Home Insurance Discussion

cinnamon

Does anybody know of reputable insurers for listed buildings, please.

ShowmetheMoney

ahall41116 wrote: »

my mother in law has home insurance with fortis, through a broker.

she suffered a break in in May, where the usual camera, cash, mobile phone was taken.

she got a letter from them via the broker the other day, saying that before they will re-new her policy in jan 08, she has to have an alarm fitted.

is this standard policy these days? any thoughts would be appreciated.

ash

I work for insurance broker and can say that in my experience, once there has been a break-in, insurers generally require an improvement in security in order to continue the insurance. It is a very difficult one I'm afraid, because if they require an alarm, they will most likely place an endorsement on the policy to state that it must always be used - and if it isn't, theft cover could be excluded. Your mother-in-law would need to check this with her insurer.

pookey

ShowmetheMoney wrote: »

I work for insurance broker and hopefully this will help:
When it comes to subsidence, insurers have a "gentlemans agreement" that they will each continue to insure existing policyholders, whose properties have history of subsidence. They will not take on new properties with previous subsidence.
When you come to sell your property, the prospective purchaser will almost certainly need to take out a policy with your insurer - make sure they are aware of this as any mortgage provider will require subsidence cover to be in force.
If the subsidence occurred some time ago (i.e. 20 yrs) and an up to date survey states no recent subsidence, then you may be able to change insurer.
If someone finds themselves in position where there is no insurer (e.g. insurer gone bust or property bought at auction and therefore no details of previous insurer) then there are specialist insurers out there who may be able to help.
Advice for everyone - do not exclude subsidence cover in order to save money because if your property subsequently suffers subsidence, not only will you have to foot the bill (potentially hundreds of thousands) but you may find it extremely difficult to obtain subsidence insurance in future, therefore making home potentially impossible to sell.

Hope this helps

Edit - it can take some years to settle a subsidence claim because the subsidence has to be monitored to make sure it has stabilised before remedial work can be carried out. They can't fix it until they know that no more movement will occur.

hi
thanks a lot for the info. I was wondering if you know the names of specialist insurers and weather they work out to be more cheaper then my £350 quote? it was a bit cheaper last year -it was only £310 but im guessing things have gone up.
thnks for your help

ShowmetheMoney

frenzy wrote: »

hi
thanks a lot for the info. I was wondering if you know the names of specialist insurers and weather they work out to be more cheaper then my £350 quote? it was a bit cheaper last year -it was only £310 but im guessing things have gone up.
thnks for your help

The one I have come across most often is http://www.bureauinsure.co.uk/subsidence_insurance.htm

Personally, I would stay with Norwich Union if increase is only £40. Although it is higher than average, some of the increase is probably due to the index linking they have applied to your sums insured.

If you did try to go through a specialist insurer, you would have to submit all the documents/reports relating to the subsidence and repair work - an awful lot of hassle with no guarantee you will get cheaper quote.

Hope that helps...

pookey

ok thanks a lot for your help. i think i will stay with norwich union after all.

IZZY01

I have been with Norwich union direct since moving here in Aug. 2005. My monthly payments were £16. I had a claim last year for £500 (had to pay £100 excess) and at my renewal payments went up to nearly £23 monthly. I got a quote from Direct Line today (online) and payments are £14 monthly, so promptly took up their offer and cancelled Norwich union. Not a massive saving, but nearly a tenner a month in my pocket not theirs!!

redsandy101

I've just had a renewal quote in from Legal and General £153.67 for both house and contents. The buildings insurance is for £110090 (rebuilding not accidental) and contents £50000.

As the house is now worth £270,000 and I believe builders are now hard to get and charging a lot am I covered for enough?

Any advice appreciated.

ShowmetheMoney

Have a look at the website for Association of British Insurers. It provides advice on rebuild cost. Here
Some insurers offer blanket cover - e.g. up to £500,000 for buildings cover.
As mentioned by various posters, go through quidco if looking for alternative quotes as you may find it cheaper.

squink

Hi
am desperate! Need to renew/change home insurance by 1/10/07 (monday) as insurers (directline) have quoted me an obscene renewal of £883. However think it's because they've got me over a barrel, having 4 claims in the past 3 years (loss/accidental damage). Does anyone know of a decent insurer who would consider us, at a lower premium??

alimat

I have just renewed my elderly parents home insurance after discovering they have been with Lloyds TSB for over 30 years with no claims, ever! Their renewal price in June was £660 to cover a 2 bedroomed house with no accidental cover.
After a few searches I have mananged to get good cover from Sainsbury for £135 a whopping difference of a £525 saving with full accidental cover and higher cover. Lloyds didnt even ask why they were cancelling their policy when they phoned (no charge though for doing so at least)

My question is... can I make any complaint or claim about the ridiculous prices my parents have paid for the past 30 years! They were under the mistaken assumption that being loyal to someone gave you benefits and the best deal - how wrong they were. I feel that these companies are exploiting older people with no internet access and no understanding of an 'un-loyal' , 'shop-around-for-the-best quote' market.