Mis sold buildings insurance.

SwanJack_2

My wife and I are currently renting, we took out a buildings and contents policy around four years ago with a high street bank. On looking at renewing the policy this year, shopping around etc we were told that we should not have been sold the buildings cover as we were not the home owners. I went into the bank last week and explained the situation and they seemed to have admitted that we shouldn't have been sold the policy. What should we do next? Can I claim back any of the money? Thanks in advance for any help/advice.

dacouch

Did you buy it in branch or on the internet or over the phone?

SwanJack_2

Cheers for reply, it was all done in branch.

ses6jwg

Was it sold as an advised quote or non advised quote?

If it was advised you have a better chance of re claiming any money.

Your best bet is to make a formal complaint as insurance is a regulated product and complaints are taken seriously.

Buzby

Mis-bought. might be another angle. Some landlords require their tenants to insure the entire property, but noting that the heritible interest is owned by someone else (who will be named).

I'm assuming this was a combined policy for Buildings and Contents? The cost differential is minimal, indeed the cost of contents cover may well have been reduced because you had a combined policy. The agent will not have had knowledge of whether it was required or suited your purposes, that would be your decision. Wiuth the cover now ended, I don't believe there is a strong case for any reimbursement, sorry.

ACG

Do people no longer take responsiblity for their own mistakes?
Im sorry but this is rediculous - ok the bank may have something to answer for - but come on!!

Why did you buy buildings insurance?

dacouch

One of the questions they will normally ask is whether you are a home owner or rent (They probably know this already from your account details).

The person who sold you the cover either did not know what they were doing or intentionally did this to gain commission / hit their target. Either way it's worrying someone like this is allowed to deal with the Public.

I would try making a call to the Insurers, be polite (Ask for the persons name you are speaking to at the start of the call and use their name throughout the call as it makes them more likely to sort the problem) hopefully they will deal with it over the phone. They should then refund the extra premiums you have paid for the entire period. You may find they try and fob you off as this can be quite difficult to do.

If need be ask for a supervisor.

If this does not work you need to send an "Official Complaint" it tells you where to send it in your policy booklet (Send it recorded delivery). Keep the complaint polite and concise. If you go down this route they have quite a long time to handle the complaint so the money may take longer to come back to you.

If you do make an official complaint they have to properly investigate the matter and log it, the FSA view random complaints to check their handling.

If you do go the first route, I would still make an official complaint though so the matter is on record as the person who sold you the cover has probably done this to other people around this period.

If the person who sold you the cover did this to you, I would also suggest you have a good read of the proposal form / statement of fact to check for errors. Also check your cover to ensure it covers what you actually want as they may have made other errors or intentionally cut cover or increased excesses.

I would also recommend you shop around at renewal, as any type of financial product bought from a bank is normally very expensive and / or poor cover