Combing insurance

Bbglan

I bought my 1st house a year ago and obviously had to get buildings insurance for the 1st time. Its now up for renewal and I wanted to combine the 2 policies as my contents insurance runs from 1 May. The company in question says I can't combine the policies so I am paying more for seperate policies. Are they right & can I get round it?

imroberts

So your buildings cover is due for renewal now but your contents not until May?

Easiest thing to do is probably to renew your buildings cover and then cancel it at the end of April and buy a combined policy.

Check the terms of the buildings policy before you renew it and be sure you'll be able to cancel it without too much of a penalty - sometimes you will only get a % of your premium back, and will probably have an admin fee to pay, but it's not usually a huge amount and will probably be outweighed by the cost benefit of the combined policy.

imroberts

Alternatively buy a combined policy now and cancel the contents - you'll probably not get any money back with there only been 2 months remaining but you're going to have to take the hit somewhere.

Downside of doing it that way round is you'll lose 10 months no claims on the contents, rather than 2 months on buildings, but I doubt it makes much difference.

societys_child

You could start a new combined building and contents policy with any company you want, but it'd probably mean losing out on the 2 months or so, you have remaining on your present contents policy. Would that be cost effective?

Edit: cross posted with imroberts.

ThinkingOutLoud_2

Good title :-) - I assumed this was another Trump related post because he did not have enough material to cover his exposure.