Home Insurance Discussion

SLZ

dacouch wrote: »

If HSBC made a mistake, you should make an "Official Complaint" which they are duty bound to properly investigate. If you're not happy with their response you can then take it to the Ombudsman

Just to come back to this, I took your advice and they found there was a mistake and offered me £200 as a good will gesture, effectively I've had free insurance with them which is nice.

Still looking to move providers though.

csgohan4

Looking through the Together Mutual policy booklet, it's not bad comparing to say Admiral insurance.
Even got the £80 M&S card too and effectively paid 38 pounds for 1 years home insurance.

Obviously Hiscox is the best in terms of less exclusion criteria and high price as a result
. Can't afford but would get it if I could.

bitofsaving

Any tips on how to balance a good price vs. good customer ratings?
I've done a bit of googling on the cheapest insurance quotes I got, and not a single one of the companies seems to offer decent customer satisfaction.
I also tried the reverse, starting with an article on the top-rated companies, and trying to get quotes from some of them to see how big a price gap it would be vs. the cheap ones. Turns out my first two picks/tries (M&S, Hiscox) wouldn't even give me a quote for my property - a standard Victorian terrace, no flood or subsidence history, no previous claims.

I'm a bit hesitant to just go with the cheapest if they'd be awful to deal with in case I need the insurance. Anybody have a good tip how to include customer ratings in a comparison?

paddyandstumpy

bitofsaving wrote: »

Any tips on how to balance a good price vs. good customer ratings?
I've done a bit of googling on the cheapest insurance quotes I got, and not a single one of the companies seems to offer decent customer satisfaction.
I also tried the reverse, starting with an article on the top-rated companies, and trying to get quotes from some of them to see how big a price gap it would be vs. the cheap ones. Turns out my first two picks/tries (M&S, Hiscox) wouldn't even give me a quote for my property - a standard Victorian terrace, no flood or subsidence history, no previous claims.

I'm a bit hesitant to just go with the cheapest if they'd be awful to deal with in case I need the insurance. Anybody have a good tip how to include customer ratings in a comparison?

You've got Which? recommended insurers (this is probably the most 'all round' measure), Defaqto will look at the product and rate each one 1*-5*, 5* being the highest and various other measures to compare products.

Someone like LV has some of the highest customer satisfaction scores, and is a 5* product.

Doc_N

bitofsaving wrote: »

Any tips on how to balance a good price vs. good customer ratings?

I've done a bit of googling on the cheapest insurance quotes I got, and not a single one of the companies seems to offer decent customer satisfaction.

I'm a bit hesitant to just go with the cheapest if they'd be awful to deal with in case I need the insurance. Anybody have a good tip how to include customer ratings in a comparison?

You make some extremely valid and sensible points there. The cheaper companies do tend to be difficult to deal with and often try to use every trick in the book to avoid paying out on claims.

Paddyandstumpy's advice is sound, and to add to that I'd recommend (if you're not a Which? member) a visit to your local library to check out the Which? ratings of home insurance companies. Take with you a list of your quotes and try to find a well-rated company amongst the lower quotes. Personally, I'd not insure with any company that doesn't get a reasonable rating.

DrowningNotWaving

I've just been charged £19 extra on my new buildings insurance for NOT claiming.

If you call your insurer to make a claim then find the repair costs less than the excess so don't follow through, you still have to declare it as a claim in following years, which then hikes your premium.

Am I the only person who doesn't know this, does this only apply to some companies?

paddyandstumpy

DrowningNotWaving wrote: »

I've just been charged £19 extra on my new buildings insurance for NOT claiming.

If you call your insurer to make a claim then find the repair costs less than the excess so don't follow through, you still have to declare it as a claim in following years, which then hikes your premium.

Am I the only person who doesn't know this, does this only apply to some companies?

No you're not the only person. And the same rule applies to most companies.

The question you will have most likely been asked is "have you had any claims or suffered any losses". You have.

Remember, had the repair not been so cheap you would have quite happily claimed, that was your intent. This is called 'propensity to claim' and it's proven that those who have claimed or attempted to claim are more likely in the future too. Hence the increase in rate.

To be honest £19 seems cheap, I'd say you've got lucky.

IPT has also gone up over the last year, this will account for some of the increase.

mcgsp

Shocked that LV would not even attempt to get close to a Nationwide quote. Has anyone else experienced this recently?

When does LV stop increasing the NoClaimsBonus? - after 3 or 5 years?

paddyandstumpy

On home insurance I'm not sure LV use NCB at all.

If your rate has shot up from last year and you haven't claimed it's most likely just a combination of factors which have been rerated from last year, which no longer work in your favour.

Throughout the industry home insurers are being squeezed over rate, they are for the most part making targeted rating changes to try and wtite the best performing pockets of business. The rating discount given to those is offset by loads to other areas.

For example, if a business wants to write more 2 beds, they'll drop the rate. But offset this by loading 4 beds.

You've also moved to Nationwide (underwritten by UKI - same as Churchill and Direct Line) just before the parent insurer (Direct Line) loses that brand. I suspect they are making one last push to bulk the book out, as I suspect they aren't giving the back book away when they lose the brand. So they've offered a cheap rate to get clients in.

HUMBUG

I have a 1 bedroom maisonette in Greater London . It was originally a house converted into 2 maisonnettes, the upper one has 2 bedrooms. The whole property is leasehold for 950 years but the building insurance to cover £410k rebuild value (ie. the whole house) is about £750 per year and that is then split between me and the upper owners, so I pay £375 pa.
I have just got a quote for my maisonette only via Direct Line (rebuild value standard £1m) plus £200 excess , £350 excess for water damage , including accidental damage, family legal protection, emergency home cover. They have quoted me £204 which is about £171 cheaper than my current leasehold insurance that have none of the other insurance elements (ie. accidental damage, family legal protection, emergency home cover).

Why can't I just be allowed to cover just my own maisonette and send proof of that cover to the freeholder (who is actually now the owner of the upper property who have just bought the freehold from Orchidbase Ltd)? The above owners could do the same and as long as we both provide proof that the whole property is insured , it shouldn't be a problem .

But the owner above me is against the idea because I suspect its their responsibility to insure the whole building (as per the terms of the lease). How could they know for certain that I am doing my bit to insure my share of the property?

It all seems a bits nuts to me so wondering if there is an alternative legal way to manage ones own building insurance even if it is a leasehold property?