Home insurance buildings only

anotherquestion

Hi folks,

Due to a high rise in the price of home insurance I am thinking of only getting a Building only policy this year, taking into consideration I would more than likely not claim anyways on contents eg broken tv stain on floor etc and the subsequent rise in premium on subsequent years.

I have had one claim only in my life at end of 2016 when bath got cracked and that was claimed  on the buildings side of the insurance.

Any thoughts appreciated.
Thanks

user1977

What sort of thoughts were you looking for? See the advice elsewhere on this site about quotes and the comparison sites.

Aretnap

Contents insurance tends to be fairly cheap if you don't have to much in the way of valuables (presumably you don't if you're not to fussed about insurance) so you may not find that skipping it saves you as much as you expect. 

I'd also suggest that you think about the low probability but high value claims. You might not claim for a broken TV, but if the house burned to the ground and you lost everything could you afford to start from scratch again? Even if you don't own anything that's individually worth more than a few hundred pounds, the total value of the stuff you own, or even the minimum amount you'd have to replace, is likely to be many thousands. IMO insurance is mainly for the risk of rare catastrophic events like that, not for mundane day to day accidents

DullGreyGuy

anotherquestion said:

Due to a high rise in the price of home insurance I am thinking of only getting a Building only policy this year, taking into consideration I would more than likely not claim anyways on contents eg broken tv stain on floor etc and the subsequent rise in premium on subsequent years.

I have had one claim only in my life at end of 2016 when bath got cracked and that was claimed  on the buildings side of the insurance.

Any thoughts appreciated.

Your house burns to the ground tomorrow and you are left with just the clothes you are wearing, got enough to start again from nothing? Or happy to see it all go and just live with the clothes, furniture, kitchen stuff your savings could pay for?

If the answers are yes, then you dont need home contents insurance. If the answer is no then you need to consider the balance between the risk of losing everything and the annual premiums. You could strip it back by removing cover outside the home, accidental damage and the other enhancements.