I want to compare what's covered as standard by policies, not just compare prices!

expeditionist

Hi guys

My home contents insurance is due for renewal (again!)

I've been following the cheap home insurance guide on this site, but what I really want is to find the most appropriate insurance for me, not necessarily the best prices. Those comparison sites don't help much with comparing on a like for like basis and understanding which companies cover what.

Is there a way to compare what is covered by policies as standard, rather than just comparing by price on products that aren't like for like?

I found this useful site here: http://www.defaqto.com/star-ratings/Home-life-travel/home-insurance/ but the summaries are very limited. The cover questions I have are:

1. Is the policy new for old or not?
2. Does the policy cover legal expenses and how much?
3. Is there any cover included for personal liability and how much?
4. How many days can the home be unoccupied for – usually 30 or 60?
5. What is the total limit for valuables - seems to vary between £2k and £25k!
6. Away from home/personal possessions cover - what is the limit for single items or sets - seems to vary between £1k and £10k!
7. Away from home/personal possessions cover - what is the amount/limit of cover for loss from unattended motor vehicles?

M&S policies are the best I've found so far in that the standard cover includes £25k of valuables, £10k single item limit for valuables, £50k legal expenses, £2m personal liability, cover for loss from vehicles provided the items are locked out of sight in the boot. However I don't like that cover isn't new for old and the unoccupied home limit is 30 days not 60.

Hopefully somebody can help please?

Thanks

FlameCloud

M&S's cover on both policies is reinstatement, so it would be new for old.

expeditionist

Thanks for your reply, but I don't think it is new for old, here is a copy of the wording from the terms and conditions which would indicate that they seek to repair in the first instance if possible.

How we settle claims

We can choose to repair, reinstate or
replace the lost or damaged property,
however you can decide to have a cash
settlement instead.

Where we can offer repair or replacement
through a preferred supplier, but we
agree to pay a cash settlement instead
the amount we pay will reflect:-
• any discounts we may have received
had we replaced your contents or
• the amount it would have cost us
had we repaired or reinstated your
buildings and contents based on their
current energy ratings.

If no equivalent replacement is available
then we will pay the full replacement cost
of the item with no discount applied.

We may appoint an approved supplier
to act on our behalf to validate your
claim. They are authorised to arrange a
quotation, a repair or a replacement.

expeditionist

Can anybody suggest any alternative insurers please based on my original question?

Or another site that compares the policy terms I'm interested in and not just the prices?

InsideInsurance

Defaqto is going to be the best for comparing products coverage (though not price)

You really need to add other considerations - first of all is the definition of "valuables" may vary between insurers as some consider "high risk" which is a much broader definition than the traditional valuables.

The other 3 common considerations depending on your circumstances are:

1) Pairs/ matching sets cover (contents & buildings)
2) Trace & access (buildings)
3) Garage, Outhouse & Garden (contents & buildings)

rs65

expeditionist wrote: »

Thanks for your reply, but I don't think it is new for old, here is a copy of the wording from the terms and conditions which would indicate that they seek to repair in the first instance if possible.

It is new for old. I think all insurers will pay for a repair as a first option.

expeditionist

rs65 wrote: »

It is new for old. I think all insurers will pay for a repair as a first option.

There seems to be some confusion here? This guide (http://www.policyexpert.co.uk/know-how/home/new-for-old/) states in summary:

‘New for old’ is used in the insurance industry to indicate that deductions are not made for wear and tear depreciation when you claim on your contents insurance policy. This means that if you have to claim on your home insurance for theft, fire, flooding or any other unforeseen circumstance, your existing ‘old’ possessions will be replaced with shiny ‘new’ ones, regardless of any wear and tear that may have occurred during the time that you’ve owned them. Most items are covered, with the exceptions of clothing, household linens and carpets that are over 5 years old, and it means that even though you’ve had to go through the pain of having to claim and the disruption to your home, key household items covered on your policy are replaced so that you and your family can function as normal.

'New for old' doesn't indicate repair first as has been suggested, it means buy new first, cash settlement or repair second.

So while the M&S insurance offers favourable limits, it's actually inferior in some respects and for these reasons I'd like to be able to briefly compare the policy summaries of different insurers before I sit and pore through the fine print of some. Surely I'm not alone!?

rs65

expeditionist wrote: »

There seems to be some confusion here?

I think you are confusing yourself. Are you looking for a policy that will replace items with new ones even for the tiniest of damage? If so, I don't think you will find one.

New for old means that if it is damaged beyond repair, it will replaced by new.

*Scarlett

Many insurers offer "new for old" cover.

However most will try to repair the damage before having to replace the item - most insurance works like this.

So if you have a water damaged carpet or a cracked TV screen they may try to repair before offering replacement at today's prices.

Legal expenses cover is usually an optional extra and the price for this can vary - could be £15 to £30 and £50k cover sounds about normal.

Personal liabilty is usually included in contents cover possibly £1m - £2m.

You sound as though you have looked at a lot of insurance providers and the information can be a bit overwhelming.

Defaqto is a good way to compare policy features If you want more detailed info as you know you can look at the policy wording online.

Maybe also have a look here for recommended providers

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

expeditionist

Thanks Scarlett

Your reply and that link was helpful.

I've studied some more policy wordings and it's astounding how the cover terms and exclusions change wildly between insurers. To compare insurance terms then, it seems that there isn’t any way of finding out without studying the fine print of every policy in detail, not even for conditions that will be in every policy like the number of days a home can be unoccupied for. It’s a shame that defacto don’t compare some of the other common key conditions, but they don’t.

The insurance terms from Hiscox and John Lewis look quite favourable too, both define an unoccupied home as vacant for more than 60 days rather than 30, but Hiscox has a £2500 limit from unattended vehicles which wouldn't suit me.

Also, from your reply and reading some more policy wordings I understand now that the term ‘new for old’ doesn’t mean that they won’t seek to repair, it means that they’ll pay out the current new cost if a repair isn’t possible, whereas policies that aren’t ‘new for old’ might take a deduction for ‘wear and tear’ from that settlement and so I get why FlameCloud and rs65 have said that the M&S insurance is new for old even though M&S don't advertise that. It's covered in this clause:

If no equivalent replacement is available
then we will pay the full replacement cost
of the item with no discount applied.

Anyway, I’m off to pick between John Lewis and M&S.

Thanks for your replies guys.

keith1950

Hi, is there much difference between the cover with John Lewis and Marks and Spencer ?

They are both agents for AXA insurance.

In the past I have found m&s car insurance to give many more extras than other insurers for the same price.