buildings/contents insurance...

james3333

hi guys,
i bought my first house 3 years ago and took out buildings and contents insurance with halifax ( got mortgage, buildings/contents insurance all together for a reduced rate price)
i currently pay £15 per month for both contents and buildings
however, my mortgage deal is coming to an end, will this mean the buildings/contents insurance will come to an end too .....and go up?
if so, what can i expect to be paying ( house : 2 bed semi built in 2002, had no claims in the 3 years)

mattymoo

Sorry you'll have to do the work yourself. Impossible for anyone else to say because circumstances are different.
Factors that affect price include location, construction, security, occupation and occupancy of the property (do you go out to work everyday or is there someone at home a lot of the time).

Try the quote engines at confused.com and money supermarket to see what they come up with.

james3333

no probs.
i just wonderd if anyone had done a similar thing and seen a MASSIVE rise in renewal
theoretically, the fact i got a reduced rate initially should be cancelled out by the fact i have not claimed (or is that wishful thinking?)

mattymoo

Household insurance does not have a No Claims Discount system like motor insurance so no benefit that way.
However, most online quote engines will only quote if you are claims free so you should have the pick of the products out there. When you have a history of claims the online engines will normally say "sorry - cannot quote online, call us for a quote instead".

regularsaver1

No it won't come to an end - but if you pay your home insurance via mortgage you just need to call the insurance debt and give them your bank details to set up direct debit

You say you have a reduced rate - this is not because you have a mortgage
it does not change whether you have the mortgage there or not - just at renwal as normal

mattymoo mentions home insurance not having a no claims system. a lot of insurers give a discount if not claimed in a certain period ie. 5 years

james3333

my insurance comes out from the same DD as my mortgage, infact it is not even itemised as a separate costing, i have never had a renewal figure, its been the same for 3 years, is this correct ?
how would i go about changing this policy to someone else then?

regularsaver1

get a new quote and change - make sure you compare cover

or if you want to stay call to change to sole dd for just the insurance - this can be done

jennifernil

We were with Halifax for our mortgage for 2 years and took out buildings/contents with them, but not at the same time. Ours is paid on its own DD. We recently moved the mortgage to Nationwide but are keeping the insurance with Halifax as they were cheaper for us.
The premium not increasing in 3 years does not sound correct, they usually go up every year. Are you sure the premium is not being added to your loan?
Look out your policy number and ring them up to check the situation, some lenders cancel the insurance if the mortgage is moved elsewhere.

regularsaver1

I have seen it unfortunately - where the insurance has increased, but the mortgage direct debit has not - so the insurance is being paid by debiting the mortgage.

Check your mortgage direct debit with lender- or call the home insurance debt to find out correct premium

StevieJ

I renewed with Tesco this year £152 (with a 1st year discount), this is £12 cheaper than in the year I bought my house in 1988, those tied insurances were certainly good value in the old days.