Contents insurance

wannabehermit

Hi I took out a DRO back in 2009 and am wondering 1. why insurance companies seem to think that this makes me more likely to have a break in/drop the telly or whatever and 2. how long they want to know this for?

OK, so point 1 is a bit of a simplistic way of looking at things and I guess insurance companies are blinkered and tar all BRs with the same brush so deem them to be higher risk, but I am offended that my circumstances are never taken into account and having a DRO is NOT going to make me more likely than my neighbour to be broken into, it's not going to make me more or less likely to accidentally break or lose something so am offended that 1. the majority of insurers will not insure us and 2. those that will (1 on confused.com and 9 on gocompare, not checked the others yet) bump the premium up by at least £50 a year because we have ticked that little box.

Wrt to point 2, the question asked is "has anyone at the property ever been declared bankrupt?". So it's on my credit file for 6 years, do I only declare it to insurance for 6 years or do I have to do it for the next 60 years, despite it being !!!!!! all to do with them in that time?

Thanks

wookiemummy

Sorry I can't help but surely bankrupt isn't the same as a dro? I'm just in the process of applying for an iva and would never dream of answering yes to that question as I'm not going bankrupt... Am I ?

wannabehermit

I have no idea about an iva, don't you pay back x amount in the £ with an iva, therefore your debts not being written off entirely? Whereas a dro is a 'mini bankruptcy', the differences being its for a smaller level if debt and only cost me £95 as opposed to £500 with full br. A dro is classed as a bankruptcy on credit files etc, so yes I do need to declare it (for now) on insurance applications if I don't want to my DH to get done for insurance fraud.

wba31

wannabehermit wrote: »

Wrt to point 2, the question asked is "has anyone at the property ever been declared bankrupt?". So it's on my credit file for 6 years, do I only declare it to insurance for 6 years or do I have to do it for the next 60 years, despite it being !!!!!! all to do with them in that time?

Thanks

The answer is as simple as you are doing a DRO, not bankruptcy, they are extremely different, so when asked the question about bankruptcy in future on credit applications, you dont tick yes.
I wonder if they'll ever change the question to ask about insolvency rather than bankruptcy though...

wannabehermit

wba31 wrote: »

The answer is as simple as you are doing a DRO, not bankruptcy, they are extremely different, so when asked the question about bankruptcy in future on credit applications, you dont tick yes.
I wonder if they'll ever change the question to ask about insolvency rather than bankruptcy though...

But any credit search on me comes up with 'BANKRUPT' in massive letters across the screen (I've seen it done at my bank) and being under the same restrictions as BR surely I need to say yes? House insurance is so far the only thing I've found that asks about it.