Building and contents insurance query

neverlikedpeas

I am currently paying over £600 per year buildings and contents insurance on a terraced house worth around 100k and have been in the house with no claims for 9 years, paying a similar amount all this time.
It was pointed out to me today that I was paying too much and after going on confused.com quotes are coming in at the £150 - £200 range and also one at £210 from my current provider. (Halifax)
Does this seem right, that im paying £600 a year for something that I could easily get for well under a third the amount?
Also the current policy that I pay monthly is mid term, ends in Nov 2012...is there likely be much of a cancellation fee if i stopped paying it asap?

huckster

Make sure that you meet all the assumptions criteria and answer all the declaration correctly.

Is the premium high due to any flooding or subsidence issue ? Is it a very old listed property ? If it is a standard house, without any issues, then yes find out the cancellation cost with Halifax and arrange the Insurance elsewhere.

You might also wish to consider a complaint to Halifax, if the premiums they have been charging have been excessive for the risk they were covering, in comparison to what they were offering new customers. Ask them to compare the rates they were charging you, in comparison to new customers. I have known some Insurers to issue a backdated refund, without admitting they have done anything wrong. It is really up to customers to shop around and not be ripped off.

kingstreet

Make sure you are comparing the cover on a like for like basis.

Insurance sold through mortgage lender branches tends to have stuff stuck in it like annual travel insurance to get the premium and commission up.

If you need/use these add-ons, great. However, many people don't even know they have such cover.

As a matter of interest, do you pay the premiums via your mortgage payment? If you do, chances are you are paying interest on them too.

neverlikedpeas

In answer to the questions
1.No the house is not in an area of flooding, it isn't listed and there are no subsidence issues.I also don't have high amounts of valuables in the house
2.I pay the premium monthly in cash at my local branch at the same time I pay my mortgage in cash in one sum.

Since the post last night I have spoken to Hailfax who said i'd just need to give 30 days notice to end the policy.
I have found what seems to be the same cover with Churchill for £200, in fact it is slightly more comprehensive because it includes accidental buildings damage cover which Halifax didn't.
I took out the policy with Halifax when I took out the mortgage almost 10 years ago and just kept renewing not giving a thought about it.It's annoying to have overpaid so much but it looks like I am now going to be paying £16 per month instead of £51 per month for similar cover.

centaur_2

Always check comparison sites. Just received my home & contents renewal. It has of course gone up even though I haven't made a claim!!! However they want to charge an extra £25 renewal fee as well. Is this a new scam/rip off by my insurance company or is this now a general feature common to all? Needless to say I'm not renewing with them!