Insurance question - Reclaiming

TBONE24

When I bought my first house in 2014 the mortgage broker which owned their own insurance company said I needed to pay 78 and 45 a month for separate policies for home insurance and contents, they failed to tell me i could source my own and pay a lot less. They gave me the impression I could not and I felt I had no choice but to go with it - it was countrywide insurance. where do i stand if i tried to get compensation is it too long ago ? I stopped owning prepandemic and have just rejoined the property ladder and amlmost not even paying this amount more than once a years cover. What are my options if any ?

Mark_d

It sounds like you were mis-sold this insurance as you were misled.  You could try to go through the countrywide insurance complaints procedure and then the financial ombudsman service...but how much compensation are you looking to claim?

Countrywide insurance did provide the cover that you paid for - for buildings and contents insurance for your first house.   Maybe you could have bought cheaper insurance policies but maybe the cheaper policies would offer less cover than the Countrywide policies.

In my opinion you don't really have a claim here.  I would treat this as a learning experience.  In future, don't rely on the advice of one salesman.  Estate agents usually push you to use, or at least get a quote from, their mortgage broker and/or solicitors.  Getting quotes can't hurt but I would always choose my own service providers myself.

DullGreyGuy

You can put a complaint into the mortgage broker that they mislead you into thinking you had to use their preferred insurance broker... what evidence do you have to this effect? What has happened in year 10 since the advice to suddenly realise there is a problem? Normally you are capped to 6 years for a complaint but it can be longer if you can evidence you only became aware of the issue later. 

You say you have found cheaper policies since... are they like for like? There are a lot of very poor quality policies out there with limited cover and it's hard to argue that you've had a loss because you had a higher quality product but happened not to need to claim. 

lincroft1710

At £1476 a year 10 years ago what were you insuring? Are you certain there wasn't a life insurance plan rolled in with this.