Home insurance - let it expire?

Schnauza

Hello!

Just a little question I hope somebody could help with. My home insurance (buildings and contents) renewal notice was sent to me very late by my current insurer Legal & General, with just 1 week to go. My shopping around via comparison sites has shown several more competitive quotes, most notably one from Legal & General which additionally pays £50-odd cashback and a £10 M&S voucher. On balance this is the quote I would like to accept if possible (always noting that the cashback would be by way of a bonus if it gets paid - the quote as it stands is still more competitive than my renewal).

However this deal is only for "NEW" policies, so I want to ask if I would be 'doing anything wrong' by allowing my current policy to expire and taking out a "NEW" policy with L&G a day or 2 later. I assume the position is different from car insurance, where there is a legal obligation for it to be continuous - but are there any snags I haven't considered? Any advice would be much appreciated!

Goldiegirl

The biggest snag I can think of is that your house burns down during the couple of days you haven't got insurance.

I wouldn't be happy to be uninsured, even for a couple of days - the risk is small, but I wouldn't want to run the slightest risk of losing everything.

Is saving a few quid worth that risk? Only you can decide that

*Scarlett

Did you also check ones that are not on comparison sites? Aviva, Direct Line, etc.

Have you spoken to L&G to see if they could match the online quote to keep your business?

kwmlondon

If you could phone them the day it expired as a new customer I'd try to do that so you were not actually uncovered.