new home high price insurance, why!

emmamc252

we are literally just about to sign for our first home. we have been looking at buildings and contents insurance and were shocked at how expensive the premium is. we live in a really nice area, we are buying a detatched house, and we are actually quite worried about wh the premium would be this high.

my mum lives 5 minutes away in a more expensive home and her annual policy is under 200pounds. ours is nearly 400.

just wondering if anyone can tell us why this might be the case, we are worried that maybe this particular street has been a target for crime or something? really quite worried!

BenL

Are you 5 mins closer to a flood plain?

Is the area affected by subsidence?

Are you massively over insured?

Have you added cover away from the home, specified high risk items?

Low voluntary excess?

1st policy, no history of not claiming - not as important as car NCD but I find more people are asking now.

Have you got criminal convictions? Arsen maybe? - Joke but other cons will put up the price.

Is it brick & tile construction or Straw and mud?

Alarm System?
All approved locks on doors and windows?
Smoke Alarms?

Have you been through insuresupermarket etc for more quotes?

Badger_Lady

Your age will usually have an impact, so can't really compare quotes with your Mum I'm afraid

mattymoo

emmamc252 wrote: »

we live in a really nice area

Which is where the thieves like to do their work.
Could be simply that the insurer you've asked has seen a lot of claims in that area or possibly even just a few very large claims that has skewed the statistics for that particular postcode.

Is the house non standard construction in any way? Some modern builds are timber framed for instance.
Also, if it is a brand new house there is a good chance it has been plonked on a flood plain.

minimike2

£400 really isnt that much for a buildings and contents policy.

Mikeyorks

minimike2 wrote: »

£400 really isnt that much for a buildings and contents policy.

Relative I suppose ... but it's more than double my (M&S) policy. Which covers unlimited re-build costs and unlimited content cover.

Badger_Lady

OP, you really need to remember that a lot of home insurance is about the person being insured, not just the property:

You've already said in your other post that your Mum's house is occupied during the day and yours isn't, which makes you a higher risk.

I'm assuming you're quite a bit younger than your Mum, which makes you a higher risk.

You may be looking at a more comprehensive cover (e.g. accidental damage) than your Mum.

Your Mum may have taken her insurance out some time ago, before a variety of claims came in, raising the premiums.

If you really want to know the answer, do a load of quotes as your Mum in her house and see what they come out as. Then do a load of quotes as your Mum in your house - see if they're any different. Finally, do the quotes as you in your house and see if it's more expensive than if you were your Mum. This will show whether it's the property or the person that's considered a higher risk.