Building insurance

abi34

Hi all,

Looking to get building insurance cover on a residential property we are purchasing motions at the moment , we are first time buyers and we are almost ready to exchange contract , i believe we need building insurance before we do exchange and we are taking a mortgage so it's required. Any decent company's out there you'd recommend ? And what's the average price for building insurance ? Not to bothered about content insurance , finally can anyone explain what factors do they take in when generating a insurance quote ?

Kind regards,

Abi

class2ldn

We are with direct line, have been very helpful in regards to some issues when we bought the house.
You'll always find good and bad if you search for reviews.

csgohan4

Have a look at the MSE section on home insurance:

They have a deal with together mutual for £75 M+S voucher which I took as well, their T+C's seem reasonable

http://www.moneysavingexpert.com/insurance/home-insurance


Make sure you read the Terms and conditions as some of the cheaper ones have very rubbish exclusion criteria.


For E.g Admiral regarding Trace and access: Anything involving grout or sealant failure you will not be covered. Which is really stupid tbh


If you have money to burn Hiscox have the fewest exclusions.

eddddy

abi34 wrote: »

Hi all,

Looking to get building insurance cover on a residential property we are purchasing motions at the moment , we are first time buyers and we are almost ready to exchange contract...

Just to make sure... presumably you're buying a house?

If you're buying a flat, typically the freeholder will arrange buildings insurance

paddyandstumpy

Just to add, it's worth getting Contents insurance, it's not as expensive as many think. I'm paying £5 p/m with british gas, and £35 cash back via quidco, so i'm paying £25 for the year!
Also, alot of companies offer a combined discount if you take buildings and contents - so that also softens the blow.
In terms of a reputable insurer, as suggested earlier there will be good and bad reviews of any insurer.
Personally I'd try to opt for a company with the 5* defaqto cover (found using their website) as they will offer the most cover relative to the market. I find LV= good in this respect, but there are plenty out there to choose from.

abi34

Hi, all

Thank for answering my questions ... Now does anyone know if Churchill are any good ? .. What's average price for house insurance ? First time buyers . Thanks

FutureGirl

Churchill is the same company as Direct Line. (in fact the policies are word for word the same as well). I'm with Churchill.

abi34

Hi ,

Thank you to all for giving helpful advice in regards to property insurance. Much appreciated . Does anyone have house insurance with AA ? I have roadside cover with them wondering if they are worth going with ? Deciding between them and Churchill. Pretty competitive prices too, please help . Thanks

kingstreet

AFAIK AA is a broker, not the insurer.

It is the underwriting insurer on which you are relying you need to consider.

paddyandstumpy

kingstreet wrote: »

AFAIK AA is a broker, not the insurer.

It is the underwriting insurer on which you are relying you need to consider.

To a degree I agree with you. The HH policy sold by the AA is a common policy which insurers underwrite; but the T&C's won't change if you have the AA cover, just the insurer.

And to answer the OP's question; it's hard to gauge what is the 'average' price of insurance. It depends on the applicant's history (claims history, credit score, other financial markers such as CCJ/Bankruptcies, occupation, age) then the property to be insured (type of property, beds, rebuild value, location). All these combined will give you the price. The 'average' price across the whole industry is about £180, but that's spread across many millions of properties insured, and with an aging population I would argue is becoming less pertinent to many.

Between AA and Churchill, I couldn't comment. Churchill are underwritten by UKI which is the largest insurer in the UK, the AA (as previously mentioned) is underwritten by a panel of insurers, but all subscribing to the AA's wording.

abi34

Hi , all

Quick update , decided to take policy out with Churchill .. building and contents as well as home emergency cover which was extra £56 unlimited call outs , and zero excess , doesn't effect No claims bonus in the event of claim , also content covers up to £50,000 which is sufficient enough with flat excess. Of £200
5* defacto rated .. I'm hoping premiums will come down as each year passes by , they seem to offer some cracking deals. We are happy with them ! ..