Short term home ins?

dark_knight_2

Our house is sale agreed but won't complete for around 8-10 weeks. Our house insurance is up next week. What are my options.? Don't want to renew for another full year. Seems in most cases the cancellation fees will cost more than the cover, are there any viable solutions?

paddyandstumpy

When you move out and sell the property, don't you have another property to move into which will need insuring?

dark_knight_2

Nope, moving in with the inlaws

paddyandstumpy

OK. You're best bet is to renew the policy and then cancel when you no longer have an insurable interest in the home (i.e. when you sell it).
The cheaper the policy, the greater the fees to amend/cancel tend to be.

Also, avoid Brokers, as they will charge their own fees on top of the Insurer fees, and may also then clawback any loss of commission from the premium too. Finally, try to avoid paying by installments, for the same reason.

dark_knight_2

Dang, was hoping for some sort of 'pay as you go' type solution.

paddyandstumpy

Are you looking for a policy you call up and pay for daily/weekly/monthly?

Short term policies are usually more expensive, but some IFA's do offer monthly policies. 3XD are one from memory, Policy Expert used to but I don't know if they do any more.

If you can afford an annual amount that's the cheapest solution.

Quentin

dark_knight wrote: »

Dang, was hoping for some sort of 'pay as you go' type solution.

Not a recommendation but co-op do allow you to pay monthly for an annual policy.

There is no "cancellation fee" as such for ending the policy early.

They do charge short term rates when you cancel early ( eg cancellation after 2 months means you would get charged 20% of the annual premium)

dark_knight_2

Co-op charged a cancellation fee whenever i contacted them, but TSB was fee free.