The cheapest House content insurance

JustN43

Hi 
I have been paying £55 per month ( the cheapest quote I found at the time via money supermarket ). I tried again yesterday as I am due for renewal. again, the quotes were around £60.

Then I tried Lloyds bank - the golden package is just £14 per month. That is quite a find

[Deleted User]

Hi,

good for you, if it covers everything that you need.

hangryconsumer

Have you tried looking at how much cheaper it is to pay annually instead of monthly? Appreciate that you might not be able to afford it which is why you pay monthly. I personally don't have contents insurance. I don't have a house full of expensive things and if someone stole something I could probably replace it without being bankrupt. I only have buildings insurance because I'm forced to have it by the mortgage company. Very unlikely that someone will crash into my house from the main road, as per many news stories!

The most expensive stuff is probably technology related, so I don't know if gadget related insurance would be cheaper than the entire contents of a house. Are you really worried about furniture burning in a fire etc? Or do you live in a high burglary rate area?

Brie

£55 a month means £670 a year?!

Our combined building and contents insurance is maybe a third of that!  

What are you trying to insure?  Are you getting all the un-necessary add-ins?

grumbler

Brie said:

£55 a month means £670 a year?!

Before I reached your post I though it was per year, not per month!

I remember times when my building and contents was almost free after TCB/Quidco cashback. Now it's about £100 p.a., I am mortgage-free and I decided not to have it.

twopenny

I have combined house and contents for a quater of that.
Have you vaguely looked at what you would need to replace in event of a fire and priced the cost?
Built in usually is part of house cover.
Carpet and furniture is what you are looking at. Anything I have of value isnt much and are family so couldn't be replaced so I don't take out extra for those. 
Perhaps list the cost of replacement and work from there

Brie

Potentially the OP is overinsured.  Or collects first editions or something.  

flashg67

hangryconsumer said:

Have you tried looking at how much cheaper it is to pay annually instead of monthly? Appreciate that you might not be able to afford it which is why you pay monthly. I personally don't have contents insurance. I don't have a house full of expensive things and if someone stole something I could probably replace it without being bankrupt. I only have buildings insurance because I'm forced to have it by the mortgage company. Very unlikely that someone will crash into my house from the main road, as per many news stories!

The most expensive stuff is probably technology related, so I don't know if gadget related insurance would be cheaper than the entire contents of a house. Are you really worried about furniture burning in a fire etc? Or do you live in a high burglary rate area?

Your choice, clearly,  but contents isn't just for theft. We had a house fire last year - fire was contained to the kitchen, but smoke/soot got everywhere through the house - even up onto the loft! - you might be surprised how much it would cost to replace all your soot damaged electronics, sofas, bedding, curtains, carpets etc - we had nothing fancy but was a few £000s 

OP - not sure where you live, but even after our £35k fire claim, our buildings and contents is only about £150 per year - yours seems very high

FaceHead

Brie said:

Potentially the OP is overinsured.  Or collects first editions or something.  

Agree, but there seems to be an inconsistency between the OP needing even a fraction of so much insurance, and not being able to afford to pay annually. 

OP - why is your insurance so expensive? It's likely that you'll not get the same cover from a £14/month bank account, but if you know why it's so expensive, you can make a conscious choice about what cover to have. 

Clearly the cheapest insurance is no insurance, and that demonstrates the tradeoff between cost and coverage.

grumbler

FaceHead said:

Brie said:

Potentially the OP is overinsured.  Or collects first editions or something.  

 It's likely that you'll not get the same cover from a £14/month bank account,

It's not a packaged bank account. None offers house insurance. Most likely, it's 'Gold'  level of insurance by Lloyds - with contents limit up to £250K(!).

Yes, it's hard to believe that anyone with content valued more than £100K is paying for the insurance monthly.

TELLIT01

Many people do underestimate the replacement cost of items and ignore things like CDs and DVDs.  The value of those can quickly add up and if not priced accurately can lead to reduced payout in the event of a fire, for example.