buildings insurance does not cover

anniesusan123

Not sure if anyone can help
we are planning to move house but new mortgage advisor asked if we were aware that our buildings insurance does not cover us!! Originally advised by person who sorted our first mortgage
Our house is concrete construction where our buildings insurance is for brick built
luckily we havent had to claim but surely this shouldve been checked and yes of course we shouldve checked but as we were advised by mortgage company who are the only ones that mortgage on this type of house surely they wouldve checked
Just wondering if theres anything we should do about it before we move ( we are changing cover for new house)
thanks

hcb42

Yes, get a policy that covers you..

anniesusan123

haha i know that one
but im talking about the money we have been paying for the wrong policy which doesnt cover us

adamc260

anniesusan123 wrote: »

haha i know that one
but im talking about the money we have been paying for the wrong policy which doesnt cover us

To be honest it's your Insurance so it's your responsibility to make sure it is correct =/

olly300

anniesusan123 wrote: »

haha i know that one
but im talking about the money we have been paying for the wrong policy which doesnt cover us

When you take a policy with a broker you need to give them all the material facts so they choose the correct policy for you.

When you take out a policy yourself for example buying it online the onus is on you to ensure the policy you take out is suitable and correct for your needs.

So the money you spent has been wasted. I suggest you :
1. Find out the cost to get your policy amended to a covering a concrete house if the insurer will cover you, and
2. Find out the cost of taking out the correct policy.

Then choose which is cheapest and cancel your old policy.

And yes you will have to pay a cancellation fee as it's not the insurers fault you decided not to read your paperwork.

ACG

I disagree with the posts above.

Firstly, the insurance wouldnt have paid out so they will probably have to refund your premiums anyway.

If they dont, your advisor should have asked if your house was of standard construction or not and what your house is made out of...If he/she didnt then you might be able to make a complaint here.

dunstonh

f they dont, your advisor should have asked if your house was of standard construction or not and what your house is made out of...If he/she didnt then you might be able to make a complaint here.

If the broker asks the question (and its on every single house insurance application) and the OP said it was standard construction then it is not a mis-sale. If the broker didnt ask the question then it is.

It is likely a refund of premiums would occur if the house is not covered.