Buildings & Contents Insurance Discussion

MarkyMarkD

They definitely don't have to be with the same provider, but it is often cheaper if they are.

It also makes claiming a lot easier, as most incidents cause damage to both - e.g. a break-in, or a flood, will likely cause damage/loss to both buildings and contents.

Spendless_Dosh

Just wanted to recommend the use of insuresupermarket.com. I'd just received the usual yearly renewal notice and having read the article in todays Times money section thought I'd check them out. I saved 18% with the same insurer (Direct Line). I rang to find out why and was told that renewals are increased in line with RPI every year. This doesn't really address the issue of why there was such a big difference but needles to say I've changed to the online policy.

payless

I'm really confused....
Had a letter today to advise that our home and contents insurance are going up in jan.
When are we able to change?

We took it out around last jan/feb and pay mthly DD.

Do home and contents both have to be with the same insurer?

I tried the link on here to see who would give the best figures but it said that Halifax would be the only people willing to protect our type of property.

We live in a flat that was built in about 1983.
It's not  a block of flats or anything, we have our own entrances and garedn etc but there are doors around the corner so people can get into the flats above.

It is double glazed, locks on every entrance including an extra lock on patio door and also a deadlock? on front door.
Also an alarm is fitted and we live in a nice enough area, so i don't understand why suddenly noone would want to cover us??

Any ideas anyone??

We need to keep all of our outgoings down to a minimum!

some insurance companies are not on the compaison sites ( interesting article in todays Sunday Times - about a certain financial comparison site)

Perhaps worth speaking to a broker
( currently an unregulated market, but regulation from 14/1/05 - so perhaps worth dealing with a broker who has already got FSA Grant of Permission for this product area)

keepthereceipt

I recently saved in the region of £140 on buildings and contents insurance with Paymentshield. Best quote I'd had for 300K buildings and 40K contents was £500 but the payment shield quote was £40 per month for 9 months, first 3 free.

I used Chase Templeton on 0116 239 0353 - Ed Lee and I'm not associated with them.

Cheers

payless

http://forum.moneysavingexpert.com/cgi-bin/yabb/YaBB.cgi?board=Referrers;action=display;num=1090930986

for my long standing offer to MSE users on Paymentshield policies

taffee

With regards to Buildings Insurance, when taking out a policy its worthwhile always including accidental damage cover.
The additional cost is usually negligible compared with standard cover. If your roof leaks and its not covered due to wear and tear, then the resultant internal decorative damage could be covered under the accidental damage clause. ;D

payless

With regards to Buildings Insurance, when taking out a policy its worthwhile always including accidental damage cover.
The additional cost is usually negligible compared with standard cover. If your roof leaks and its not covered due to wear and tear, then the resultant internal decorative damage could be covered under the accidental damage clause.  ;D

In most cases I agree- in fact in the past after reading the terms laid down by some lenders as the minimum requirements for building insurance, I noticed that in some policies these are only covered in the acc damage option is taken

firemanphil

Right people,

What is a realistic rebuilding cost. Is it best to match it to the valuation.

House bought 2 years ago for £110,000. Now worth approx. 150,000.  My existing cover is for 86,000 rebuilding cost. I guess i need to increase this?

Any replies appreciated.

Martyn

firemanphil

Rebuilding costs v Market valuation?

When I rung the broker to query my current rebuilding costs figure I was told that the only way was to check what my mortgage provider had said when I bought the house. I bought the house six years ago for £60k and found that on the survey was quoted a £73k rebuilding cost. The market value of my house has now tripled to about £180k, so should I just triple the rebuilding costs to ensure I am adequately covered or what?
I am perplexed if that is the case because I have the freehold and even if (God forbid) a 747 completely demolished it, it surely would not cost so much to clear the debris and totally rebuild it when there is no cost for the land on which it stands. Is this just another scam by insurance companies to inflate their premiums?

payless

firemanphil
the market value is not a good indicator of rebuild values for reasons you mention


http://www.bcis.co.uk/costass.html

gives calculations

although many firms now offer "unlimited" or unspecified upto say £300K to avoid this problem