Would welcome basic advice on home insurance

Sally_A

There are several points you should consider, and know what you are paying for.

Accidental damage on buildings - up in the loft, slip on a rafter and bring the ceiling down.

Accidental damage contents - paint spilt accidentally, collapse of a shelf with ornaments/crockery. Also check there isn't a maximum limit on electrical goods, or works of art,precious metals etc.

Personal items extension for out of the house - read the specified and unspecified all risks section - there may be an upper limit per item.

Bikes/sports equipment - might need extra cover for them to be insured away from the home.

Freezer contents - some include a % of your contents sum insured for free, others you have to specify an amount, and the age of the freezer could be relevant.

Loads more, eg legal expenses, foreign travel that can be add ons.

bouncydog1

I would urge you to ensure that you carefully go through all of your contents and make sure that if you escaped the house in your night clothes because it caught fire and were left with nothing, your insurance cover would be adequate to put you back into the same position as you were immediately before.

I am not intending to be alarmist, but a friend of my mums had that happen to her. It was only months later when she was still trying to add things up that she remembered things - her sewing basket with reels of cotton, needles, tape, buttons, etc. over £100!!!

For your buildings you need to ensure that you insure for the full rebuilding cost of your property - I think that you should be able to get an indication from the Royal Institute of Chartered Surveyors site, although I am sure I will be corrected if wrong! If your building is of a high standard, then it will cost a bit more per square foot than something basic.

You really must make sure that you do not insure for less than the reinstatement value otherwise insurers apply a reduction to any claim.

You could always enlist the help of a local broker - talk to your friends and see what they do.

We were very surprised when we went through our property and added everything up - all of the equipment/books/files/paper etc. etc in the study - well over £6k if we had to replace (and that's just the start)!!

Also as you have children, remember to include every item that they have - CD's, books, games under the bed, cosmetics, sports equipment, tents in the loft, dolls etc. etc. - everything that is in the house even if you can't see it - if it went you need to have the funds to replace it.

MrsCautious

Hi, thank you everyone for your help and advice. While I am interested in saving money, I don't want to cut corners or cause any stress at all. I will read and re-read these replies which will very much help me make a more considered decision. I feel I should add that my gorgeous husband was a very careful man and I have a new-found determination to do things right - more like he did - hence me being here. x

*Scarlett

Mrs Cautious - insurance can be daunting if it's not something you have ever dealt with before.

I'm certain that you can find something that will meet your needs for less than £500 especially if the comparison sites are indicating this.

When you get a result from the comparison sites make sure to check the excess fee (compulsorary & volutary). Cheap price results are often at the top of the list but may have an excess that you would not be comfortable with.

Many insurers offer a blanket cover on buildings - £500k to £1m so this should not be an issue hopefully.

On the contents many offer £50k as standard and for most people this would be enough. Some offer as standard £75k (LV, MoreThan I think).

Ther are tools to calculate your contents cover eg http://www.legalandgeneral.com/home-insurance/contents-calculator/contents-calculator.html

Bear in mind that fitted kitchens, bathrooms and fitted bedroom furniture will come under the buildings cover.

The other thing to think about would be single article limit - ie items over a certain amount have to be declared. Sometimes it's £1k, £1.5k, £2k, etc.

The defaqto site is great for getting the star ratings for cover (and you can also compare policy features) but you might also like to have a look here as it also considers customer satisfaction.

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

MrsCautious

Thanks for your thoughtful reply - have already checked out the calculator, now feel much better informed, thanks a million.

NXV839

It can be so complicated to sort out insuranceand find one that is appropriate. Looking on a million websites and callinground companies just makes it so stressful. There’s a company called Your BillButler which does all the leg work for you. Someone from the business will callyou at a time that’s appropriate and get familiar with your situation, thenthey will search on your behalf to find the best options. It's completely freeservice and you it may be worth looking into so that you don'thave to do it all yourself?