance through, I just didn't have the energy to sort it out at BR time!

shazbo

Doucam wrote: »

Our premium for contents insurance more than doubled when we told the AA we had gone BR. I asked why and the poor girl I was talking to had no idea why!

I do not agree with it at all, we have never claimed on insurance and don't have any intention of doing so now just because we are BR!!

When it is up for renewal this year I will be going through Direct Line who we have our car insurance through, I just didn't have the energy to sort it out at BR time!

Wow Doucam, that really surprises me, we have just gone to the AA for our car insurance, hubby told them we are discharged BRs and was told BR was irrelevent. We were with direct line last year with no problems but they hiked the premium this year for no reason other than ''everyones insurance has gone up this year''

Angiepange

As Br's we had limited options renewing our household insurance this year too.

We went through the Gocompare website and then went with Coverdirect underwritten by AXA. The premiums were ok and we could pay monthly.

However we are now in a position where we need to make a claim, our excess is £150 which we have been trying to save up for ages. I know this is going to make it more costly for future premiums, but no choice in the matter really.

The only up side, as our mortgage rescue was successful we will be able to cancel buildings insurance once its all finalised, as we will be renting our home.Im not sure if we will get any kind of refund but at least its one less thing to pay out for!

xxmichellexx

hi there im with privelege insurance both car and house contents and they have said nothing will change either excelss or month premium just because i am bankrupt even though i did inform them. Hope this helps

imustbedreamin

sorry to butt in but what happens when you already have a policy (only a month old) and soon to be BR. will anything change or is it just a problem when it comes to renewal?

imustbedreamin

just bumping up my question:j