To ask about house insurance

[wheresthel1ght]

Morning all.

Our house insurance is due to expire next week so have been looking at comparison sites for the best deals as always.

Normally they come in at around the same sort of price as our mortgage provider so we have never bothered to swap. This year however they are massively cheaper. Like over £300 and not with a nobody company either.

Does anyone know any reason why that would be? If it's relevant the cheaper quote is with the post office but there were several Inc Swinton and one call who were all around the same price.

We would need to add on legal occur but that is only £25

I am certain that I have done the quote right based on the renewal figures sent through and we are in an area known for subsidence due to heavy industry in the past... I just don't get why it is so cheap!

Some companies will offer a dirt cheap price to get your custom and then will increase the price over the years, relying on the fact that many people can't be bothered to get new quotes every year.

Check that it is like for like and includes everything you might need, like Subsidence cover. Some quotes will include things like accidental damage, home emergency cover. Also check there are no hidden fees. Some insurers may charge for every change you make, even minor ones, or for copies of your documents.

Some insurers publish claims statistics so check those and also check online review sites.

Also check the sums insured will be adequate if the worst happens and you have to replace everything. Remember the sum insured for buildings is the rebuilding cost not market value, so may need to cover the cost of your house to be completely demolished and rebuilt including architects fees, planning applications etc.

Have you had a milestone birthday recently? My mum's insurance went down as she got older. Guess they think you are less likely to have raves in the house or something!

Yup done all that and added accident cover which isn't on our existing policy.

I have checked it against everything and I can't see a difference. Which is what has raised alarm bells I guess. I was expecting to save maybe £100 but over £300 is mental.

The valuation to rebuild came up automatically at 149k but I have increased that to 200k as it's a semi.

Will go through figures with dp when he is up (works nights not lazy) and check he is happy with them but if right will definitely be going with them!

@mumpoints nope no milestones. Only difference is I have added my name to the policy where as old one was just in dp name. Could that do it. A couple is less likely to rave than a single bloke in his 40's?

ooh maybe. Interesting. Can you take your name off and run the quote again or is that too much of a faff?

OP, if you decide to go with Swinton, Quidco are offering £43 cash back at the minute too.

Insurance companies spread their risk by making sure that their 'book' of policies are varied - so it can just be that this year you are in the group they need more of from your profile

Probably because you haven't claimed in a certain period. I would called up your existing provide, tell them the difference and the accidental and they will usually try and beat it (although not always).

Check what's covered and the excess. Lower insurance costs often have higher excesses. Companies bank on people not having the time/will/energy to change their insurances, and load them year on year. It's a total rip off. If you challenge your current company they may lower the premium, but probably not by £300.
Watch the rebuild cost. 200k sounds low for a semi. We have a 4 bed semi and we are covered for up to 1 million rebuild. OK, it would never cost that much, but building costs are very high these days. Nothing worse than having your house burn down and insufficient budget to re build.

Good point on the rebuild, will increase it again.

And excess is a little higher but nothing major.

Thanks for the quidco info, I will look into that now.

Is it £300 cheaper than your renewal quote, or £300 cheaper than what you paid last year? If the former, it's probably your current insurance company relying on customer inertia and providing a rip off renewal price.

250 cheaper than current and 300 less than renewal

Dp is gonna ring on Monday and check it out and then I think we will be off to order with the post office

Hmmm. I remember reading ( may have been moneysupermarket) that insurers base their risk factors by area on how many claims they've had from that area in the past instead of a universally published figure for that area. So maybe people in your area happen to have made more claims with your mortgage company than with the other insurance companies in the past year? Clutching at straws a bit...

It could be, although I suspect that they are just being robbing gits!

Yep I did exactly the same last week. I got mine for a quarter of the price that my current insurers (More Than) were quoting for renewal. Exact same cover - actually with extras like bicycle cover.