Bankruptcy and home insurance

MarcJTay

Hi. I am moving home in the next couple of months, and my partner will be moving in shortly thereafter.

She was declared bankrupt in 2009 (significant bereavement and inherited loans on separation). She has never made an insurance claim. Once I knew the details, I added this information to compare the market home insurance and the cheapest quote rose by £95 (25%) although the more expensive quotes stayed more or less the same. I thought there was a statute of limitations of 6 or 7 years on bankruptcy.

I'm guessing there is not a lot I can do about this other than be open / honest (which I have been), and assume it is down to the individual insurer based on risk perception. Be grateful for some insight please.

DullGreyGuy

There is no law of limitation on how long someone can ask you if you have ever been declared bankrupt. 

It's probably more like the Rehabilitation of Offenders Act where minor offence (eg defaults, missed payments) fall off after a period of time but more serious issues (eg bankruptcy) never does. 

luvchocolate

As time goes on it does get better..but always check the assumptions on the quote...usually based on never being bankrupt. 
I had no problem with car insurance the contents insurance was impacted by BR 

JadedAngel88

MarcJTay said:

Hi. I am moving home in the next couple of months, and my partner will be moving in shortly thereafter.

She was declared bankrupt in 2009 (significant bereavement and inherited loans on separation). She has never made an insurance claim. Once I knew the details, I added this information to compare the market home insurance and the cheapest quote rose by £95 (25%) although the more expensive quotes stayed more or less the same. I thought there was a statute of limitations of 6 or 7 years on bankruptcy.

I'm guessing there is not a lot I can do about this other than be open / honest (which I have been), and assume it is down to the individual insurer based on risk perception. Be grateful for some insight please.

I went bankrupt in 2006 and, even all this time later, I'm still affected by it. Bankruptcy never dies. If you are asked on an application, you have to say yes.

I also live in an area that was previously flooded. So I have twice the effort to find reasonable insurance.

My advice is to use all of the comparisons companies - go compare, compare the market etc etc. I have also used a place called Quote Zone. I got my contents insurance through them with Tesco, was £63 for £30,000 of cover plus it includes student accommodation (daughters at uni).

I have had quotes in the thousands of pounds before, I kid you not, I get it goes with the bankruptcy and flooding but I refuse to pay silly money for insurance. You just have to work to get it.