Home Insurance Discussion

lisyloo

If it's your building then you need to insure it in your name.
If you want to charge your family then that's fine (subject to income tax, stmp duty, CGT for it not being your home).

djw1066

_Andy_ wrote: »

You should declare any claim. Whether it's accidental damage or not isn't relevant.

Insurers typically require you to declare "losses" as well as claims, even if you haven't actually made a claim in respect of the loss. But where does that stop? I have cover for personal possessions outside the home. I accidentally leave a 5p ballpoint pen behind at a caf!. That's a "loss" and it's theoretically covered by insurance (even though below the excess). So am I supposed to declare that? There's usually no space on online comparison sites to give further details of "losses" - just the fact that you have suffered a "loss". What should I do?

First_Time_Landlord

Yeah, that's the right idea! I get rather frustrated with companies just changing the price to suit them. Energy companies are another one. :mad:

I found talking to a broker helpful and once i started to ask what deals they could do me i dug a little deeper and the agnet said they had wine offer they could offer me.. seemed a pretty good deal and the cover was good.

Got to love a freebie! :j

First_Time_Landlord

southantrim3 wrote: »

So... last year my home insurance with Direct Line was £157.30, which I thought was quite good.

Then this year, the renewal quote was £218.40 :eek: - stuff that I thought.
After a bit of browsing around on here, I went to the Post Office who quoted me £170.16 (like for like with Direct Line cover.) Thanks very much MSE

Try this next time - We found this after asking what deals they had on.
Alan Boswell Group Virgin Wines Offer

sallysaver

Earlier this year, my friend moved in with her long term partner. She rented her property out to a friend's son and his wife. At this point, my friend insured her house (buildings only) and paid a little under £200 at the beginning of March for the premium. The tenants expressed an interest to buy said property and long story short the purchase was completed just this week.



She has just spoken to the insurance Company involved and whilst not expecting a huge refund on the remaining 7 months on the policy expected something back. There is no refund. Surely this cannot be right? Can anyone advise if the info she has been given is, indeed correct. Thank you

Doc_N

sallysaver wrote: »

Earlier this year, my friend moved in with her long term partner. She rented her property out to a friend's son and his wife. At this point, my friend insured her house (buildings only) and paid a little under £200 at the beginning of March for the premium. The tenants expressed an interest to buy said property and long story short the purchase was completed just this week.



She has just spoken to the insurance Company involved and whilst not expecting a huge refund on the remaining 7 months on the policy expected something back. There is no refund. Surely this cannot be right? Can anyone advise if the info she has been given is, indeed correct. Thank you

It's impossible to say without looking at the individual company's refund policy. Normally there's a calculation involving a pro rata refund for the period involved, less an admin charge. Sometimes the admin charge exceeds the pro rata refund, so there's nothing to refund.

If that's the case here (and it may well not be - we don't know the refund policy) I'd have expected a refund of around £100, but if the admin charge is £100 it will be wiped out.

Why not just ask them to explain why there's no refund, though?

ediesonlighthouse

Sorry if I'm posting in the wrong place - brand new and a bit confused!

My dad died at the end of last year, so I'm taking over organising everything for my mum, who is very uncomfortable with finances. Problem is, I'm 19 and still live at home so haven't done a lot of these things myself before.

Home insurance is coming up for renewal - always been in my dad's name, with my mum as a joint policyholder, but obviously now she will be the primary policyholder. My dad has 10 years of no claims bonus, with mum as a joint policyholder, so does that mean she also has this no claims bonus? Or does she start from scratch now that she's on her own?

I would assume she also has the 10 years no claims, but I'm very wary of putting this and then finding insurance wouldn't pay out if there was a problem - any help would be much appreciated!

Doc_N

ediesonlighthouse wrote: »

Sorry if I'm posting in the wrong place - brand new and a bit confused!

My dad died at the end of last year, so I'm taking over organising everything for my mum, who is very uncomfortable with finances. Problem is, I'm 19 and still live at home so haven't done a lot of these things myself before.

Home insurance is coming up for renewal - always been in my dad's name, with my mum as a joint policyholder, but obviously now she will be the primary policyholder. My dad has 10 years of no claims bonus, with mum as a joint policyholder, so does that mean she also has this no claims bonus? Or does she start from scratch now that she's on her own?

I would assume she also has the 10 years no claims, but I'm very wary of putting this and then finding insurance wouldn't pay out if there was a problem - any help would be much appreciated!

Very sorry to hear about your dad. I'm sure your mum's very much appreciating your help.

In this situation I think for safety's sake it's best to check with the insurer. If you're planning to stay with the same one I'm sure they'd be very happy just to transfer over (if that's necessary) the 10 year NCB.

If they are at all reluctant to do it, a little gentle negotiation with them to put it to them that they'll lose a claim-free policy might help!

sallysaver

Thank you very much for your advice. It is much appreciated. On her behalf, I have taken a look at the T&C's regarding her insurance. They charge £50 for cancellations so on that basis I think there should be something to be refunded. She is easily 'taken for a ride' and would just accept straightaway what the CSA said with no questions asked. I am going to try and persuade her to ring again. She actually paid £193.81 on 9/03/2018 and rang to cancel it on 9/082018 so in effect, circa 5 months. There were no claims.

cairndog

sarahemmm wrote: »

Do the sums: you have insured for 30 years at a cost of (lets say) £150 pa. If you had to replace all of your contents, would it cost you more than 30 x £150? If so, then your insurance is worthwhile.

You can do the same with buildings insurance... but don't forget that would need to include the cost of accommodation for about a year while the house is first argued over and then rebuilt!

So how much would I need to add on to the ABI rebuilding estimate for Accommodation for 2 retired people in Kent.
This seems complicated to work out. The actual house is in a rural location but the accommodation could be anywhere within reach I imagine?