Home insurance - relevant?

Acidforums

My renewal is up to £300+ pa

I just can't seem to get any value
I understand it's a any rain aspect but is it essential ? 

What are people using it for when the worst scenario happens and is it still worth it? 

DullGreyGuy

Acidforums said:

My renewal is up to £300+ pa

I just can't seem to get any value
I understand it's a any rain aspect but is it essential ? 

What are people using it for when the worst scenario happens and is it still worth it? 

Hu?

I get the first line, your renewal has gone up £300 this year, not clear if thats a 200% increase or a 1% increase.

Guessing the next is that you arent able to find anything cheaper?

Third line is a total mystery 

The last one is almost as unclear too. 

Most people cannot afford to replace their home and all its content, they ultimately have no choice but to either buy insurance or run the risk. If you have a mortgage you normally have no choice, you must have buildings insurance. 

You may be able to cut certain coverages like contents outside the home, accidental damage, home emergency if you are struggling to afford the quoted prices after shopping around. These can be big claims but rarely anything compared to the property burning to ash with everything in it. This naturally assumes you are already shopping around to get the best price. 

maman

I think you're saying that your insurance renewal has increased to £300+per year. You know that insurance is for a rainy day but is it essential. At least I think that's what you meant.

Of course, there are heaps of things that insurance covers other than the obvious flood damage from a rainy day. 

£300 wouldn't go far to replacing or repairing anything in your home that was covered by your insurance. 

dunstonh

My renewal is up to £300+ pa
I just can't seem to get any value

What do you mean by value?
Mine is almost £3,000 a year and I consider it value.

What are people using it for when the worst scenario happens and is it still worth it? 

Home insurance is used to provide home insurance.   So, everyone with it will be using it the same way.
I hope I never have to use it.  

RavingMad

It's one of those that isn't of any value until we come to need it 

I hate having to pay for holiday insurance every time we go abroad but you know the one time you're caught short is when you need it

House insurance is mandatory for mortgages but contents isn't. I haven't declared high value jewellery but I might see what it adds on to my premium next year 

Veteransaver

Buildings insurance you definitely should have (if you own the home obviously)
Contents insurance, suppose it depends on the value of your contents
Obviously worst case is house burns down and needs to be completely rebuilt and all your contents replaced
You could increase the excess to reduce the premium
Or remove accidental cover, I've never thought accidental cover is worth it on contents due to the excess . Eg If you break something worth  £500 then the excess and subsequent rise in premiums for next 3or5 years means you might as well just take the hit yourself 
Have you shopped around and played with the excess levels?

DullGreyGuy

RavingMad said:

House insurance is mandatory for mortgages but contents isn't. I haven't declared high value jewellery but I might see what it adds on to my premium next year 

As in you have "forgotten" to declare items @ravingmad or that you dont own any right now but will shortly?

If it's the former then you have no home insurance, intentionally failing to declare items would entitle the insurer to void the policy and avoid any claims. 

RavingMad

DullGreyGuy said:

RavingMad said:

House insurance is mandatory for mortgages but contents isn't. I haven't declared high value jewellery but I might see what it adds on to my premium next year 

As in you have "forgotten" to declare items @ravingmad or that you dont own any right now but will shortly?

If it's the former then you have no home insurance, intentionally failing to declare items would entitle the insurer to void the policy and avoid any claims. 

I haven't declared items like wife's rings but I have no intention of claiming for them should anything happen. Surely that's not an issue? In fact, I bet it's hardly anything more to add them but I've always wondered how difficult it would be to claim for lost jewellery?

I'll look into this for holiday insurance as that's more likely when things get lost

DullGreyGuy

RavingMad said:

DullGreyGuy said:

RavingMad said:

House insurance is mandatory for mortgages but contents isn't. I haven't declared high value jewellery but I might see what it adds on to my premium next year 

As in you have "forgotten" to declare items @ravingmad or that you dont own any right now but will shortly?

If it's the former then you have no home insurance, intentionally failing to declare items would entitle the insurer to void the policy and avoid any claims. 

I haven't declared items like wife's rings but I have no intention of claiming for them should anything happen. Surely that's not an issue? In fact, I bet it's hardly anything more to add them but I've always wondered how difficult it would be to claim for lost jewellery?

I'll look into this for holiday insurance as that's more likely when things get lost

If they were to find out yes, they can void the policy and avoid the claim. 

Some may allow you to declare them but not insure them for a lower premium than insuring them but they have to be declared. From an insurers point of view insured or not they increase the risks particularly of theft. Someone spotting a flashy Rolex or big engagement ring may target that person and whilst they're at it take other items that are insured. 

Relevance however is no longer relevant since the law changed with CIDRA that meant there no longer had to be any connection between the false declaration and the claim at hand. So in principle you claim for storm damage to your roof, the Loss Adjustor comes up stairs to look at the internal damage and sees the rings on the dressing table it can be a very cheap fee for him to earn by voiding the policy. 

You are asked to declare every item over £X thats in your home, not to declare every item thats over £X that you want to insurer thats in your home. 

RavingMad

DullGreyGuy said:

RavingMad said:

DullGreyGuy said:

RavingMad said:

House insurance is mandatory for mortgages but contents isn't. I haven't declared high value jewellery but I might see what it adds on to my premium next year 

As in you have "forgotten" to declare items @ravingmad or that you dont own any right now but will shortly?

If it's the former then you have no home insurance, intentionally failing to declare items would entitle the insurer to void the policy and avoid any claims. 

I haven't declared items like wife's rings but I have no intention of claiming for them should anything happen. Surely that's not an issue? In fact, I bet it's hardly anything more to add them but I've always wondered how difficult it would be to claim for lost jewellery?

I'll look into this for holiday insurance as that's more likely when things get lost

If they were to find out yes, they can void the policy and avoid the claim. 

Some may allow you to declare them but not insure them for a lower premium than insuring them but they have to be declared. From an insurers point of view insured or not they increase the risks particularly of theft. Someone spotting a flashy Rolex or big engagement ring may target that person and whilst they're at it take other items that are insured. 

Relevance however is no longer relevant since the law changed with CIDRA that meant there no longer had to be any connection between the false declaration and the claim at hand. So in principle you claim for storm damage to your roof, the Loss Adjustor comes up stairs to look at the internal damage and sees the rings on the dressing table it can be a very cheap fee for him to earn by voiding the policy. 

You are asked to declare every item over £X thats in your home, not to declare every item thats over £X that you want to insurer thats in your home. 

I wasn't aware that's how you're meant to do it. I'll be sorting this out with Aviva and will see if friends I speak to are clued up.  Not like it's something people usually bring up lol

Acidforums

Thank you and apologies for the vague initial first post on here
I simply meant the contents part, alot of our stuff can be replaced , I  mean i rather it doesnt get stolen or damaged due to a major even but at the same time its an additional cost (especially if excesses are added on top which I would then think twice to replace)

In terms of buildings cover, yes crucial as its rainy day, what I wanted to check with this is how do we ensure we are getting value, I mean I hope its never used BUT if it was I woudl want my full value worth of it