Need to change home buildings insurance - suggestions?

usignuolo

Our home buildings insurance is currently with Zurich. No particular reason, it was originally with the building society but they "unbundled" and sold it on to Zurich. We have a 4 bedroom semi detached Victorian house in a low crime area. Policy is for buildings including Accidental damage. Last year, it was 818pds with 150pds excess (they keeping sneaking up the excess).

Last year for first time in 30 years we made a claim for water damage when the rainwater pipe got blocked and caused water damage in our bathroom during a thunderstorm while we were away. I didn't like the claims assessor who told me we did not have accidental damage cover, when I said we did he said it was not shown on his record and he would have to phone the head office. He then claimed we were not covered but they would do us a favour by allowing the claim and it would go through quickly because we had agreed to an unchallenged cash settlement in advance. (We had not).

After he left I phoned them myself and they confirmed I was covered for AD and there was no agreement to cash settlement but it was not a large amount so I decided to put it down as a lesson learned. Settlement arrived a few weeks later as a check for a few hundred pounds.

Now renewal has arrived and it is 950pds, 150pds increase with 200pds excess. I knew it would go up after making a claim but not by that much. Decided I want to change insurers.

House is 4 bed Victorian semi in low crime area in home counties. Price has gone up like most a lot since we bought it 30 years ago, now worth around 600,000 pds. Does 950pds sound reasonable for buildings inc accidental damage? Seems high to me.

I have contents with LV and thinking of changing to them. Anyone got better suggestions?

mikey72

You should shop around every year, try gocompare, comparethe market etc. Any renewal price is vastly overinflated.

rs65

usignuolo wrote: »

Price has gone up like most a lot since we bought it 30 years ago, now worth around 600,000 pds. Does 950pds sound reasonable for buildings inc accidental damage? Seems high to me.

Remember it is the rebuild cost that you need to insure for.

usignuolo

Rebuild estimate is a difficult one as you cannot really rebuild an original Victorian period house just as it was. BICS rebuild estimate is around 350,000 pds (checked it out on their website).

I have looked on Go compare and Privilege, Debenhams and Co op look to be good value. There is no Zurich estimate on there but it is double the highest one.

mikey72

What does Zurich have down as your rebuild cost?

*Scarlett

Whether or not you have accidental damage on your buildings policy seems irrelevant to this incident. It would normally be covered under water damage (unless due to wear and tear).

Get a few quotes online through the comparison sites and with insurers directly.

As you are aware, you need to check the excess fees. Bear in mind that many companies now have a higher excess for escape of water claims - can be £250 - £300.

Compare any competitive quotes here

http://star-ratings.defaqto.com/home-insurance?ProductTypeView=StarRatingsCenter_HomeInsurance_Contents_ProductDetails

You could also have a look at this which also reviews customer satisfaction.

http://www.which.co.uk/money/insurance/reviews-ns/home-insurance/which-recommended-providers/

Many companies offer a blanket cover - £500k to £1m so you don't need the exact rebuild cost if you think this will be enough.

usignuolo

I have looked at the policy and it says Buildings including Accidental Damage with 100pds excess (1000pds excess for subsidence, 350pds excess for leakage of water) No Limit

There is a separate note included which says Standard Policy Excess - you are now responsible for the first 100pds of each claim you make under the Buildings sections of this policy. THIS IS IN ADDITION TO any voluntary or compulsary excess for which you may also be responsible under your policy.

I assume this means the excess is actually 200pds.

Last year there was no water leakage excess, this has presumably been added because of my claim last year. In addition annual premium has increased by 140pds (around 17%)

Just to add that I entered details for a quote into the John Lewis website, including that I have lived here for over 25 years and made one claim, last year of 500pds for storm damage, and got back message that they were unable to offer me a quote!