Getting Contents and White Goods Insurance that Does What It Says on the Tin?

deannagone

I have avoided warranty insurance and contents insurance because (with warranty insurance) white goods seem to rarely break down if you do your research and buy reliable goods - and I'm very aware warranty insurers make a lot of profit.  After buying Pet Insurance (from supposedly a good Pet Insurer) and being sold insurance that only covered my pet for a year rather than for life (which is what I clearly requested), then said pet got a life long condition that was very expensive to treat, I've known you can get done very easily when buying insurance.

So I have a social housing property, but tend to buy quite expensive white goods because of my disabilities which include autism (also things that affect ability to move so anything that makes life easier is worth it.  I have a very expensive washing machine, tumble dryer, hob, oven (these two aren't over £1k though), and three expensive pcs.., one of which I built myself.  They were all over £1k each though (my kids are autistic too, so viewed as essential stress relief).  I have just had a £400 freezer evaporation unit break less than two months outside the manufacturers warranty.  Replaced it because it looked like repair costs would be high. When I replaced it I had a slightly dodgy warranty company phone offering an extended warranty £5 a month. I did accept given how much this problem has cost me.

But aware I need to really look at getting contents insurance and some kind of multiple appliance insurance.  But how to find a reliable company who you think you are buying one thing from and they don't tell you you are actually buying another (as what happened with my pet)?  If my property burned down I'd be in big trouble.  But how to value it correctly?  I have looked online and a site that says do it room by room but some of my furniture is good makes, but second hand.  How do I asses their value?  How do I value the pc I built myself?  

Problem is I get overloaded with information very quickly, so don't know how to choose a good company that will supply what I want, and not 'forget' to tell me they are registering me with something different to what I asked for.  You may get paperwork (I didn't with the freezer extended warranty) but if its 20 pages of complicated legalese I probably won't be able to understand the implications of all the small print, til I need the insurance and find I'm not covered.

Does anyone have advice?

[Deleted User]

Contents insurance doesn't cover your appliances breaking down. It's primarily for loss, theft, accidental damage. So you should have that in any case. Most sites will guide you towards an insurable value.

Most appliance insurance will cost you more than replacing the items yourself and the response times are typically very slow, so I would avoid that.

deannagone

"But aware I need to really look at getting contents insurance and some kind of multiple appliance insurance". 

I did clarify contents insurance and multiple appliance insurance, not one or the other and expect both kinds of cover.  I am very aware one is different to the other. and supplied by different companies.

Sandtree

The clue is in the name, as insurance companies are companies they have a legal duty to try and return a profit for their shareholders. In theory therefore the average punter loses out as the premiums you pay not only cover the cost of claims and profit but a vast amount of marketing, regulations etc. On the flip side, insurers are big buyers so can command decent discounts.

The very principle of insurance is to exchange the risk of a large loss (eg your house burns down with all your possession in it) for the guaranteed small loss (ie your premiums). What is good value depends on your view on the risks and your ability to afford the big losses.

Personally, I have top end contents insurance because we have a lot of stuff, I couldn't afford to replace it all if there was a large fire etc and we travel a lot etc so want world wide cover, matching sets etc. Most of our appliances are fairly good too but if the washing machine breaks down tomorrow I can afford to repair or replace it and proportionally warranty cover is much more expensive for the cost of cover than home insurance. As such I chose to run the risk on appliances but not on home.

