Home Contents & Building cover when there are 3 owners

kantblue

Hi can anyone advise me on the following:

There are 3 of us living in a house with a small mortgage with Santander - all equal share joint tenants.

Santander have said that all three of us should be named on the building insurance document.

We have received an increase from £589 to £739 with our current insurers (who are aware of the requirements) so I thought i would shop around.

However most of the comparison sites only allow 2 people to named and when I try calling them say that cannot change this.

I appreciate that there are landlord and multiple occupancy specialist insurers but I'm not sure this is suitable either. We aren't family just 3 friends.

Can anyone recommend an insurer who might be more flexible when it comes to dealing with this house setup? I would have thought it wouldn't be that unusual this day and age?

kantblue

DullGreyGuy

Has Santander ever asked for evidence of insurance since taking out the mortgage? 

kantblue

Hi DullGreyGuy,

No Santander has never asked me for evidence. But then again I have never made a claim either.

If I ever have to make a claim I don't want to have problems with either Santander or the insurers.

Kantblue

DullGreyGuy

kantblue said:

Hi DullGreyGuy,

No Santander has never asked me for evidence. But then again I have never made a claim either.

If I ever have to make a claim I don't want to have problems with either Santander or the insurers.

Kantblue

The insurers won't have a problem as long as you've answered the questions accurately. Who owns the property is not normally a question asked, just how many adults and children live in the property. 

The insured needs an insurable interest in the property at the date of loss which as being one of the parties on the deeds exist. Adding secondary policyholders is more about who can speak to the insurer than anything else. 

TheGreenFrog

You should be able to have all three owners on the policy, or at the very least named as having insurable interests.  If you cannot do this via online application form you may need to call the chosen insurer.  If I was one of the joint owners I would insist on being named on the policy.

kantblue

Hi DullGreyGuy and TheGreenFrog

Thanks for the replies I found an insurer that doesn't mind you adding 3 (or more people) online - policyexpert.com and they were also much cheaper at £329 vs £739 renewal rom my current provider for essentially the same insurance.

I feel much better being able to add all three of us onto the Policy Document - my current provider did it by adding an Interested Party as one of the names as they couldn't have more than 2 policy holders.

Interesting though on the comparison sites, the cheapest insurance was around £250 the most expensive being £9,999!!

kantblue

DullGreyGuy

kantblue said:

Interesting though on the comparison sites, the cheapest insurance was around £250 the most expensive being £9,999!!

Most insurers have a target market and they try to price themselves competitively for those customers. The question then remains what do you do for people that really dont fit your preferred type of customer but arent terrible risks? Some simply decline to quote and others will give an absurd price like £9,999 because ultimately they'll accept any business at the right price