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Buildings insurance

(9 Posts)
IrianofWay Tue 14-Jul-15 11:47:42

We have our building insurance and contents insurance from the same people. We have 4 years NC and just got our new premiums for next year. It's gone up £14 a month. Had a closer look and realised they are calculating this based on a rebuild cost of 800k which seems absurd for a 1930 semi. I tried a few other sites and they calculated a rebuild cost of just under 500k. Very tempted to change. Do I need to check with my mortgage company ?

sherbetpips Tue 14-Jul-15 13:38:05

We just changed insurer as the renewal had nearly doubled since we took it out three years ago. increased our contents coverage as well and it was still half the price with the majority of suppliers. It does not pay to stay with insurers. Just make sure you have filled in all the details correctly on the comparison sites. Did you arrange your insurance through your mortgage broker? if not then there is no reason to contact them unless you just want to cross check there were no special circumstances?

IrianofWay Tue 14-Jul-15 14:36:31

Thanks sherbert. I don;t believe there were any special circumstances. The mortgage broker was an independent one and I don't think I'd know how to get hold of him now! I think one of the things that bothered me was when I tried to find out how to cancel my existing insurance on the website there were lots of dire warnings. I never changed before on any of our homes, but they are taking the proverbial this year!

rumbelina Tue 14-Jul-15 14:44:07

Change every year, they totally rip you off with the renewal.

Or ring and say you've found it £14 cheaper elsewhere - my car insurers instantly offered to match it without even checking.

Oliversmumsarmy Tue 14-Jul-15 14:47:49

Register on Quidco or one of the cash back websites then go thru the various price comparison websites to find the cheapest when you compare the results of how much cash back you can get.

Word of warning always look at review sites about the company you find is the most cost effective. One year I had a company I personally had never heard of before yet it had glowing terms on the review sites, on the other hand another year the cheapest was a wellish known company and the reviews, especially how they appeared to f**k up everyones direct debit payments sent me running back to find the second most expensive insurer.

I change every year. Don't also to compare I think it is Aviva and Direct line as they are not on price comparison websites.

You donts cancel the insurance you just tell them you are not renewing it. You just get the new insurer to start as soon as your other insurance has run out. Also make sure you have a record of telling original insurer you are not renewing as some have a habit of continuing to take the payment.

Oliversmumsarmy Tue 14-Jul-15 14:49:26

Don't also to compare,

sorry should read

Don't also forget to compare,

IrianofWay Tue 14-Jul-15 14:57:26

Thanks all

I will inform them and then cancel the DD. I've been burnt like that before.

specialsubject Tue 14-Jul-15 14:59:48

as everyone else says; shop around and change. Spend a few hours going through the comparison sites. If you have calculated your rebuild cost, make the effort to calculate how much contents insurance you actually need too.

you need to change every year. You'll be quite startled at how much premiums vary.

obvious statement: be 100% honest about locks, nearby water, construction and so on.

Oliversmumsarmy Tue 14-Jul-15 19:55:09

Also do not undervalue rebuild costs as if the worse should happen and the house is destroyed and your rebuild costs are deemed to be e.g. 20% under valued then they will, if things haven't changed since we had a fire when I was younger, knock 20% off your payout. Usually the rebuild costs are usually put at anything up to £1million with some insurers, it makes no difference if you only need to insure for £200000 or £700000 the cost of insurance is the same

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