Is buildings insurance worth it???

Innys

Has anyone else wondered about this question?

Last year one of my gutters came down after heavy rain and my insurers Barclays refused to pay after their surveyor said it was due to me failing to maintain the soffits.

Now, when the renewal is due they are saying the premium is even more because of the claim - even though they didn't pay a penny. :mad:

Well, I was never going to renew with them anyway, but it did get me wondering if I am wasting my money buying buildings insurance which seems not to give me any benefit.

I may as well be unisured. After all, I'm not required to have buildings insurance by law.

What does everyone else think?

peterg1965

I think that it is definately worth it. Mortgage providers will absolutely insist on it.

tom188

If your house burned down without building insurance you would lose everything and have to pay the full cost of the repairs. If your house subsided, you would have to pay thousands to get it fixed.

You would be exceptionally stupid not to.

dunstonh

You need to maintain the property and all household policies will have an exclusion for poor maintenance. Guttering is a very good example of this.

ozskin

drive down one of the main roads in carlisle many people are living in their houses happily 2 yrs later but there are still many empty properties. ask them whether its worth it

lisyloo

After all, I'm not required to have buildings insurance by law.

If you have a mortgage then it will be a condition of the loan.

If your house burned down you wouldn't only lose it but you would probably have to pay for clearance of the site (health and safety would probably force you not to leave a dangerous structure there).
It could make you bankrupt.


It's very difficult for us to judge whether your refused claim was fair or not, but clearly insurers cannot take the blame if you didn't maintain the property.

MarkyMarkD

I can hardly imagine any circumstance where guttering would be covered by household buildings insurance.

It is very unusual for guttering to be damaged by storm, fire or theft. You are simply not insured for things wearing out or falling off your house due to general ageing or wear and tear.

As others have posted, buildings insurance is a mad thing to go without. The amount of premium involved is very small compared to the absolutely enormous risk to your financial wellbeing if the ultimate happened.

As well as lisyloo's point about losing your house, AND having to pay for clearance of the site, you would ALSO still have to pay your mortgage for a house which no longer existed.

greyteam1959

My little offering................
I personally have always taken the view that any insurance is for the 'big' disaster such as fire flood subsidence major motor accident etc.
Guttering falling down or a little dent in your car door is never worth claiming for cos you always get a better price for accepting a bigger excess.
I would never make a claim on any insurance unless it was for more than £1000.........buts that my view

darky

Innys wrote: »

Has anyone else wondered about this question?

Last year one of my gutters came down after heavy rain and my insurers Barclays refused to pay after their surveyor said it was due to me failing to maintain the soffits.

Now, when the renewal is due they are saying the premium is even more because of the claim - even though they didn't pay a penny. :mad:

Well, I was never going to renew with them anyway, but it did get me wondering if I am wasting my money buying buildings insurance which seems not to give me any benefit.

I may as well be unisured. After all, I'm not required to have buildings insurance by law.

What does everyone else think?

Its an insurance policy you have NOT a maintenance contract!

bobbyron

i HATE insurance because no matter how good a claim they always have a clause they try to use. 20 odd years ago my expensive suit case was badly damaged in the air port although i had a new for old policy they sent such a desirable cheque i returned it telling them to stick it as far up their **** as pos. a week later they sent another worth double! so never accept their first offer. i hav'nt had household goods insured since that day, i may have been lucky but the amount of money i have saved far outweighs any lossers. however property ins. is a must.

ben500

Innys wrote: »

Has anyone else wondered about this question?

Last year one of my gutters came down after heavy rain and my insurers Barclays refused to pay after their surveyor said it was due to me failing to maintain the soffits. It is an insurance policy to provide protection for unexpected and unavoidable events. The maintenance of your property is your responsibility not your insurers.

Now, when the renewal is due they are saying the premium is even more because of the claim - even though they didn't pay a penny. :mad: The premium is based on the risk that your particular property poses to the underwriter, having made a claim which has subsequently been identified as "lack of maintenance" you have identified to your insurers you are a higher risk than they had originally identified, therefore the higher premium or excess loading or both in severe cases, if you are not maintaining your property any future claim is liable to a "failure to mitigate" repudiation.

Well, I was never going to renew with them anyway, but it did get me wondering if I am wasting my money buying buildings insurance which seems not to give me any benefit. It will when you most need it. There is a distinction between need and want.

I may as well be unisured. After all, I'm not required to have buildings insurance by law. Already dealt with by enough to send the signal only a fool is uninsured.

What does everyone else think?

In answer to your thread question, how much worth do you put on [STRIKE]piece [/STRIKE]peace of mind over the possibility of homelessness and financial ruin in the event of total destruction of your property.

In answer to the question you are thinking, no I don't sell insurance.