House insurance - where...to...start?

jennifernil

I would try the comparison sites.....MoneySupermarket, GoCompare, Compare the Market etc......as a start.

Is it both buildings and contents?

Some companies offer a "number of bedrooms" policy, others go on actual rebuilding costs.

For rebuilding cost, go to the Royal Institute of Chartered Surveyors website (or similar) and put in the measurements and other details requested, that will give you a good idea.

For contents, unless she has some expensive stuff, it is usually fine to go with what the insurer offers, but it is possible to increase or reduce it. Try going round the house and estimating the REPLACEMENT cost of everything. Remember "contents" are anything that would fall out if the house was turned upside down! This would include carpets and curtains, but not laminate flooring or kitchen units for example.

Don't forget what is IN the cupboards too.....dishes, clothes etc.

Most policies offer "new for old", so you need to insure for replacement cost.

Then you might want to add accidental damage to both buildings and contents, the websites will explain what this covers.

Next is "high risk items" or "valuables", again you can read up on whether this is cover she needs.

There is also the possibility for "all risks" on some things, generally this covers items you take out of the home regularly....cameras, watches, laptops, other personal possessions, again, you need to read up on this to see if it is required.

Lastly, you can add Legal Protection, again, this is explained on the websites.

There are also companies that don't quote via the comparison sites, but you can go direct to them for a quote. If you put "home insurance" into Google, you should get a few coming up.

Personally, I always go with a company I have actually heard of, some of the cheapest ones do not have good reviews, it pays to investigate how good they are at handling claims.

If you want to do it locally/in person, look up "insurance brokers" in your yellow pages and contact a few for quotes, but do your homework on rebuilding costs and contents cover required first.

Note that rebuilding cost is usually NOT the same as the value of the house were you selling it.

jennifernil

K_P83 wrote: »

Though what i found interesting was i think our house is worth around 180k, but i'm totally guessing. Apparently, they reckon it'll cost 340k to rebuild.
I'm no expert, but from watching homes under the hammer, i'd say that's way way too much. As i just said though - i'm no expert.

Something far wrong there, unless it is an old stone house or similar?

Nine_Lives

jennifernil wrote: »

Something far wrong there, unless it is an old stone house or similar?

It is.

The house was built around 1800 when the canal system was built as it's a canal house. Made out of old stone, varying sizes etc.

I did notice that accidental cover, but my guess on what it was wasn't what it turned out to be.

I've tried to talk my mum into going to see a broker, but she's put off by not knowing anything. I wasn't being harsh when i told her it's time she started learning - it's a necessity. My dad used to do everything but we no longer have that. I hope she goes & has a meeting rather than just accepting a renewal just because it's the easier option.

jennifernil

Ah, yes, the old houses are very expensive to rebuild. A good broker may well be able to point her in the right direction.

Or somewhere like this....

http://www.homeprotect.co.uk/specialist-insurance/old-properties/landing.aspx?bid=1068&agentid=455&gclid=CNb-zduK0a4CFSxItAodtlTgWg

If the renewal is reasonable, then it might be best to let it go through this year, especially if time is short, and next year start looking around well ahead.

Nine_Lives

The renewal was just shy of £400 (i think). AA sent through a price for £800. My mum was looking at the monthly payments, but i don't like this, as i think it stated the final total would be £100 more than if paying up front. If i'm paying then i want it as cheap as possible.
As for the date, she just told me it's "the end of the month", so i assume the 31st.

Regarding a rebuild - i know this is very unlikely, but at the same time possible ... going off what you just said, i'm assuming the house would have to get built to the same spec? As in the same materials used? For example, lets say our house dropped yesterday & we were looking at a rebuild - we couldn't have brick?
Plus as it's a 2 bedroom, it'd have to be rebuilt as a 2 bedroom - there'd be no way of adding a 3rd (even though there's space for one).