Home Insurance: 50K Cover? No!

Hi guys,

I am currently paying under £11 a month for 50K Home Contents insurance cover.

I don't need this: no garage, no garden, etc.

Standard policy, blah, blah, blah.

I am thinking of forgetting about it.

I have the cash to pay if the worst happens.

Hubby worries though.

Questions:

Am I paying about the right amount? Are there any savings to be had? Is it just crazy to not have Home Contents Insurance (building Insurance is separate).

Any and all help appreciated.

Much obliged,

Jennifur

Replies

  • ReardoaReardoa Forumite
    155 Posts
    £132 per year doesn't sound at all excessive. You aren't paying for 50k contents. Most insurers give blanket cover of 500k buildings and 50k contents but you don't actually pay for those figures.
    Realistically do you have enough to cover worst case (fire). Even if you do why would you use your savings to cover something that is costing a small amount per month.
    Potentially you can make savings by looking round at renewal but I cant imagine you will get it much cheaper
  • FutureGirlFutureGirl Forumite
    1.2K Posts
    Sixth Anniversary 1,000 Posts Combo Breaker
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    You will be surprised how the cost of everything mounts up - could you replace EVERYTHING in your home with out insurance?
  • Novice_investor101Novice_investor101 Forumite
    691 Posts
    Fifth Anniversary 500 Posts Cashback Cashier Energy Saving Champion
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    Think of it this way - imagine turning your house upside down.
    Everything that falls out is what's covered by your contents insurance. That's usually a lot of expensive stuff.
    Can you really afford to replace all that from savings alone? It adds up to thousands.

    To save money, shop around at renewal & pay a yearly premium instead of monthly - this is costing you extra on top of the actual cover.
  • kidmugsykidmugsy Forumite
    12.7K Posts
    Tenth Anniversary 10,000 Posts Name Dropper Combo Breaker
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    Over a lifetime you can reasonably hope to benefit by avoiding all insurance against events that you could afford to cover yourself. Your insurance premium has to cover not only all the costs of running the insurance company, but has to cover the costs imposed on it by fraudulent claims.

    But you'd need to check the T&Cs on your insurance of the house fabric. Does it cover you, for instance, for third party liability?

    In our house the things we'd really miss if they were destroyed by fire are anyway irreplaceable.
    Free the dunston one next time too.
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