Renew Building & Content Insurance

marcada

I bought my house last year with mortgage. I bought the Building and content insurance from my mortgage broke. The insurance is due to renew this month. I realized that I have overinsured my B&C insurance and I am paying more that if I go with the other insurer I found in comparison site. I am thinking of going with cheaper insurer.

One thing I'm not sure is, when I change my B&C insurer - do I need to inform my mortgage lender.

Will appreciate if anyone know about this.

Quentin

It's not the norm to have to tell them, but check your mortgage offer to see if there are any conditions regarding the insurance cover - it will be mentioned somewhere as having insurance will be a condition of getting the loan.

JK41

Be careful if you are going with an online quote.
They tend to offer cheap upfront price because things are left out which you need to add on and these might be the important bits, though you might only realise should you need to make a claim.
Also it is too easy to to tick the wrong box. Remeber if you give the wrong answer to something it could, in the worst eventuality, lead to a claim being voided.
Personally I would always speak to a broker or at worst go via a call centre.