Building & Contents insurance am I doing this right?

Sonofa

Hi,

Usual story, left my B&C insurance to auto renew with the same company for years and years. Woke up a couple months ago when annoyed by my car insurance (same complacency, same company) came in at over £700, took the advice in an MSE email and got that down to £408.

So receiving my B&C renewal quote and seeing that this had gone up by over £100 since last year, tonight I decided to start by cancelling the auto-renew. Quote came in at £705. Called Directline to cancel and was immediately told that they could 'reconfigure' my premiums and get that down to £566. So 2 minute phone call and already we're down by £140. Said thanks, but no thanks as I was more narked than happy that they could drop so much just from the call.

I then started to hit the comparison sites and this is where I'm not sure if I'm missing something, or I've been ridden like a Blackpool donkey by my insurers for the last few years.

My renewal was £705, cheapest quote on the first attempt was £109! Not on it's own either, 20-30 quotes all coming in at max £250.

So now I'm wondering if I am really completing the application right, or if I'm missing something vital. I answered the general questions the site asks before generating the quotes with what I think are reasonable answers, rough guess at what my house is worth, rough guess at contents.

Looking at the DL renewal my buildings is down as £1000000 and contents as £500000. This is a three bed end terrace not a mansion, so are these massively inflated figures, and maybe why the renewal quote was so far off the new quotes, or have I maybe missed something. I tick accidental damage to buildings/contents and the only extra that I can see on this cheapest quote that was in my renewal is legal cover which would be an extra £30.

I'm just staggered by the difference, I've been paying £55/month last year for insurance and it seems I can get it for less than £200.

Hasbeen

DL has your house down at one million to replace and your contents are valued at a half million? Nice area and full of antiques?

Some insureres do give standard one million buildings on larger properties, 5+ bedrooms etc but I think usual contents are in region of 65k.

Remember in the comparison sites input any single valuable items Rolexes / jewellery etc, that you take outside home.

I would ensure all info is checked and then look at cashback sites for any extras:)

rs65

Sonofa wrote: »

Looking at the DL renewal my buildings is down as £1000000 and contents as £500000. This is a three bed end terrace not a mansion, so are these massively inflated figures, and maybe why the renewal quote was so far off the new quotes, or have I maybe missed something.

They aren't massively inflated. They are intended to be deliberately overstated to give you comfort and avoid issue of underinsurance.

There are dangers in guessing at the value of buildings and contents - this is obviously critical to getting claims paid in full.

There are rebuilding cost calculators online to give you an idea for buildings insurance. Only you will know the value of your contents.

phill99

Sounds.like DL have shafted you for years.

Sonofa

phill99 wrote: »

Sounds.like DL have shafted you for years.

Yep, that's the kind of confirmation I thought I'd be getting.

Thanks to others too, I now know that there isn't anything really complex about the information I need to give to get quotes, nor are the sums to be insured unrealistic in terms of ensuring I'm not under insured.

Cheers!

*Scarlett

If you think there is any room for error on the quotes that you have had online, ring the insurer and go through it over the phone. They will usually honor online prices even if you purchase over the phone (have your quote ref no to refer to).

Many companies give a blanket cover on buildings £500 - £1m. Contents can vary - many offer £50k as standard but some will do £75k or more.

You could have a look here to give an idea of what you need.

http://www.legalandgeneral.com/insurance/insurance-products/home-insurance/contents-calculator/contents-calculator.html

When you are choosing the new insurer maybe have a look at these also.

http://www.defaqto.com/insurance

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

keith1950

I'm just staggered by the difference, I've been paying £55/month last year for insurance and it seems I can get it for less than £200.

Glad to hear you've woken up. This year was the highest I have had to pay for buildings and contents, this included accidental and was around £12/month and then £80 cashback from Quidco.

I look at home insurance as being there for emergencies ( fire/flood/theft/subsidence ) and would never claim for small sums as this just increases your next premium.

I also do not bother with items away the home or other high risk add-ons.

My total net premiums for the last five years ( taking into account cashbacks and gift vouchers ) are £147. ( £19+£19+£19+£19+£61 ).

Welcome to the world of moneysaving !!