Is £440 a good quote for buildings & contents insurance??

(36 Posts)
hellohellohihi Fri 19-Apr-13 06:08:12

Never had either before!!

We're buying a house for £340k, 4 bed semi. Contents at £35k then engagement ring £7k, no bikes, excess £250. They've suggested rebuild cost of £287k...

This is from one of the comparison websites...

Is this good?

ihatethecold Fri 19-Apr-13 06:12:41

I think that is ok.
Ours is a bit higher than yours with nationwide.
They have been great when we had a claim a few years ago.
Sometimes it's good to pay slightly more to get good service when you really need it. smile

MarjorieAntrobus Fri 19-Apr-13 06:14:18

Sounds OK.

I'm shock (& maybe envy ?) at engagement ring though! grin

hellohellohihi Fri 19-Apr-13 06:24:23

Morning! I wasn't expecting any replies for a while yet, thank you!

ihate, what counts a better service in this kind of thing? I bank with nationwide actually, didn't think to check with them..

marjorie my ring has been made using the diamond from my greatgrandmother's engagement ring... DH got off lightly didn't pay anywhere near that for it!!

Glittertwins Fri 19-Apr-13 06:32:55

That's quite a lot for only £35k of contents cover and only 1 specified item.
Does this include cover for the ring away from home e.g if lost when you are out or stolen and accidental damage?
We pay approx £360 more contents cover, accidental damage, with similar value specified items (admittedly not the same kind of item) and a bike as well as for several thousand pounds worth of cover away from the home. It's the well known one that isn't on price comparison sites.

MarjorieAntrobus Fri 19-Apr-13 06:33:58

Ha! Different time zone here. Always someone awake on MN.

No no, I wasn't expecting you to justify your ring. Sorry.

Have a bit of a google to find out how good your prospective insurer is in event of claims. Sometimes worth going with higher quote.

MarjorieAntrobus Fri 19-Apr-13 06:35:32

OP's got buildings cover in with that quote too.

MarjorieAntrobus Fri 19-Apr-13 06:36:01

^was addressed to Glitter

Glittertwins Fri 19-Apr-13 06:36:19

Also look for extra perks that you might want. We get travel insurance thrown in with ours which means we don't need to buy additional cover for holiday.

Glittertwins Fri 19-Apr-13 06:37:03

Ours is buildings and contents :-)

FlatCapAndAWhippet Fri 19-Apr-13 06:51:01

I have a higher value on my contents cover but pay slightly more than that. I have absolutely everything covered, loss outside house, all types of damage etc and am with Nationwide. I had an absolutely huge claim five years ago and cannot recommend them highly enough. It took their building company six months working at my home, I had constant contact with them, all work was done to the highest standard and small things that I had overlooked, additional things that my insurance covered, were brought to my attention so that every last part of a devastating situation was rectified. It cost a lot of money and never once did I have a stumble or problem with Nationwide. I was insured to the hilt, thank goodness.

nocake Fri 19-Apr-13 07:37:08

The price depends on lots of factors such as where the house is, what it's made of and if you have alarms fitted. £440 seems quite high but the cover for a £7k ring will be a fairly big chunk of that.

My advice would be to pick an insurance company with a good reputation, even if it costs a bit more. You'll then be better looked after if you have to claim. You really don't want a crap company if you're claiming as it makes a stressful experience even worse.

hellohellohihi Fri 19-Apr-13 13:22:39

Oh crikey - Nationwide is £726 for the basic cover and £1143 for the super cover...... Their minimum contents value is £62k, which I think is too high for us...

Glittertwins Fri 19-Apr-13 13:26:11

That is a lot or money. Have you tried L&V or Direct Line?

hellohellohihi Fri 19-Apr-13 13:30:30

Direct Line came in much higher than my £440.

Does having it in joint names (ie me and DH) affect the premium? Would it be better just in my name?

hellohellohihi Fri 19-Apr-13 13:31:59

Perhaps it's worth insuring my ring separately??

ChasingSquirrels Fri 19-Apr-13 13:34:14

comparethemarket.com
moneysupermarket.com
direct line

If you feed your details into all three you will get a good idea of the price range you are looking at - and can then make your decision about who you want to be with.

[seems ALOT to me, I paid £186 for higher contents (inc £5k watch), 4-bed detached etc, but lots of other factors will affect it]

specialsubject Fri 19-Apr-13 13:35:04

depends where you are. In the London/Home Counties area, yes. In rural midlands, no.

don't forget to check small print re locks on doors/windows, and also that you need to insure the house from exchange.

we are with AXA and paid £298.91 for combined buildings/contents with rebuild cost up to £500,000 and contents up to £65,000. We were with them last year too as they gave a very competitive quote

p.s. I chose no extra excesses and have a compulsory £100 excess for both buildings and contents

p.p.s. mine is in joint names too

ohforfoxsake Fri 19-Apr-13 13:39:04

Have you tried Esure?

