All your insurance in one basket?

FlorayG

I get so confused with what is insured with who, especially with changing them every year to get the best price. I have my own home, two rentals and one car to insure. I'm wondering if there is any advantage (apart from simplicity) with just insuring everything with the same insurer, even though they may not be the cheapest? I'm thinking NFU as they have an actual office in my village

DullGreyGuy

There are all in one policies designed for the time rich, cash poor high net worth individuals where Home, Motor, Travel, Pet etc are all under one policy... if its one policy behind the scenes or separate policies with a harmonised renewal date is another matter.

On the plus side, only one renewal to deal with, on the downside a lot of work all at the same time if you decide to shop around but then this was exactly the reason a former client wanted to introduce the same to the mass-exclusive market but it was too much work on the IT system to have a policy be anything other than 12 months long. 

In principle it's just a matter of convenience with many insurers. Some do offer a multi-product discount but its often circa 10% which isn't going to financially offset not choosing the best value for each class

chrisw

It's one option, but having inadvertently double insured my house contents, I now make a note of the type of insurance, company name, renewal date and cost in the Notes app on my phone. At least then I know where to find it.

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