Home Building & Contents Insurance Premium Help!

bazzie

Hi All,

Looking to renew my home building & contents insurance & despite going through the usual comparison websites as suggested on this site & trying a few insurers directly online, I am either getting some seriously outrageously high quotes and/or many refusing to offer cover & I am at a loss why this is so?

Live in a average area in NW London, 5 bed semi with 2 bathrooms - nothing special tbh. We have made 3 claims in the past 5 years (£245 for freezer contents in 2008, £1147 for water damage in 2010 & £245 for storm damage in 2011) which are hardly large amounts - it's not like we got burgled or the house burn't down or collapsed!

I was wondering if anyone can possibly offer any help/advice on how to lower the premiums or get the best deals - I am beginning to think these comparison sites are just a fancy marketing tool for companies to collect/collate data & then still clobber you!

I would prefer to insure with a reputable, well known company as there are some coming up that even I have never heard of! On the rebuild side, I go with the highest amount the guide states just to be sure but do not know if that is a good thing!

As for the rebuilding costs - the online quoting system comes up with min & max figures of between £189K to £390K which is a big difference & out of naivety & being unsure, I picked the max figure just to be safe - do not now if that is the right thing to do!

All you insurance experts out there, I could really do with some help, advice & tips!

Many Thanks!
Bazzie!

hugoshavez

bazzie wrote: »

Hi All,

Looking to renew my home building & contents insurance & despite going through the usual comparison websites as suggested on this site & trying a few insurers directly online, I am either getting some seriously outrageously high quotes and/or many refusing to offer cover & I am at a loss why this is so?

Live in a average area in NW London, 5 bed semi with 2 bathrooms - nothing special tbh. We have made 3 claims in the past 5 years (£245 for freezer contents in 2008, £1147 for water damage in 2010 & £245 for storm damage in 2011) which are hardly large amounts - it's not like we got burgled or the house burn't down or collapsed!

I was wondering if anyone can possibly offer any help/advice on how to lower the premiums or get the best deals - I am beginning to think these comparison sites are just a fancy marketing tool for companies to collect/collate data & then still clobber you!

I would prefer to insure with a reputable, well known company as there are some coming up that even I have never heard of! On the rebuild side, I go with the highest amount the guide states just to be sure but do not know if that is a good thing!

As for the rebuilding costs - the online quoting system comes up with min & max figures of between £189K to £390K which is a big difference & out of naivety & being unsure, I picked the max figure just to be safe - do not now if that is the right thing to do!

All you insurance experts out there, I could really do with some help, advice & tips!

Many Thanks!
Bazzie!

No-one here can tell you the rebuild cost of a house we've never seen, but for a 5 bed in the SE it's likely to be a lot more than £189k. Did you get a survey done when you bought the house? They should have estimated rebuild cost at the time, which can be adjusted for inflation (google RIICS for housebuilding inflation rates).

From the info you've given, the three claims seem likely to be the trouble you're having. You'd really be better, going forward to select a high voluntary excess (say £500) and maintaining an emergency fund to pay for smaller losses.

bazzie

hugoshavez wrote: »

No-one here can tell you the rebuild cost of a house we've never seen, but for a 5 bed in the SE it's likely to be a lot more than £189k. Did you get a survey done when you bought the house? They should have estimated rebuild cost at the time, which can be adjusted for inflation (google RIICS for housebuilding inflation rates).

From the info you've given, the three claims seem likely to be the trouble you're having. You'd really be better, going forward to select a high voluntary excess (say £500) and maintaining an emergency fund to pay for smaller losses.

Hi,

Thanks for the help - I just did the BCIS calculator by myself & from what info one can input, it came up with a rebuild cost of £248,000.

The thing is many online companies have stated BCIS rebuild values as between £189K-£390K? How comes the difference if they are both from the BCIS?

As for the survey, we have lived in the house for over 40 years when I was just a lad so have no idea as I am only just dealing with this!

It does seem like the small claims are the ones that are hurting me - this is actually being done on behalf & in the name of my mother who is 89 & I thought with her age & the small amount of the claims it would not affect things that much but seems I was wrong!

Bazzie!

phill99

Reality is that you are now a high risk. 3 claims in 5 years is a high risk for the insurers. You would be better off ignoring the online insurers and go to a broker. They are much better in situations like this.

bazzie

phill99 wrote: »

Reality is that you are now a high risk. 3 claims in 5 years is a high risk for the insurers. You would be better off ignoring the online insurers and go to a broker. They are much better in situations like this.

Hi,

Damn, this really hurts - almost feel held hostage to these companies - will see if I can find a local broker tomorrow - anything else I can try or should look at?

Bazzie.

bazzie

Sorry,

Incorrect post!