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Building insurance

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
"Everyday is a bank account, and time is our currency. No one is rich, no one is poor, we’ve got 24 hours each".. ;):cool:

Comments

  • class2ldn
    class2ldn Posts: 353 Forumite
    Eighth Anniversary 100 Posts
    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
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    edited 27 August 2016 at 9:44AM
    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.
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • eddddy
    eddddy Posts: 18,091 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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
  • 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
    abi34 Posts: 26 Forumite
    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
    "Everyday is a bank account, and time is our currency. No one is rich, no one is poor, we’ve got 24 hours each".. ;):cool:
  • FutureGirl
    FutureGirl Posts: 1,252 Forumite
    Eighth Anniversary 1,000 Posts Combo Breaker
    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
    abi34 Posts: 26 Forumite
    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
    "Everyday is a bank account, and time is our currency. No one is rich, no one is poor, we’ve got 24 hours each".. ;):cool:
  • kingstreet
    kingstreet Posts: 39,298 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    AFAIK AA is a broker, not the insurer.

    It is the underwriting insurer on which you are relying you need to consider.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • 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
    abi34 Posts: 26 Forumite
    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 ! ..
    "Everyday is a bank account, and time is our currency. No one is rich, no one is poor, we’ve got 24 hours each".. ;):cool:
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