House / Contents Insurance doubled / trebled

James_Blonde

I'm in the process of doing the annual house insurance trawl with it due next weekend.  Last year, we got home and contents for around £494 on a Cat C (Scotland) listed 4 bed detached property with a rebuild cost of maybe £425000 (was £380K, but thought we'd better increase it), with accidental damage on everything, and a hefty list of specified contents, with contents totalling about £80K.  The insurance company are no longer being underwritten by their insurers, so renewing is not an option.  

I made 1 claim last year for a laptop, but otherwise, no claims on either house or contents.  

This year, comparison quotes are coming in at least £6-700, but regularly double last year, and in some cases treble.  I got 1 competitive quote on Comparethemarket from AXA Home Protect (their quotes on the other comparison sites were much higher... go figure) and on clicking, it took me to their site, where I filled in all the details (again) and the quote trebled.  This kind of negates the purpose of the comparison sites in many respects - misleading prices, and having to fill everything in again, etc.  Pretty sure even the £600-700 prices will increase too after that experience!  

This is driving me nuts. Anyone know, why the massive jump??? 

Other question....  some of the specified items on the insurance are camera equipment away from home (probably £10-15K), some of them gadgets / computers, some of which are away from home (maybe £10K), one musical instrument at home (£7K) - would I be better getting specialist insurance for these, and would that likely massively reduce the home / contents quotes?     

Help!  Before I start smashing things and *have* to make a claim... Oh no, that would be deliberate wouldn't it, doh!

Brie

"Help!  Before I start smashing things and *have* to make a claim... Oh no, that would be deliberate wouldn't it, doh!"

Well it seems that John Lewis home cover thinks that's just fine, at least that's how i read their ads!!

I've been caught like this previously and found that using a different computer sometimes helps - I think the cookies do something that the sites can see/sense/something - or maybe I'm paranoid.  Or get someone else to try getting a quote - perhaps without all the specialist bits.  Also see what's covered under your motor or travel insurance - are you duplicating cover somehow?  We discovered that our annual travel policy covered quite a lot of things that are considered normal on holiday - like cameras.  

Is there any insurance cover via your employer?  Or your bank accounts?  

And when all else fails - have you got a  quote from NFU?  

IvanOpinion

Check if you really need to list everything on that "hefty list of specified contents".  Are they all over whatever limit your insurance company uses for named items? Or have you just included them for the sake of including everything.  Do you have a high 'away from home' level of cover.  If so reducing that a bit may help or as Brie suggests maybe such items could be included under other policies.

Marvel1

Brie said:

"Help!  Before I start smashing things and *have* to make a claim... Oh no, that would be deliberate wouldn't it, doh!"

Well it seems that John Lewis home cover thinks that's just fine, at least that's how i read their ads!!

Not the only one as it's been since removed.

https://www.johnlewisfinance.com/

You may have seen our "Let Life Happen" advert for our new home contents insurance offering, which ran between 11 and 27 October 2021. This advert has been withdrawn because the Financial Conduct Authority considers the content to be potentially misleading and could cause customers to be confused about John Lewis’ new home contents insurance offering. This was absolutely never our intention. The ‘Let Life Happen’ John Lewis home insurance advert was created to show a joyful depiction of a young actor getting carried away with his performance, oblivious of the unintentional consequences of his actions. We would like to clarify that accidental damage cover is available as an add-on to John Lewis's new home contents insurance product and only covers accidental (not deliberate) damage. We have decided to contact every customer who purchased our new home contents insurance cover from 11 October to 31 October to confirm they understood these points and are happy with their purchase.

James_Blonde

Brie said:

Is there any insurance cover via your employer?  Or your bank accounts?  

And when all else fails - have you got a  quote from NFU?  

I work for a big bank.  We are offered the standard policy the bank offers customers (at the same rate).  So.....

I was getting so wound up yesterday that I decided there was no point even bothering looking till during the week when I can phone them up.  Will also try NFU, though their site looked a bit clunky - and I was in no mood for clunky yesterday!

and the question was asked - am I over insuring?  

Are you supposed to insure everything?  If so.... then I appear to be under insuring, though need to more accurately cost everything up. 

Or are you supposed to just take a risk based approach?  In which case, the insurance doesn't cover you if the house burns down!    

I do have a lot of camera equipment - more than I perhaps realised myself!  and a lot of that goes out with me.  Which is partly why I wondered whether it was worth insuring that separately.  Similarly with computers and gadgets, though more of that stays at home.  I already insure my mountain bike separately - it just made more sense to do that.  
  

Sandtree

IvanOpinion said:

Check if you really need to list everything on that "hefty list of specified contents".  Are they all over whatever limit your insurance company uses for named items? Or have you just included them for the sake of including everything.  Do you have a high 'away from home' level of cover.  If so reducing that a bit may help or as Brie suggests maybe such items could be included under other policies.

You dont have a choice, your contents insurance has to cover all your contents, you cannot pick and choose.

Certainly what has to be listed will vary by insurer as some what anything over £2k, some arent interested in furniture etc and just have a generic cap.

PP cover/cover away from the home can add a lot, especially with companies with a low single article limit because you have to list an amount of stuff you;d never take all out at the same time. 

Personally find M&S Premier a good option given their £10k item limit both in the home and outside so not having to declare items individually. No idea of their view of listed buildings though.

YBR

A £7k Musical instrument I'd definitely consider insuring separately, however, my instruments don't stay at home all the time so their policy may not be geared for you if it's (e.g.) a Grand Piano that never travels!
I use Musicians Insurance Services, I don't think there are many other specialists in that field.

Sandtree

But you must still tell your insurers the item is in your home, even if insured separately... if the potential burglar sees the grand piano through the window it may be the deciding factor why you become their lucky target that night. 

Unfortunately this then makes webforms for getting online quotes difficult as none, that I am aware of, give the option to declare something not to be insured

Vegastare

I have been trawling too after an increase of over £140 ish and no claims over 9 years and with same company for several years.
Seems to range around £150 to even £200 less than I am paying and I really can't get my head round why there is such a difference have found 2 which is reasonable but wonder if this new insurance action that Gov have brought in is the reason for big hike.  Seems insurance companies wont be able to give sweet deals to new customers....which is great but is it bouncing up policies

Hope you get sorted

Sandtree

The FCA rather than the government and the rules dont take effect until 1 Jan. Not found anyone thats chosen to give up market share and implement early (M&S claimed they had but were proven wrong)

Vegastare

Yes I am aware that the it comes into effect in Jan 22 - but I have never seen my premium rise 20% in a year, with no claims over many years.

I cannot think of any risk that has instigated this rise.