Can't find buildings and contents insurance under £500

Electrobag

I have moved into a bigger more expensive house than my previous properties but the insurance seems crazy.  5 bed house valued at 1.3m and I can't find buildings and contents insurance for less than £500 per year.  Does this sound about right?

DullGreyGuy

Valuation is irrelevant, you insure the rebuild cost for Buildings.

Contents will depend on how much stuff you have, how much jewerly etc in particular and if you have cover in the home only or outside too. 

Our contents alone is over £500. One person here is very happy with their £2,000 home insurance premiums. Some think the increase to £150 this year is really bad. 

sevenhills

My quotes for just building insurance is £72, it runs out this week. I am thinking, do I need it.
Why do you feel that you need contents insurance.
Have you compared on here?

dunstonh

  5 bed house valued at 1.3m and I can't find buildings and contents insurance for less than £500 per year.  Does this sound about right?

£1.3m buildings and unspecified contents and you want it for less than £500.  I think you need to realign your expectations.

We pay over £2000 a year.

Electrobag

sevenhills said:

My quotes for just building insurance is £72, it runs out this week. I am thinking, do I need it.
Why do you feel that you need contents insurance.
Have you compared on here?

I guess you need contents insurance in case you get burgled or have some kind of disaster at home like fire or other damage?

Electrobag

dunstonh said:

  5 bed house valued at 1.3m and I can't find buildings and contents insurance for less than £500 per year.  Does this sound about right?

£1.3m buildings and unspecified contents and you want it for less than £500.  I think you need to realign your expectations.

We pay over £2000 a year.

According to Google the average price in London is £248.  Maybe if I lower the contents which I had put at £60,000

DullGreyGuy

Electrobag said:

dunstonh said:

  5 bed house valued at 1.3m and I can't find buildings and contents insurance for less than £500 per year.  Does this sound about right?

£1.3m buildings and unspecified contents and you want it for less than £500.  I think you need to realign your expectations.

We pay over £2000 a year.

According to Google the average price in London is £248.  Maybe if I lower the contents which I had put at £60,000

London is full of small leasehold flats 

Remember that insurance works on the basis of averaging if you are underinsured so if you insure it for £60,000 but your content is actually worth £120,000 you are 50% under insured and so the max payout would be £30,000. Alternatively if they believe you intentionally or recklessly undervalued your content they could simply void the policy. 

Those that can afford a £1.3m 5 bed home generally have more possessions than that. 

sevenhills

Electrobag said:

sevenhills said:

My quotes for just building insurance is £72, it runs out this week. I am thinking, do I need it.
Why do you feel that you need contents insurance.
Have you compared on here?

I guess you need contents insurance in case you get burgled or have some kind of disaster at home like fire or other damage?

Insurance doesn't stop a fire, I may well get another quote, but I fundamentally don't like insurance.

DullGreyGuy

sevenhills said:

Electrobag said:

sevenhills said:

My quotes for just building insurance is £72, it runs out this week. I am thinking, do I need it.
Why do you feel that you need contents insurance.
Have you compared on here?

I guess you need contents insurance in case you get burgled or have some kind of disaster at home like fire or other damage?

Insurance doesn't stop a fire, I may well get another quote, but I fundamentally don't like insurance.

The average household has £35,000 of content (according to Admiral), do you have £35,000 laying around to replace everything you own in the event of the said fire? 

Are you an average person? The people themselves estimated their content to be £18,333 so about half the real number. Given Admiral are a budget provider you could assume if you are family with kids with double good incomes your contents could easily be double that so do you have £70,000 laying around that's not needed for anything else?

Insurance is fundamentally a gamble, things like Home, Car etc the bet is worth taking in my mind because of the large loss risk. Things like gadget insurance or white good warranties are rarely worth it for me as ultimately I can afford to go out tomorrow and replace my washing machine and the ratio of premium to max payout is too low

baser999

Electrobag said:

dunstonh said:

  5 bed house valued at 1.3m and I can't find buildings and contents insurance for less than £500 per year.  Does this sound about right?

£1.3m buildings and unspecified contents and you want it for less than £500.  I think you need to realign your expectations.

We pay over £2000 a year.

According to Google the average price in London is £248.  Maybe if I lower the contents which I had put at £60,000

£60000 is a lot of contents

MattMattMattUK

baser999 said:

Electrobag said:

dunstonh said:

  5 bed house valued at 1.3m and I can't find buildings and contents insurance for less than £500 per year.  Does this sound about right?

£1.3m buildings and unspecified contents and you want it for less than £500.  I think you need to realign your expectations.

We pay over £2000 a year.

According to Google the average price in London is £248.  Maybe if I lower the contents which I had put at £60,000

£60000 is a lot of contents

Not in a £1.3 million house it is not.