Sharing my home insurance quote

madaminx

Hi Folks

After a bit of research on this and other comparison website I got a quote from the Halifax which works out at £152 for both buildings (based on £70k rebuild value) and contents (based on £30k of contents) I live in a mid terrace house.

This works out at approx £14 per month.

Would like your opinion please.

Thanks

M

kingstreet

How did you work out that rebuild cost?

It sounds very low, particularly for a terrace.

*Scarlett

You need to make sure that the buildings sum insured is sufficient - think of ground clearance, achitects fees, surveyors fees, etc. Also alternative accomodation is a consideration if the home was a total rebuild.

If you put £70k rebuild into a comparison site which directed you to Halifax then you might find that the actual policy has a higher /blanket cover in which case you are fine.

Also check that £30k contents is enough - most mainstream policies will offer at least £50k. Of course only you know what is in your house but there are calculators that you can use.

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

http://www.directline.com/home-insurance/buyers-guides/contents-calculator.htm

Make sure you check that the excess fees are acceptable to you.

madaminx

Thanks all, I did try the MSE's recommended rebuild calculator for this type of house but it isn't working at the min so took Martin's advice and went for slightly higher than market value. Are there any other rebuild calculators?

M

kingstreet

This is the industry one;-

http://abi.bcis.co.uk/

and using the market value of the property as the rebuild cost is fraught with danger.

Be very careful.