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House insurance - don't need a full year!
Goldust
Posts: 532 Forumite
Hi,
We're in the process of selling our house and moving in with family for at least the following 6 months.
My house insurance renewal is now due. I see you can pay many of them monthly but to me this looks like you are just spreading the cost over the year and paying some interest on top of it so I presume (and I can't find confirmation anywhere) that I would have to complete the payment plan even if I don't have the house any more.
I'm fine to pay up front also but this seems a more complex way of getting some of my money back.
Has anyone got any experience of doing this before? What would be the best way to proceed?
We're in the process of selling our house and moving in with family for at least the following 6 months.
My house insurance renewal is now due. I see you can pay many of them monthly but to me this looks like you are just spreading the cost over the year and paying some interest on top of it so I presume (and I can't find confirmation anywhere) that I would have to complete the payment plan even if I don't have the house any more.
I'm fine to pay up front also but this seems a more complex way of getting some of my money back.
Has anyone got any experience of doing this before? What would be the best way to proceed?
0
Comments
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Paying upfront is usually cheaper. No interest etc.
The cancellation charges will probably be the same whether you pay upfront or monthly. For 6 momths taking a full policy and cancelling is probably the cheapest option. But check the terms 6months a 1 day may require 100% payment and the admin fees.Censorship Reigns Supreme in Troll City...0 -
Your key is finding a policy with good cancellation refund clauses - they vary a lot by company - the cheapest providers rarely offer good cancellation refunds, based on a similar requirement for car insurance I found AXA insurance was very good - especially if you make changes / cancel online.0
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Sorry your post isn't clear - is the house going to be unoccupied while it's sold?
Towergate offer 1, 3 & 6 month policies for unoccupied properties. You may also find insurers that offer 'normal' shorter-term policies, although it may be cheaper to just do the above ^^.0 -
No once it's sold, someone else will be moving in (or at least responsible for the property) so it's over to them to insure then.
It looks like paying upfront and cancelling once i don't need it any more is the best solution... thanks all!0
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