Can't find buildings and contents insurance under £500

DullGreyGuy

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

You have to also remember that most policies are "new for old" so you can have 20 years inflation to add to the cost of items like jewellery. You are also costing replacing every single item in your home not just the TV and laptop and the cost of 5 pairs of bedside tables, 5 beds, 10 bedside lamps etc may not be much individually but it very quickly adds up.

As mentioned in the previous post, people routinely massively under estimate their contents value. Saw a case a few years back where the person had insured their content for £20,000 thinking that gave them headroom for Xmas presents etc however the loss adjustor advised the total value was in excess of £90,000. 

mgfvvc

sevenhills said:

My quotes for just building insurance is £72, it runs out this week. I am thinking, do I need it.

There was a pair of semi-detached cottages near me that burnt down several years ago. The one that was insured has been rebuilt. The uninsured cottage is still derelict. It probably won't happen to you, but £72 is cheap compared to the cost of rebuilding if it does.

sevenhills

DullGreyGuy said:

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?

I would be classed as poor. I have never in my life had contents insurance. Nor have I ever been burgled or had a fire.

So that is 40 years in saved premiums, but I have had buildings insurance since I mortgaged my property.

Sea_Shell

MattMattMattUK said:

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. 

Surely that depends on where your house is and what lifestyle you lead in it.

If you are quite a minimalist, then you might not have much more than what might normally be expected in a smaller cheaper house, especially if bedrooms are "spare", and not full of teenagers stuff.

It could be beneficial to record what "type" of contents you have by doing a walk through video with commentary, so to have evidence in case of a claim as to the sort of stuff you have and the level of "brands".   Especially if you feel you are at either end of the "stuff" scale.

Plus the cost of replacing "new for old" contents can vary hugely, depending on how expensive your tastes are (were).

user1977

MattMattMattUK said:

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. 

In London? Could be quite a poky place.

DullGreyGuy

user1977 said:

MattMattMattUK said:

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. 

In London? Could be quite a poky place.

Still doesn't rule out it having a £50,000 kitchen from Roundhouse with all appliances from Wolf/SubZero, a £20k Beovision TV which would have been £50k but you want a sensible sized TV. Likewise the speakers, the cheap £12,000 pair with the small footprint as your £35,000 800D4 would just be overkill in the weekday crashpad 

Obviously that's before we consider the Rolex, Cartier jewellery etc. 

A previous client insures studio flats in London with single items over £60,000 let alone all the contents. If you can afford it, you can get a crazy amount of cost into a small place.