Home insurance

Swanlander

Two questions - I have a Lloyds TSB mortgage and home contents/buildings insurance - something I have had for years but I could get cheaper insurance - can I move or because of the mortgage am I linked in. Also do I have to wait until the renew date in 2011?

huckster

I think there was a ruling by the OFT about 15 or so years ago, which stopped mortgage companies making Buildings Insurance with their preferred supplier compulsory.

You can move the cover to whichever company you want. Provided the policy covers all normal Insured perils including subsidence, fire and is sufficient to cover the rebuilding cost.

Best to wait until renewal, as if you cancel the LTSB policy early, you will get hit with cancellation charges. Of course if the saving is substantial, this would dictate whether moving before renewal would be worthwhile. Find out cancellation costs with LTSB before you take up other cover.