Renewal problems?

gerturdeanna

Morning guys

Got my renewal quote through the post today - £375.95 :eek:

Its a two bed terraced!! Don't really wanna pay that much but I'm wondering if perhaps I am 'overinsured'?

I really don't know how to price up how much to insure for?

Anyone have any ideas?

Ta Gert xx

dunstonh

We don't know a thing about your house.

However, if you use a bedroom rated policy with automatic cover upto £x amount then that should suffice. If you are pretty much standard everything then these policies usually work out cheaper than specified sum insured versions.

Dangermac

gerturdeanna wrote: »

Morning guys

Got my renewal quote through the post today - £375.95 :eek:

Its a two bed terraced!! Don't really wanna pay that much but I'm wondering if perhaps I am 'overinsured'?

I really don't know how to price up how much to insure for?

Anyone have any ideas?

Ta Gert xx

- Contents - most policies are on a 'new for old' basis, therefore, the sum imsured should be on the basis of replacing the contents as new. Only accurate way of calculating is to go room-to-room and calculate the figure (including carpets, clothes etc).

Many policies for average houses are on a fixed sum insured (i.e £40,000 / £50,000 etc).


- Buildings - you should insure for the rebuilding cost including site clearance and professional fees.

The Royal Institute of Chartered Surveyors (RICS) publish a rebuilding cost guide, but you should treat this as very approximate. The figure will vary depending on whether you have 24 carat gold taps and solid oak floors throughout, or not.

Alternatively, have a look at the most recent survey on the house and add an amount each year for index-linking (normally between 5-10% per annum - again RICS publish figures on this)


If you feel that the premium is too high:

1. Shop around
2. Remember that cheapest isnt best (at least not when it comes to claiming)
3. If you like, negotiate with your current insurer

Hope this helps

DM