Insurance Cover

t-rex_2

I live at home with my parents and their home insurance has now come up for renewal. They were quoted a high price so have begun looking elsewhere.
I was made bankrupt in October last year so am still bankrupt but the home insurance cover is asking whether anyone living in the house has become bankrupt (now or in the past). I believe that bankruptcy was solely under my name and should not affect anyone else. I am not a tenant and have no financial link with the house or insurance policies, but merely live with my parents. The quotes they have received go up astronomically once stated that I am bankrupt. Does this mean I have to move out for them to get a cheaper policy? Also am I now affected for the rest of my life with not only mortgage approvals but also insurance policies? How am I ever supposed to get back on my feet when my past is brought back up whenever a financial agreement is made around me?

I believe that bankruptcy was the best option for me with my debts spiraling out of control. It's unfortunate that I was never advised of all the side effects and how it will affect the rest of my future.

TheGardener

Many people find the minefield of BR has a sting in the tail - and no insurance company has ever justified additional premiums to my satisfaction :mad:

However, after a few phone calls I have my contents insurance with the co-op. They don't charge me any more than a non-BR, I just can't have instalments.

I would advise against the comparison websites - they are lazy and the tick box for BR is a universal cop-out thing.
Call some good insurers direct and see what happens.

mwarby

Swinton done my contents insurance post IVA, was offered installments if I wanted them

betterdaysahead

I wouldn't rule out using the comparison websites. Once you have your cheapest prices, contact the insurer directly and advise that you are BR and ask if this invalidates you. In most cases these days it won't. For both my contents insurance and my car insurance I'm now on cheaper deals than I was pre-BR. As mentioned above, you generally just won't be able to pay in instalments.

mwarby

In most cases cheaper to pay upfront, so a good habit to get into if you can (i have standing orders to various savings pots for such tjings)

owlet

I live with my parents too & I informed the insurances of my br and there was no increase at the time and no increase at renewal. I can't remember who they were with though, so there are are companies out there.

t-rex_2

Thanks for your replies! It's great news that you are all successful! I'm not applying for insurance for me yet as I am still living with my parents but what I don't understand is why they have to state whether or not a bankrupt is living in the property and how that would affect the insurance quote? I have no ties with this property, and my parents were quoted an extra £200 a year because of me and also excess increased from £150 to £300 for home insurance. How is that fair? Do they think I am such a liability that they can justify this? its ridiculous!

TheGardener

you're right - it is ridiculous - tell them to find a better company who wont rip you off

Obviously I don't know what sort of property or contents you have but I only pay £50 a year for contents and wouldn't expect to pay more than £200 a year for the house and contents in total - let alone and 'extra' £200

Find another insurance company - sounds like your parents are being stung anyway...