Home Insurance - Add my wife ?

Dan-Dan

Hi
Exchanging soon , mortgage will be in my name only , is there a reason i should apply for insurance in my name only , or should i add both me and my wife?

Is there a benefit to either price wise?

Also does anyone know which insurers take TBC as move in date , just so i have it ready for exchange ?
Cheers

dacouch

I assume your wife will in effect own half the house.

The benefits of adding your wife are she can deal with the Insurers as well as you eg make adjustments and deal with claims.

It also saves time when you make a contents claim as if the items are hers they won't waste time establishing that your married and her contents are covered by the policy.

Dan-Dan

dacouch wrote: »

I assume your wife will in effect own half the house.

The benefits of adding your wife are she can deal with the Insurers as well as you eg make adjustments and deal with claims.

It also saves time when you make a contents claim as if the items are hers they won't waste time establishing that your married and her contents are covered by the policy.

Thanks Dacouch , that makes sense to me , is it like car insurance where its sometimes cheaper to add a spouse?

dacouch

Dan-Dan wrote: »

Thanks Dacouch , that makes sense to me , is it like car insurance where its sometimes cheaper to add a spouse?

It tends not to be now days unless your wife is much older than you or has the type of job Insurers discount for.

There are many Insurers who find married or co habiting couples are a safer risk and offer a discount. However some (Not all) Insurers load slightly for families with children as they can have more of certain types of claims

kingstreet

If the mortgage is in one name, presumably the ownership is in one name too?

Is there an insurable interest?

lisyloo

Is there an insurable interest?

Depends if we are talking buidlings or contents.
Surely if it's contents then the wife has some possessions that wouldn't be shared - clothes at least.

kingstreet

I was thinking about buildings in particular, as we're talking about mortgage/ownership stuff.

*Scarlett

Also does anyone know which insurers take TBC as move in date , just so i have it ready for exchange ?

I don't know of any insurer that will take "tbc" as a start date for the policy.

All you can do is get quotes with an estimated date to give you an idea of who is competitive.

Many insurers guarantee quote prices for 60 days but if you need to change anything on the original q eg the start date then the price could change but if it's just a matter of a few £s you can always ask them if they will do it for the original price - they will be keen to secure your business!

dacouch

I forgot the other reason, should you be unfortunate enough to die, if the policy is solely in your name some Insurers will insist the policy is cancelled and restarted which can sometimes cause problems apart from the hassle.

If it's in joint names you (normally) just send a covering note along with a copy of the death certificate and the deceased's name is simply deleted from the policy.

Dan-Dan

kingstreet wrote: »

I was thinking about buildings in particular, as we're talking about mortgage/ownership stuff.

All in my name Kings , but i think weighing it all up both names would be the best way to insure b&c

kingstreet

*Scarlett wrote: »

I don't know of any insurer that will take "tbc" as a start date for the policy.

All you can do is get quotes with an estimated date to give you an idea of who is competitive.

Many insurers guarantee quote prices for 60 days but if you need to change anything on the original q eg the start date then the price could change but if it's just a matter of a few £s you can always ask them if they will do it for the original price - they will be keen to secure your business!

Plenty of broker insurers/administrators (Paymentshield, Select & Protect, Source, Towergate, Kew etc) allow us to submit a pending application, issue an intent letter to solicitor and start buildings cover on exchange, faxing the solicitor confirmation of cover when the policy starts.

It's only the growth in internet selling, where the cost is predicated on fast-turnover, quick issue contracts where instant cover is the only option that has made people think this is the only way insurance can be purchased.