Bankrupt friendly home insurers

4$£&*(£$&*(!

For anyone not following my other thread on insurance, insurers often charge a premium for bankrupts even following a discharge. They often include a question asking if you, or anyone living at your house, has ever been bankrupt. Failure to declare this information could invalidate the policy.

If you have recently had an experience with an insurer, broker or comparison website, please post the details here. If this thread proves popular I would like it to be considered as a sticky, this issue is often forgotten about yet it can cause headaches and larger bills for years to come. Also don't forget my thread on how I am lobbying the industry https://forums.moneysavingexpert.com/discussion/1854585

Additionally I am not putting the prices on my quotes as these will vary massively for people - some insurers will be better than others depending on your circumstances. Follow Martin's guide for reducing insurance costs.

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Endsleigh Insurance - accepts bankrupts/discharged bankrupts with no increased premiums on the condition the bankruptcy was not within the last 12 months. They will still quote if there is a bankruptcy in the last 12 months but the premium may be affected. Current deal - £20.20 cashback via Topcashback.

EDIT - UPDATE the policy documents have arrived and it states I have declared no-one in the house has been bankrupt in the last six years. This is inaccurate and I have sent them an email to state I clearly declared this during my quote even though they did not ask me to declare this. I will update further once they reply to my email.

EDIT - SECOND UPDATE All is fine, Endsleigh made a mistake on the policy wording and they are indeed still bankruptcy friendly.

They ask:

Have you in the last 12 months been declared bankrupt or entered into an Individual Voluntary Arrangement (IVA)?

Have you in the last 12 months had 2 or more unsatisfied County Court Judgments (CCJs), or any other judgment in relation to debt, against you?

Have you in the last 2 years had more than 3 unsatisfied County Court Judgments or any other judgment(s) in relation to debt against you?


(I have also discovered any policy underwritten by Brit Insurance may not be competitive as they are not bankruptcy friendly).

alastairq

hi...and thank you, for this thread.

Perhaps it is about time we had some stickies with recommendations for bankruptcy-friendly [or...BR-tolerant, which I believe to be more accurate a description?] financial services?

Such as CitySlicker has just started for home insurance?

What about motor insurance? [As an example?]

or other products subject to discrimination against BR's?



My home insurance is with Co-op...I have no idea if it is the cheapest, but it is convenient for me.

IF

Just bumping for posters to add any Insurers that have excepted them.

4$£&*(£$&*(!

Three more names to add to the list that keep popping up - Yorkshire and Clydesdale Banks (both part of the same group), and Co-Operative Insurance. Although I have had no direct dealings with either of these I understand neither require declaration of bankruptcy and it does not form part of their risk profiling.

dojoman

Another vote for the Coop insurance, had to ring them to get round the BR issue online, but it was done in seconds. Premium is just £1.44 more per month than I was paying last year.

misstraddy

I am with MoreThan, rang them and told them about the bankruptcy but was told as long as I kept the monthly payments up to date, then there was nothing to worry about.

Doucam

I got our home insurance through Yorkshire Bank this year and they weren't bothered about the BR at all and I am paying a competitive amount too.

Car insurance with Co-op and same thing, good price and not bothered and let me pay monthly!

heleneb

Hi there,

I'm currently looking to renew my home contents insurance. I have been comparing quotes online. Most sites/companies don't ask if anyone has ever been bankrupt. Do I have to tell them I am bankrupt even if they don't ask? If so, how? (when I am getting the quotes and applying online).

Thanks,

Helen

philnicandamy

If they dont ask you have no obligation to tell them BUT double check the companies T&C's as they'll often say "oh bankruptcy isnt an issue" but upon receiving paperwork for the cover etc bankruptcy is mentioned

wildheart83

The threads on home insurance have got me very worried indeed. When I was considering bankruptcy last year, the first question I asked CAB was will it affect my parents, with whom I live.

I was told that it would not affect them at all, unless I had a financial link to them, which I don't.

Only now, 10 months into bankruptcy have I found out that it will affect them, potentially very seriously, if they were to make a claim on their insurance.

I am thinking now that my only option is to move out of their home asap, so that I don't have to tell them that their insurance may not be valid, and more importantly, why.

4$£&*(£$&*(!

heleneb wrote: »

Hi there,

I'm currently looking to renew my home contents insurance. I have been comparing quotes online. Most sites/companies don't ask if anyone has ever been bankrupt. Do I have to tell them I am bankrupt even if they don't ask? If so, how? (when I am getting the quotes and applying online).

Thanks,

Helen

Check the sites carefully. It is often buried in their terms and conditions or in the assumptions they ask if you agree to. There is no comparison website for instance that I know of which does not ask this question.

If you agree to their assumptions, or just tick a box to say you agree with their terms and conditions, double check. For example Endsleigh (UPDATE) have said all is fine yet my paperwork has turned up and it states I have declared no-one at the address has been declared bankrupt in the last six years. I am waiting an email confirmation on this right now and will post an update as soon as I get it, since I did declare the bankruptcy even though they didn't ask.

All may appear fine at quote stage with some companies then it is a different matter when the policy documents turn up.