/ Home Insurance advice
I think I may well be paying over the odds for my home insurance, but then again maybe not - when I set it up (9 years ago) it seemed competitive then I got lazy and just let them auto-renew...
Anyway, in attempt to keep my eye on the ball for once, I am looking at my current renewal policy. £740 over the next year for a 3-bedroom house, insured for £116k (I might need to increase that - never had a valuation since buying though!) and contents at £27k which I might look at reducing actually.
It's often been said that my insurance is high BUT the house is about 200 years old which seems to be causing this hike in price.
I've never really researched it all though, so I thought I'd ask you good people first.
No doubt it depends where you are but it sounds as though you are being royally ripped off. Maybe get on one of the comparison sites but just by way of illustration I've been selling my late dad's house in a village near Harrogate and had to insure it. For a £250,000 house buildings and contents was £148 and that was with the house standing empty but fully furnished.
Thanks. How old is the house though? I mention age because a few years ago when renewing the mortgage deal, the mortgage provider expressed concern at my insurance costs, proudly declared that she'd be able to better it, and then failed. Then at the bank this year they had a look and found that they weren't allowed to insure a house more than 100 years old :-(
Dad's was 1970s. Just checked my own and it is still 'only' £487 for a four hundred year old four bed house near Skipton, Yorks. You're right it does shoot up once you get past Victorian and some companies won't touch an older house at any price.
Thanks. On the case with Google now. UKC was the first port of call before Google of course...guess I'll see the forums on that Martin Lewis "moneysavingexpert" site first.
Keep the replies rolling in though, folk!
For £400,000 rebuild and £75,000 contents I`m just under £300 if that`s any help.
Had three quotes within about £20 of that a few months ago at renewal.
House is over 100 years old......and showing it :)
Thanks. Just plugged a load of details into moneysavingexpert and I should be able to save many hundreds of pounds, need to check the small print though.
Should I be worried that the estimated rebuild cost is more than the market cost? moneysavingexpert seems to assume that it should be the other way round! But it has calculated things from a rebuild cost anyway.
Yup I have been getting royally ripped off by the looks of things. Would have looked it into a few years ago were it not for the fact that the mortgage provider could not compete with my current people (Towergate, via a broker linked to the IFA who originally helped me get the mortgage sorted!)
> Should I be worried that the estimated rebuild cost is more than the market cost?
Not necessarily. It's a funny figure because it includes the cost of clearing the site of the wreckage of your former pride and joy before you can rebuild. I'd have thought not having to buy the land would more than offset that but apparently not
Thanks again. Just put details into directline (which does not allow itself to be included on comparison site calculations and got a fairly low quote but just making a few little changes on excess and contents insurance for away from home and accidental damage etc, soon hiked it up pretty high! Well worth looking at every little thing, obviously, and (as for car insurance) pondering how to do the excess.
Still cheaper than Towergate though, even with some IMHO over-the-top "extras".
A lot of cheapies on moneysavingexpert's results but I've not heard of any of the companies. Starting at around £250 and in increasing order:
homeprotect (underwritten by AXA)
One Call Insurance
iGo (maybe I have heard of them actually)
grove & dean
and then we are at Halifax and Lloyds and up at £580ish. Still better than Towergate, mind!
In fairness the Towergate quote is actually £611 if paid direct and upfront, the rest is fees and monthly direct debit interest. I should be in a position to pay in a lump sum this time if I can keep it under say £400.
Our estimated rebuild cost is higher than the cost of the house. Unusual but not unheard of.
Have you looked at insuring buildings and contents separately? We were restricted on buildings insurance because of history of our house and to get the away from home cover with the providers who we could use for buildings was expensive. So we get buildings and contents separately.
I have not looked at it yet, thanks, I'll try it if I get time (have left it a little late, renewal is 1 March...)
Just been on the phone to Aviva after running an online quote through them and ultimately been told to ring them. Flood plain is my problem and it's not to do with the canal that runs right pas my kitchen, just the area in general. They won't quote until I've provided them details of local flood defences. I wonder if my other "cheaper" quotes will magically increase when it comes to the crunch!
Incidentally my current insurers Towergate get more dreadful online reviews than most of the "never-heard-of-them" companies that came up on the comparison sites!
Our house is 400 years old, grade 2 listed , insured for more than your value and contents of up to £50,000 and we managed to get the price with direct line down to around £500. This includes insurance for goods whilst we are out and about and accidental damage.
So i would try direct line if i was you.
Just seen that you looked at direct line, i would phone them if i was you as we managed to negotiate your price down from around £670 to £500 with added benefits just because i found a cheaper price somehwere else online.
You've got to shop around at least every year few years.
Direct Line came out as £545 online but as someone said, ringing them might bring this down. My house is maybe a bit unusual - 4 storeys (basement kitchen, and loft conversion main bedroom, tall and skinny house), on a canal, no garden or driveway so quite exposed to the street) and as previously mentioned, in a flood risk area. And I made a claim in 2009 after naughty kids smashed some windows. All those things may explain high premiums :-(
E.g. this year I got a ridiculously low quote from the AA, who obviously hoped to sell me car insurance as well.
I fully expect the AA quote to leap up next year, then I'll move again.
Thanks - AA are coming out of this surprisingly well (£412 with some roadside breakdown cover included)
Our contents includes insurance for bikes and other stuff away from home. Certainly for bikes it was much cheaper to include on home insurance than insure separately. Also includes climbing gear in car etc. I know my car insurance has a really low limit for contents which wouldn't even cover the cost of a couple of ropes if stolen from the car.
yes for £70 extra I'll whack it on. Will check the excess of course. But yes had forgotten about the cost of ropes and so on which can easily be left in the boot of the car e.g. when going for a pub meal after climbing. Thanks
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