Home/Contents insurance but moving?

Nara

So I have to renew next month for both. Problem is it seems that you have to sign up to a new one for a year. I know I will be moving house next year so won't need a whole year on my current property.

They charge 'admin' fees to change anything on your policy or cancel it with them.

Any way to get around this? It's tempting to go without insurance until we move but knowing my luck the house will burn down lol.

Thanks

factor29

When I was in the same position a couple of years ago, I used Co-op as they were both cheap enough for the annual quote & they (If I remember rightly) didnt charge cancellation fees.

So only cost me something like £10 for the month.

Might have changed now, but worth checking

*Scarlett

I have just taken home insurance with John Lewis and I specifically asked about cancellation fees (not that I intend to cancel but it's good to know).

They have told me that there is no cancellation fee at any stage of the policy. (I don't have the docs yet to confirm this). If you look at the FAQs there is no mention of any amendment fee either and it gives an example of change of address

http://www.johnlewis-insurance.com/homepage/info-centre/products/home-insurance/FAQs.html#open=makeclaim

Obviously it would depend if their q was competitive for your requirements.

Lloyds also pops into my mind as not charging a canx fee (& they don't charge for monthly DD so you would not have to wait for a refund if you had pd the full amount to avoid charges). But I might be wrong - you would need to check with them.

Also Halifax springs to mind (no DD charges either). Again you would have to ask as I'm not 100% sure.

You may eg have to give 1 months notice to cancel a policy with Lloyds or Halifax to avoid charges (if they still offer zero canx fee).

Many mainstream insurers will imposed a mid term cancellation fee and this can vary - usually up to £50 if you have not made a claim since you took the policy out. You need to consider this against the price quoted to see what is the best option for you.

Same with amendment fees. Most will charge for a change of address and the new postcode / property type could attract a different premium - might even be lower!

rebeccadocter

We are moving out of rented accommodation in an already insured property so cannot take the insurance with us. Canceling the insurance on the rental property will leave me out of pocket. What are the consequences of not canceling the policy and just let it expire naturally (due to happen in 6 month)?

InsideInsurance

With Home there is very little risk unlike Motor. The only real risk is they find out your arent living there any more and cancel the policy on you for having not informed them of a material change and for having no insurable risk.

I'd be surprised if the cost of cancelling Home with 6 months left to run is actually going to be more expensive than paying the rest of the term

rebeccadocter

Many thanks for your quick answer. They would charge £37.10 exit fee, I only paid £33.92 premium. Presuming they refund half the original premium I’d be £20 down. I think I just let them cancel on me ;O)

InsideInsurance

rebeccadocter wrote: »

I think I just let them cancel on me ;O)

You dont want that as:

a) The fee is still payable if they cancel it and

b) you have to declare for life that you've had a policy cancelled by your insurer which will block you from using any mainstream insurers and easily double all future premiums by being forced into the hands of the sub primes