Does the choice of home insurance provider matter or choose the cheapest?

RetSol

A top quality policy would look to getting one made bespoke for you

Any suggestions as to who the providers of top quality policies are?

I am considering atm whether simply to my current policy with LV or to look further afield.

I have a quote of £126 for contents cover with LV for up to £45k on a 2 bedroom flat in inner London. I am not necessarily looking to pay less. I am more concerned about getting a good quality policy. 

Sandtree

RetSol said:
I have a quote of £126 for contents cover with LV for up to £45k on a 2 bedroom flat in inner London. I am not necessarily looking to pay less. I am more concerned about getting a good quality policy. 

Top tier providers are normally aimed at the mid net worth or high net worth market and therefore have minimum limits vastly higher than what you are needing. If you look at Hiscox's basic product (the one available on their website) you'll get an idea of their pricing too.

kaboo

RetSol said:

A top quality policy would look to getting one made bespoke for you

Any suggestions as to who the providers of top quality policies are?

I am considering atm whether simply to my current policy with LV or to look further afield.

I have a quote of £126 for contents cover with LV for up to £45k on a 2 bedroom flat in inner London. I am not necessarily looking to pay less. I am more concerned about getting a good quality policy. 

I have chosen to stay with Legal and General, because they have been bought by LV, my policy should move over to LV in the next 12 months (based on the customer care person I talked to). Overall cover wise I looked at Admiral (because htey were giving a fabulous multi policy discount since my car insurance is with them), Nationwide (since they were giving 20% discount because my mortgage is with them) and L&G. I liked L&G the most based on the features of the policy, and the reviews of the underwriters and the fact my policy will soon move over to LV. I am going to get valuation of tiny few pieces of jewellery we have and add them later. 

Sandtree

L&G's general insurance arm was sold to Allianz not LV=... Allianz simultaneously bought the other 51% of LV= (it already owned 49% of it). 

kaboo

Sandtree said:

L&G's general insurance arm was sold to Allianz not LV=... Allianz simultaneously bought the other 51% of LV= (it already owned 49% of it). 

"In January 2020 we acquired Legal & General’s general insurance business (L&G GI) L&G GI is predominantly a home insurance business, with more than 2 million customers."
from here and I also checked with their customer service who said that allL&G home insurance policies are in the process of moving to LV.

https://www.lv.com/insurance/about-us

Annemos

Good afternoon Kaboo. 

That link also says this...


In 2017 we became the LV= General Insurance Group (LVGIG) and announced a Strategic Partnership with Allianz Holdings PLC which completed in December 2019. Allianz are now our sole shareholder and we have separated from the Friendly Society. 

(Due to a personal situation, I have been closely watching who owns what in the Insurance Industry. It can get very complicated.) 

Brie

the thing to watch for as well with any insurance policy is the add ons.  Some policies are all inclusive.  Others you end up paying £10 for legal cover, £15 for bikes, etc.  Sometimes these things overlap with other policies - like when you have legal cover on both your home and car insurance, neither of which you need as you also have legal through work or your union.