That isnt to say thats the right decision for you but just food for thought.

csgohan4

I self fund for an appliance repair fund. Over the years on this forum, people have had not so pleasant run ins with warranty insurance, arguing who is at fault, no replacement even on accidental insurance, take a long time e.t.c

If I had paid for boiler insurance, I could get a new boiler every 2-3 years. It simply isn't worth it imo

however one thing I don't skimp on is, buying goods with a long manufacturers warranty/quality, Miele washing machine I've had has a 10 year warranty, the Samsung fridge I bought has a 5 year warranty. Still going long after the warranty thankfully.

deannagone

My washing machine and fridge freezer both come with long warranties for the same reason (although I think I was a bit silly over the quick drive washing machine, nice to have a 10kg washing machine but it was a bit pricey for what it is lol).  But the freezer breaking and the cost to replace it after 14 months was a shocker. Used to happen when I could only buy cheap as chips white goods but thought I'd bought my way out of that.  Obviously not.  Like I said will not buy Indesit again.  I'll chase up paperwork for what I think might be a slightly dodgy warranty next week.

OK I guess there isn't an easy answer as to contents insurance (the other part of my question).Thank you for your comments.

theonlywayisup

A warranty is one thing but an extended (insert paid extension to said warranty) is another.

Your Consumer Rights may assist more than a warranty but that may be too much for someone to deal with and as such a warranty can be an easier route. 

When you buy quality white goods then they should last.  The burden lies with you (mostly) after 6 months to prove that any fault was inherent.  In your 14 month old 'expensive' fridge freezer may have been something that could have been remedied with a report showing an inherent fault but now you won't ever know.   

That said I can't quite place the 'Indesit' reference.  I don't rate them as quality or expensive.

csgohan4

deannagone said:

My washing machine and fridge freezer both come with long warranties for the same reason (although I think I was a bit silly over the quick drive washing machine, nice to have a 10kg washing machine but it was a bit pricey for what it is lol).  But the freezer breaking and the cost to replace it after 14 months was a shocker. Used to happen when I could only buy cheap as chips white goods but thought I'd bought my way out of that.  Obviously not.  Like I said will not buy Indesit again.  I'll chase up paperwork for what I think might be a slightly dodgy warranty next week.

OK I guess there isn't an easy answer as to contents insurance (the other part of my question).Thank you for your comments.

sadly I do not associate Indesit with quality or peace of mind. They are rampant in rental properties because they are cheap. They are not great for endurance or use either. 

I believe Indesit and whirlpool have the same parent company, I remember they had issues with their dryers in the past catching fire, you don't hear issues with more reputable brands like Miele, Samsung e.t.c

Mickey666

deannagone said:

If my property burned down I'd be in big trouble.  But how to value it correctly?  I have looked online and a site that says do it room by room but some of my furniture is good makes, but second hand.  How do I asses their value?  How do I value the pc I built myself?  

Most people would be in big trouble if their home burned down, so insurance for such a thing is really pretty much mandatory for anyone sensible.

For the buildings insurance, you'll need to determine the rebuild cost.  if the house is reasonably modern, say less than 50 years old and is of fairly standard construction then there are calculators that will give you a rebuild cost based on the floor area of the house.  Older, 'quirky' or listed properties are more difficult to calculate.

For the contents insurance, room by room is a good start.  I use a spreadsheet with a different tab for each room, all summed up to a 'total' sheet.  It's surprising how quickly things can add up if you include absolutely everything, ie carpets, curtains etc.
As for assessing their value, just use the replacement cost.   These values don't have to be exact because over an entire house things will usually average out, unless you have an abnormally large amount of something (eg books, record collection, Hi-fi, cameras, fine art, etc).  Most policies will set a limit for any single item under there general cover and any individual items exceeding this amount will usually have to be listed separately.

Keeping all this information in a spreadsheet means it is always to hand if you need to claim.  Also, once you have the basic structure in place it's quick and easy to add new items, eg Buy a new camera?  Add it to the list along with its serial number, etc.

When you have all the basic information and values, just shop around the 'big name' insurers for some quotes.

deannagone

Indesit isn't a brand I'd bought before, I thought £400 for a freezer would mean it was reasonable quality, reviews were good.  But of course that didn't cover reliability, and for sure, I won't be buying Indesit anything again.  

Think its time to call a close to this thread.  Not sure I'll get the sort of answers I was looking for.  Thank you for the comments already made.