To think insurance costs are horrific???

[TheseThingsAreFunAndFunIsGood]

We're in the process of buying our first home and so obviously checking out insurance for building, contents, life to include paying off mortgage etc and on a v.modest 2 bed terrace costs are coming through at £100ish for home and contents and £15-20 for life... Like £1500 a year!! 😮 That's with £500 voluntary excess so not loads... Is this normal or am I missing something??! We'd kind of hoped our bills might decrease as home (nearly) owners but it's looking like the opposite!

Has anyone any tips on reducing costs?? I hate insurance anyway and currently we only have car so it's coming as a bit of a shock that we might be paying so much on a monthly basis just to protect against a maybe! Eek?!

Sounds about right. Make sure you are not doubly insured for life through your employer. If one of you does and you need to pay half the mortgage you'll need more than 1500 a year.

What's your area like? We pay between£20 and £30 for home insurance on a bigger house.

Your home and contents sounds really high, check you're not overstating the value of your contents

Are those costs per month? My buildings and contents is £200 for the year, that’s very good cover and excess of £250 I think, for a 4 bed semi. Life insurance we pay about £28 for two per month and that’s for a £200k mortgage. So your life insurance sounds fine, your house insurance very high.

Our buildings and contents on a 3/4 bed is around 150 a year... yours sounds very high.

Life insurance for me (DH covered in job) is 9 a month cover for death only.

Agreed with PPs the £100 home and contents is very high, I've previously paid about £40 a month on a 3 bedroom house in the SE

Is that using the insurance offered by your mortgage provider or have you gone through the different places to check for cheap quotes on somewhere like moneysavingexpert.com?

Mortgage provider will usually be really expensive.

Home and contents is pretty expensive??
We pay £20 with legal and general a month for house and contents (house is 210k) and then a tenner on top for insurance on the mortgage with legal and general as well.

We’ve got separate life insurance policies through our work so don’t need any extra life insurance other than mortgage.

Thanks for replies - Wow yes its like those are high quotes! Not right mortgage provider just through putting the details in compare the market... We are in the south west (Cornwall) house is £170k but the autofill put the rebuild value at £139k - might it be wrong¿?

Not worried about life insurance as that's manageable but was kind of expecting home to be similar so Definitely a tad horrified at the results so far! I went back straight away and put excess at £500 for building and contents both bit still came back at £70-odd! 🤔 What else might it be??

Really appreciate responses as I said - it's giving me Some home I may find a better deal at least!

Scuse autocorrect bungles! 🙄

As others have said, the buildings and contents insurance is very very high.

Are you buying in a high flood risk area, a very large expensive house or something non-standard like thatched roof or listed building? Or where burglaries are very common?

If none of those factors apply, something is wrong. We pay less than £200 per year including worldwide cover for £10k worth of bikes that always bumps up the premium.

Life insurance sounds OK but check that you actually need the cover. If you don't have any DCs, either of you could afford the mortgage on your own, or you have it through work, you don't strictly need it.

Are you sure you're not looking at the annual premium?

3 bed semi,
Contents is £80 a year for me. Buildings cover is ~£100 for the year.
Life insurance is £20pcm For me and £11 For dp. We pay more but have gone with a company with good rep for paying out. Mines high because I had been in hospital for tests even though it proved to be something minor and my bmi is higher than they'd like. We've got policies that cover £100000 more than our mortgage. Afterall, if one of us passes we want the other to cover the mortgage and some nice things.

Never rely on employer life insurance benefit. What if you lose your job? Treat it as a bonus policy, not something you'll rely on.

It's best to get a good policy young as every day you wait the policy price goes up and make it big enough that it will cover you for the whole length you need it. So even if you have a £150000 mortgage now, if you upsize what will you need then? It's the difference of 20p now but would be ££ in 10 years!

If that is monthly rather than annually for your buildings insurance perhaps your postcode is showing you are about to fall into an old mine or are in a high risk flood area etc

If that B&C insurance is correct, has something bad turned up in the searches - like mining subsidence?

Is the house cheap for the area? If not, and that quote is right, I'd seriously reconsider buying the property, as you're committing yourself to those costs every year for the time you own the property. And you might have trouble selling, because high insurance costs will put people off.

Ok feeling like a proper lemon now - those costs were per year!! 🙈😂 I misread the details... 🙄 Looks like we can afford it after all!

Sorry folks, as you were! 😁

We paid about £220 a year for B&C on a two bedroomed terrace house, although this was a few years ago now, but we're paying a similar amount now on a slightly larger house. Who has quoted you £100 a month?

We were quoted £600 a year by one company, we decided they obviously didn't want our custom Nobody else quoted more than £300.

I did something very similar today.

Great! Enjoy your new home, you can afford to eat now

This is like the opposite of when I look in letting agent's windows in London and I see a picture of a house and see £600 and I think '£600 pm rent, that's OK, I don't know what they all moan about' and then I look closer and see that it's not per month, it's per week and it's not for a house, it's for a flat and you're only getting either the upstairs or the downstairs.

@TheseThingsAreFunAndFunIsGood 😂🤣😂🤣

Yeah was seriously thinking, what have we done?! And how the bloody hell does everyone else afford it??! 😂😂

Means you was thinking I might lose a bit of weight finally bit alas no! 😁

Thanks again all for making me open my eyes and actually read properly!

And I can still afford and
Hooray!

Phew!

No, those figures are ridiculous!

Can't comment about life insurance as we are retired, mortgage free and don't need life insurance any longer but I always take care of sorting out house and contents insurance. We have a 4 bedroom/2 bathroom detached with a reasonable amount of land area. Just renewed ours with Churchill - Contents and Building - and it was just under £150 for the year. We don't bother with accidental damage cover though - used to for many years - as we can replace things quite easily ourselves nowadays and don't spend extortionate amount on furniture. Also, we have found from experience there is always some loophole as to why you can't claim the full amount. 😡

Try the price comparison sites if you haven't already. Compare the Market has been the best one for us for the past few years.

Oops sorry! Just seen your figures of just over £100 were for THE YEAR.

Brilliant news! I thought there must have been something very strange going on.

Wine tonight methinks!