Building and content insurance

Debsododaband

Hi, we have been with the same company since we bought our house in 2003 (Nationwide) . Our policy is due for renewal next month and have got a very good deal, as no claims. I had a couple of queries with the policy, so called them. I also mentioned that our policy states we are mortgaged! We have paid our mortgage off in 2013, when I mentioned this, we got an even lower deal. Does this mean that we have been overpaying for 9 years? And if so, can we get our money back? TIA

[Deleted User]

No, it means you've been paying the rate based on the details you provided. But by sticking with the same company,bit means you haven't taken advantage of any new customer discounts or better rates. There's no refund for that.

Shop around each year - you're likely to make savings (though less so than in previous years), as there are no new customer discounts anymore.

dunstonh

I also mentioned that our policy states we are mortgaged! We have paid our mortgage off in 2013, when I mentioned this, we got an even lower deal. Does this mean that we have been overpaying for 9 years? 

Possibly you have.    Although the vast majority of providers do not change price whether it is mortgaged or not  So, it may not have been something that was priced in for the whole of that period.

 And if so, can we get our money back?

No.   You are sent details at each renewal and are asked to check and let them know if any of the details are wrong.   You didn't do that.  So, they priced on the information you told them.

martinbainbridge1975

always worth shopping around each year, there are some really good policies with a lot of cover at a very competitive price.

if you use top cashback and then go compare or confused there is often a cash back to be had of 20-30 quid