'do you own your funishings'

butler_helen

I have just taken out insurance with Allianz and was surprised at this new question. I was asked whether I owned all my furnishings, I answered yes but now I am wondering why they need to know if everything is on credit?

I'm sure I didn't get asked this last year, so just being nosey, why are they asking? (incase I decide to replace any of my furnishings with 100% interest free credit items this year... the only way I am getting anything new )

DomRavioli

usually because Hire Purchase items have their own insurance policies available - most take them without realising.

Also you can get furnished properties for let - it is quite common in city centres.

InsideInsurance

butler_helen wrote: »

incase I decide to replace any of my furnishings with 100% interest free credit items this year... the only way I am getting anything new

If you are talking of the likes you get from high street furniture companies like Dreams/ Furniture Village etc then you own the furniture from day 1 and just have an unsecured loan arranged by them.

Only if you had hire purchase, lease or rented a property furnished would you have to answer yes.

Havent seen the question and would be slightly curious to look both at the help text supporting it and the policybook for any relevant clauses. As you dont own these items there is a consideration that the legal owner has a say in their replacement/ settlement and not just yourself and so it may be wanting to flag that in their systems

butler_helen

InsideInsurance wrote: »

If you are talking of the likes you get from high street furniture companies like Dreams/ Furniture Village etc then you own the furniture from day 1 and just have an unsecured loan arranged by them.

Only if you had hire purchase, lease or rented a property furnished would you have to answer yes.

Havent seen the question and would be slightly curious to look both at the help text supporting it and the policybook for any relevant clauses. As you dont own these items there is a consideration that the legal owner has a say in their replacement/ settlement and not just yourself and so it may be wanting to flag that in their systems

We own the house and all furnishings, I'd never given a seconds thought to hire purchases. I will now though!

InsideInsurance

butler_helen wrote: »

We own the house and all furnishings, I'd never given a seconds thought to hire purchases. I will now though!

It only really exists at the very top and the bottom of the market. So you have Brighthouse charging £26 a week (total £4,056) for a pair of sofas that would cost well under £1,000 if you could buy outright or not reliant on subprime credit.

You then also have them at the very top end of the market which also has arguably excessive payments but youre talking about items worth millions with the focus on hire rather than purchase

Most of us thankfully/ unfortunately fall between the two if we are home owners. If you rent your property then furnished renting is more common in big cities but it rarely adds anything material to the rental price