Advice on insurance cost please

moozie_2

Hi lovely DFWs

Just arranging the insurance for contents and building for our new home and I have got threee quotes now. The cheapest one is from Lloyds TSB for £318.20 annually/£26.52 monthly.

This includes accidental damage, possessions of £50,000, items/cards stolen from or away from home or up to £3,000, freezer contents of £250 and legal cover.

Having never had a buildings policy before, I would really appreciate any positive/negative thoughts. Should I go for it or keep looking?

Many thanks

Moozie

PS Through Quidco, so £120 cashback too.

Uniscots97

Hi, you said this include buildings insurance too? What does it say regarding damage to your property and in the event the property would need rebuilt? What do they allow for rebuild value? Is it the value of the property or the true rebuild value? Also whats your excess on both buildings and contents? I found mine (Hamilton Insurance) through moneyextra.com it let me compare all the different insurance companies free of charge.

moozie_2

Thank you for the reply

unixgirluk wrote:

Hi, you said this include buildings insurance too? Yes it does.

What does it say regarding damage to your property Accidental damage is covered, excess of £100 on both buidlings and content

and in the event the property would need rebuilt? What do they allow for rebuild value? They would cover up to £400,000

Is it the value of the property or the true rebuild value? The value of the property is £200,000 - I don't know what the rebuild value is

Also whats your excess on both buildings and contents? £100 I found mine (Hamilton Insurance) through moneyextra.com it let me compare all the different insurance companies free of charge.

Does this give you a better idea? Thank you for asking all these useful questions!

Uniscots97

No problem moozie! Thanks for the detailed answer! Your survey should have included a rebuild value as well as a sale value. Do you have access to this? Other than that speak to your bank/building society and ask what they recommend as a value for rebuild. Mine the rebuild value is £90,000 and yet the market value is close to what yours is. My mortgage lender was pretty good and sent out documentation to say they only wanted a realistic rebuild value and backed up what my survey said. So I asked the insurance company to reduce my rebuild value cover (which you can do) and it saved me about 20%. Sometimes the rebuild value is higher if you're in a flat or tennement. If you're still unsure talk the CAB they'll keep you right on the difference. Not sure on the size of your property but from my own experience the price seems ok.


Oh another point to watch on your contents. Make sure items that cost over £1000/£1500 (usually the two cut offs used) are covered automatically. Some policies you have to pay extra for these and other policies require that you list items like this with your insurance company.

gettingitsorted

moozie have you tried moneysupermarket to search for quotes?

Uniscots97

I probably also should have said that the rebuild cost is what the insurance company reckon it would cost in the event that your home needed to be rebuilt (demolished, cleared, rebuilt, wired, plumbed, decorated etc etc including plans permission and also permits)

moozie_2

unixgirluk wrote:

No problem moozie! Thanks for the detailed answer! Your survey should have included a rebuild value as well as a sale value. Do you have access to this? Other than that speak to your bank/building society and ask what they recommend as a value for rebuild. I found the valuation report (hence tha lack of reply for a bit!) and they have £199,000 as the rebuild value.

Mine the rebuild value is £90,000 and yet the market value is close to what yours is. My mortgage lender was pretty good and sent out documentation to say they only wanted a realistic rebuild value and backed up what my survey said. So I asked the insurance company to reduce my rebuild value cover (which you can do) and it saved me about 20%. Sometimes the rebuild value is higher if you're in a flat or tennement. If you're still unsure talk the CAB they'll keep you right on the difference. Not sure on the size of your property but from my own experience the price seems ok. The property is a 3-bed semi. I will look inot the rebuild value and reduction in cover when the paperwork comes through. Good point!

Oh another point to watch on your contents. Make sure items that cost over £1000/£1500 (usually the two cut offs used) are covered automatically. Some policies you have to pay extra for these and other policies require that you list items like this with your insurance company. This policy covers items up to £3,000 automatically. We only have one item that is worth £2,000 and they have confirmed it would be covered as per norm. Same as any jewellery/cameras/mobiles etc.

Thanks again It doesn't look so bad now!

moozie_2

gettingitsorted wrote:

moozie have you tried moneysupermarket to search for quotes?

Yes and the two lowest for me on there, Barclays and CSMA become very expensive once I add things like personal items, freezer and accidental cover

I have got quotes from Barclays, Countrywide, AXA and Lloyds TSB (OH went into branch for that one) and this seems to be the most comprehensive cover for the least amount of money.

Hope I am not missing anything major! Thanks everyone!

nearlyrich

Hi Moozie you may get more advice on the insurance board so I will move this thread over there;)

moozie_2

nearlyrich wrote:

Hi Moozie you may get more advice on the insurance board so I will move this thread over there;)

Thanks nearlyrich - I should know better, shouldn't I? Hard to move away from 'home' sometimes

Uniscots97

Hope you get it sorted Moozie