Home/Building insurance + v. large single item insurance

[Deleted User]

Ok, here it goes.. i've got a mid-terrace house, worth about 230-240k. Our home contents/building insurance last year was £280 from Zurich (-£80 cashback from quidco).

However, I've recently got engaged and bought a rather lavish engagement ring, currently valued at about £7800

At the time, it only cost 20 quid to add this to the home insurance..so now imagine my shock when the renewal for this year was quoted as £360

Does anyone know of a home insurance firm that a) gives quidco cashback and b) doesn't screw you because you decided to splash out on a big diamond ring

Thanks!

mattymoo

Doesn't sound like you've been screwed.
House value £240k is not what it is insured for - more like £100k based on rebuild cost. I mention this because you may be comparing value of ring to value of house vs premium for each.

Premium has gone up by £80. This could be down to inflationary increases, claims loadings (if any) plus of course the ring.

There is a far higher chance the insurers will pay out for loss or theft of the ring so the premiums for these items are proportionaly much higher.

The schedule should show a breakdown, sort of like this-
Buildings - £150
Contents - £150
Freezer contents - £20
Specified ring £40

I'm guessing with the figures btw.

This will enable you to see how much it is costing to insure the ring

[Deleted User]

Thanks for not answering the question mattymoo

We've had no claims. Our total insurance cost last year was £220 once you've taken off the quidco. I want to find a way of getting my costs down to near to that, and not £360.

One thought I had was could I insure the ring outside of the household insurance contract? All of the online comparison sites give me a reduced list of insurance offers because of this single large item. If we took the ring out of the equation, i could go through a firm that would offer me substantial quidco cashback (e.g. £120 back from Natwest)

stooby

You say you "recently got engaged" so from that it's fair to say the ring was only added to your policy for the last couple of months for which the charge was £20. If you pro-rata that up:
£20 for say 3 months cover = £6.66 per month which in turn = £80 for 12 months.
The annual increase in your premium is £80 which wouldn't therefore seem too unreasonable so mattymoo is probably right to say you're not being "screwed". Indeed, your policy premium (excl. Quidco) was £280, so £360 would appear to represent good value comparing whn comparing like with like.

You're right to say that the aggregator sites probably can't accomodate something like this so you might be better off speaking to a broker - you won't get any quidco but you might get a better deal.
To answer your question, i don't know of anyone who offers policies that would only cover the 1 item i'm afraid.

mattymoo

ringo_24601 wrote: »

doesn't screw you because you decided to splash out on a big diamond ring

Thanks!

Doesn't sound like you've been screwed.

You got an answer, you just didn't like it

Iamthesmartestmanalive

Its a fair quote so accept it

With mobile items like rings they also have the insurance fraud aspect that everyone who loses it in the street etc will claim on the home insurance and if necessary lie

Your response to the person who replied was unneeded and your a !!!!!

Pay up or dont pay up

[Deleted User]

I have to accept it? I have to pay the face value without trying to find a means of reducing my costs? That's not exactly Martin's MSE ethos.

There are firms offering up to 120 quid cashback off home insurance.. i merely want to take advantage of these schemes

Whilst my premium has gone up by roughly 80 pounds, my total costs have gone up by 160.

FlameCloud

The quidco companies offer standard risks insurance. They dont cater for complicate stuff like this that needs doing over the phone.

You are not a standard risk, so you either deal with it and pay the extra £80 premium (dont count on cashback) or you dont and risk not having cover for it.

It really is your choice. YOU bought the ring, so stop moaning!

silvercar

You would also have got an introductory discount in the first year.

My directline renewal was 70% more than the first year quote. When I phoned them up, they said it was first years discounts and suggested a cancel the policy and start again. Quote then came to only 3% more than last year! Same policy, same company!

[Deleted User]

I'm now thinking I should investigate getting separate building and contents insurance, since I'd then at least be able to get quidco and introductory rates (as the previous poster pointed out) on the building part.

mattymoo

Just as long as you appreciate there is a downside to that.

1) Contract wording variations between insurers could mean an item is not covered by either your buildings or contents insurer, each claiming the other should cover it.

2) Two lots of adjusters to deal with for major claims and 2 excess to pay for claims involving buildings and contents.