My renewal was £200 more than their new quote!

Use a comparison site - Gocompare etc (click through Quidco and get £1.75 cashback).

Do quotes with and without your ring.

Alarm systems, area, etc all affect your premium.

ShowMeTheYoni Fri 19-Apr-13 13:39:49

I think ours was less than £200. House is only worth 72k though and our contents insured up to 25k I think...I would need to check, but your quote seems high, but proportionate to your house value

Mandy21 Fri 19-Apr-13 13:40:39

I think that sounds massively high, we're in a 3 bed semi but a similar value and re-build cost to your property. Contents insured for £50k, individual items upto £1000, engagement ring listed as separate item but nowhere near £7k though. Don't have alarm. I did a comparison on one of the comparison sites and went with Swinton insurance for £140 I think. Also checked their reputation and its very good.

BackforGood Fri 19-Apr-13 13:45:43

I think that's reasonable - as others have said, it depends so much on location, it's difficult really for anyone else to compare, but when I've tried to shop around to get a better deal for us, the alternatives usually come is a LOT higher than that. Our best deal was through my union - don't know if that's worth investigating for you ?

hellohellohihi Fri 19-Apr-13 13:53:13

We're home counties.

Taking my ring off seems to knock off about £50...

Got £430 with Bradford & Bingley...

I wonder if the fact this is our first ever policy makes a difference (ie no claims free years previously).

Need to sort ASAP as trying to exchange on house today and need insurance in place before we can!!

it probably does make a difference as we have never had a claim so have a lot of years no claims discount.

culturemulcher Fri 19-Apr-13 14:05:08

Seems high to me -although the area you live will have a big effect on price. I'd have thought you should be able to get around £70K of cover for under £400.

HotelTangoFoxtrotUniform Fri 19-Apr-13 14:05:32

I think it can really vary on where you are. We're in a dodgy up and coming part of London and pay £800+ just for contents (up to £65k, valuables of £20k) with Hiscox. We chose them because they offer high contents cover as standard - £35k sounds like a lot until you work out what it would cost to replace everything in the event of a fire - and have a single item limit of £15k. With your expensive engagement ring they might be worth a look?

I can't rate them highly enough - we had to claim after our bikes were stolen and they sorted it so quickly, effortlessly and politely it was marvellous - we had the whole thing completed in 4 days.

culturemulcher Fri 19-Apr-13 14:09:49

£800+ for just £65K cover shock. Blimey. unless you live on Park Lane

BooksandaCuppa Fri 19-Apr-13 15:12:21

Your contents cover price will vary based on: burglary rates in your postcode; security on your house; level of occupation (ie if you go away a lot); obviously whether you want accidental damage, expensive items etc.

Buildings cover depends on things like: detached/semi/terraced (detached is cheaper than the others because in the event of fire/similar damage you won't be damaging your neighbour's property as well); flood risk in your area; age and condition of property.

Both affected by whether you have NCD and/or previous claims and then possibly other things like your occupation/age etc.

We pay about half of your first quote - 4 bed detached in Midlands; no special possessions; max NCD.

HotelTangoFoxtrotUniform Fri 19-Apr-13 16:36:20

Believe me culture was the cheapest quote by a long way. Unfortunately lots of people in this neck of the woods see ownership of property as fluid and help themselves to your stuff. My point was we pay a lot because of where we live.

I expect hello's engagement ring is an issue for lots of insurers. Hiscox has such a high single item limit that it won't affect the quote iyswim

culturemulcher Fri 19-Apr-13 17:49:10

hotel gulp grin

FasterStronger Fri 19-Apr-13 17:51:46

* They've suggested rebuild cost of £287k*

this is incorrect - average rebuild cost is about 1/3 cost to buy the property.

they are ramping this to increase their figures and it is not in your interest.

SoupDragon Fri 19-Apr-13 17:58:41

Mine is around that with L&V but your contents sounds very low. £35k to replace absolutely everything in your house...?

I went with them after going through Comparethemarket purely to get my free meerkat

purplewithred Fri 19-Apr-13 18:02:09

it depends very much on your postcode. Try compare the meerkat or one of those sites for a basic quote for your buildings and contents to see who comes up good, then phone up two or three you like the look of to get detailed cover for your stuff.

I just paid £350 for £500k rebuilding, £50k contents + £3,500 out of home valuables, but I live in a newish build house in a very naice area in a naice part of Surrey with a waitrose and everything. Oh and I'm over 50 which makes a difference apparently.

Irritatingly, last year's insurers' requote was the best so all my compare the meerkatting was in vain. But I did manage to cut the pet insurance cost in half.

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