Home Insurance Discussion

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I work for an Insurance broker - specialising in those people with HIGH NET WORTH, and the standard polices on the market DO NOT provide sufficient cover/protection in case of a loss. Many of our Clients are underinderinsured, and it's only when they have a loss that they find out. This applies to those of us (me included) who do not have enough to even be Mid Net Worth.
If you've been lucky enough to be given or have been bequeathed a diamond ring worth say £2000 - check your policy, it may have a single article limit of £1,500, some of the big TVs now cost more than this limit. These items need insuring correctly. Yes, you'll pay extra on some policies, but you'll want paying in full if it gets lost/damaged.
I know it's not a fun subject, but Insurance covers the bad things that might happen - imagine the worst that could happen, making a claim, and finding you haven't got enough to recoup your losses.
When looking at sums insured for contents, many people forget the items such as Curtains, Carpets, Bedding, Linen and Clothing - these can add up for a family of 4/5 - imagine replacing all the shoes in your house in 1 go!!!
Sorry to be a grump, but there is slightly more to it than just having insurance, make sure it's adequate.
Always grateful for any hints, tips or guidance as to where the best deals are:smileyhea
I have just bought a house and am looking at quotes for Buildings and Content cover.
Do I need to declare my claim under accidental damage and will it affect my claim? I'm not clear when asked have I made a claim - whether that implies accidental claim?
The property we are buying is going to be in both mine and my wifes name - so I assume that the policy needs to be in our names too.
You should declare any claim. Whether it's accidental damage or not isn't relevant.
Our property is a leasehold maisonette and all the leaseholders where I live were told som years ago when a different company took over that we had to take out insurance with their nominated insurer. Our buildings insurance is in the region £300.00 a year which seems a lot to me. We pay more on top for contents with a different insurer (SAGA)
I have read that it can be challenged but the link below seems to imply houses not maisonettes/flats.
http://www.mortgageguideuk.co.uk/insurance/leasehold-insurance.html
What you may now have is a "sum insured" rated policy. This is where the price you pay is based on how much it would actually cost to rebuild your home. This means that the number of bedrooms becomes academic and you can sometimes get a better deal.
The problem with "sum insured" policies is that you run the risk of being underinsured and the "average" clause comes into effect. This is where they make you responsible for a proportion of each claim you make. You also run the risk of being over insured, which means that you are constantly paying out more than you need to.
There is a solution!!!!
One of the standard and accepted means of calculating your rebuilding costs is the BCIS. They have a rebuilding cost calculator at the following address:
http://calculator.bcis.co.uk/
I strongly recommend you read the whole thing before getting out your tape measure.
Please remember that the BCIS is a guide only and if you have any concerns you should really speak to a chartered surveyor about your rebuilding costs.
Hope this helps.
Will do the same this year. Firstly I check out comparison sites, compare these to my renewal quote and see if I can get cashback. At the forefront of my mind those is my cover though, not how cheap I can get it for (but it helps!)
Does anyone have any recommendations for where else I can go for a quote? My existing insurer (Tesco) has quoted £860 which I can't afford, a big increase on last year despite no claims being made in that period. Will anywhere let you forego flood cover to save money?
Does anyone have any recommendations for where else I can go for a quote? My existing insurer (Tesco) has quoted £860 which I can't afford, a big increase on last year despite no claims being made in that period. Will anywhere let you forego flood cover to save money?
You say that you are above the level of any rising water - but any water passing through your house on the way down a hill, or anything backing up through drains that is storm related would also be excluded.
This combined with any benefit that you get from rehousing if you are forced to evacuate is a lot to lose for any premium reduction that they might offer.
You should always make insurers aware of any claims you have had - some of them can check the property for claims history, and will not quote if they think you are deliberately trying to mislead them.
Always grateful for any hints, tips or guidance as to where the best deals are:smileyhea