Can I take out a pay monthly buildings insurance policy without a hard credit search?

M47

So I need to take out some landlord buildings insurance, but as I want to manage my cash flow I’d prefer to pay monthly. However each company I speak to says that I’d have to have a hard credit search ran on me.


I obviously want to avoid this to preserve my credit score as I have some other important bits of credit I need to take out very soon.

so my question is, can I take out a pay monthly buildings insurance policy without a hard credit search?

Are there any companies who will only run a soft search?

 Thank you in advance 

BJV

I think that no matter who you go with they will want to search you are they will want to know that you are likely to pay the insurance premium. But I guess it depends what type of other credit you need?

[Deleted User]

Hi,

if you compare annual to monthly payments you'll see what extra it costs for monthly payments, so might be cheaper to pay the yearly amount by credit card and spread the payments.

born_again

M47 said:

So I need to take out some landlord buildings insurance, but as I want to manage my cash flow I’d prefer to pay monthly. However each company I speak to says that I’d have to have a hard credit search ran on me.


I obviously want to avoid this to preserve my credit score as I have some other important bits of credit I need to take out very soon.

so my question is, can I take out a pay monthly buildings insurance policy without a hard credit search?

Are there any companies who will only run a soft search?

 Thank you in advance 

Credit score is never seen by lenders. It is a made up figure by the CRA.
Lenders look at your credit history (missed payments)

M47

born_again said:

M47 said:

So I need to take out some landlord buildings insurance, but as I want to manage my cash flow I’d prefer to pay monthly. However each company I speak to says that I’d have to have a hard credit search ran on me.


I obviously want to avoid this to preserve my credit score as I have some other important bits of credit I need to take out very soon.

so my question is, can I take out a pay monthly buildings insurance policy without a hard credit search?

Are there any companies who will only run a soft search?

 Thank you in advance 

Credit score is never seen by lenders. It is a made up figure by the CRA.
Lenders look at your credit history (missed payments)

I know but I need to do a few remortgages over the next couple of months and hard credit searches are not good. As I have already applied for a bit of credit recently I just want to avoid any additional searches.

M47

Thank you to everyone who’s replied. I was hoping that someone could specifically recommend a route I could take to completely avoid a hard search. I’m find with a soft

dunstonh

Why do you need a credit agreement to pay for buildings insurance?    If you pay the annual premium, there is no credit involved.

Hoenir

In effect the insurers are granting you credit. Whether it's internal or externally financed. Hence the need to assess your credit worthiness and the ability to meet the monthly repayments. 

DullGreyGuy

dunstonh said:

Why do you need a credit agreement to pay for buildings insurance?    If you pay the annual premium, there is no credit involved.

As the OP says they want to spread the cost of the insurance to help with cashflow and believes this is easier achieved with a monthly instalment plan from the broker/insurer than using existing revolving credit (eg credit card) or getting a loan (which wouldn't achieve their hope of avoiding a hard search).

M47 said:

born_again said:

M47 said:

So I need to take out some landlord buildings insurance, but as I want to manage my cash flow I’d prefer to pay monthly. However each company I speak to says that I’d have to have a hard credit search ran on me.


I obviously want to avoid this to preserve my credit score as I have some other important bits of credit I need to take out very soon.

so my question is, can I take out a pay monthly buildings insurance policy without a hard credit search?

Are there any companies who will only run a soft search?

 Thank you in advance 

Credit score is never seen by lenders. It is a made up figure by the CRA.
Lenders look at your credit history (missed payments)

I know but I need to do a few remortgages over the next couple of months and hard credit searches are not good. As I have already applied for a bit of credit recently I just want to avoid any additional searches.

Hard/Soft searches is an overly simplistic view, just like the whole "credit score". When a search is done a reason is also logged, in many cases it will be because its an application for credit and those are the sort that are going to make other lenders worry if you have a lot of them recently. 

Some insurers will do a hard search but state the purpose is for insurance administration and a lender is going to be much more comfortable with those searches appearing on your file... it shows you are risk adverse and buy insurance rather than live life by the seat of your pants. 

You will find it difficult to find exactly who does what in all circumstances as it will vary massively based on channel, distribution mechanism etc. If you really are concerned about it all then you are probably best not going for instalments but even that isn't a guarantee of not having any searches registered.