Homeowners. Have any of you not renewed buildings insurance cover?

[girlfriend44]

Thinking of giving it a miss this year. No choice really.

Have paid building insurance for years. Nothings ever happened.

I simply can't afford it.
Insurance is such a rip off.
Not going to be too outing but it's gone up one thousand three hundred pounds in a year. No claims in the last five years. In fact never claimed.
Simply cannot afford this, along with everything else.

An increase like that is pure greed.😡
One thousand, three hundred.in a year.
Anyone else not have it?

Have you found a reason for this, like new flood likelihood, house build type, etc.

I will add that it is sometimes also a condition of your mortgage that if your property is damaged to the extent that it's asset value is significantly depleted, and you have no means to reinstate it, then the mortgage monies become immediately repayable in full. I've also seen that happen and it isn't pretty.

To answer your question, no I have never gone without contents or building insurance.

I don't know what makes your so expensive OP, there is probably a reason you don't want to disclose. We pay about £55 a month with Halifax which includes full rebuild costs and £250k contents cover. There are probably better options out there, but it suits us.

It would be one of the last things I’d cut, even if I could only get the cheapest cover. Appreciate everyone’s circumstances are different and if that’s or eating, then there’s
only one choice. However, the argument that nothing has ever happened is pretty weak - it covers the kind of issues that whilst rare, could financially ruin you.

A friend of mine pays ££££s for her home insurance each year via a specialist insurer. Nothing special about her house apart from it being next to a stream and a graveyard.

Year before last, the stream burst it's banks and her house got flooded. She didn't dare claim on her insurance because she was scared of how much more her premiums would go up.

I went a year without paying for home insurance. Stupid of me because I had a mortgage at the time. I took out a new policy the same day a tornado whizzed along a road parallel to mine and took everyone's roofs off. Yes, in the UK. I've insured ever since and pay £23 a month for house and contents plus emergency cover for broken boiler, etc.

OP, I'm absolutely broke too, but insurance is one thing I won't cut back on. I rehomed an elderly dog last autumn and ummed and erred about insurance because of her age and the cost of premiums. I've claimed back £3k in six months because she's a lovely and cute pain in the rear. No way could I have found a way to pay that without the insurance.

OP just to check, are you talking about both buildings and contents insurance or just buildings? Typically buildings is a lot less than that, have you used a comparison site? Personally I would never not have buildings might, if things were very difficult cut the contents.

have a look here: https://www.moneyhelper.org.uk/en/everyday-money/insurance/contents-insurance-if-you-rent-and-have-a-low-income

This chap saved a few quid not insuring his house.

https://www.manchestereveningnews.co.uk/news/greater-manchester-news/mans-home-left-wreck-after-30864415

From people in the insurance industry I have spoken to, it's rare for people to ring up and cancel their building insurance the day their mortgage is paid off but it does happen.

If your house burns down or is hit by an uninsured car causing tens of thousand of pounds damage, what are you going to do?

Chances are you will get to the end of you life and never claim that amount, but for peace of mind I couldn't live like that.

If you can't afford buildings insurance I would say you can't afford the house.

I think you’re an idiot. My childhood home burned down when I was 6 and the insurance paid out in full. Had it not, we’d have been homeless. Thanks to my parents paying the insurance, we were able to live in a flat for 6 months, paid for by the insurance, whilst all the work was carried out.

It’s a pain but when you need it, it’s amazing. Just shop around. I used Sheila’s Wheels and they’re very reasonable.

@BobnLen yes, increase flooding in the area (although we are too high to flood), huge increase in cost of materials affecting rebuild cost.

Why doesnt the OP state any unusual situations with her property. That way people can answer with more useful info. Could be by a river, at the edge of a cliff etc?

Never.

There are a lot of people post on here from a lot of different areas. It is possible someone might have some ideas for you if you post the details. But if you don't there is no chance.

Specialist situations need specialist advice that is fully informed. Comparison to to the mean is almost pointless and appeal to the normal for advice is just likely to lead to frustration as poster after poster just reels off the same comments that have far less relevance to your situation because the vast majority of people aren't in your situation.

Actually, I was wrong, we were paying about £48 a month for the Halifax policy and this morning I got our renewal through the post. Having read this thread I opened the letter with trepidation - and it's gone DOWN to £41 a month, for the same cover.

How is it even that much let alone increased by that much? What on earth do you live in?
4 bed detached here and my buildings and contents combined is about £400 for a year

Thanks for all comments
I realise I haven't said the full story.
I'm.looking into it all though.
Got some work to do.

I've read all comments. I like them all apart from the one that says I'm an idiot and a wind up.
Thanks I'm neither but I'm quite scared about this situation actually.

I maybe back to post an update later on in the month if anyone is interested.

Why don't you use another insurer. Ring around and do some comparisons. I'm sure you will be able to get it cheaper than that.
Not to have it all is irresponsible

I can only encourage you to really prioritise this. You never know when something might happen. Sorry if you’re having a difficult time, but in many ways this is a relatively easy thing to take control of.

Consider a broker, too.

Unless you live in an enormous mansion, or you have previously made huge claims on your house insurance, this just can’t be true.

As a comparison - I live in a 5200 square feet, grade 2 listed house, with outbuildings. My insurance this year was £1,400. I shop around every year if the renewal has gone up too high and can always find another company with a better quote.

It is true.

So do you live in an enormous mansion? Or have you previously had a big pay out from your house insurance claim?

Are you getting a quote for both building and contents? You could potentially get rid of the contents, although obviously that would mean no pay out for burglary, fire etc but the house rebuild would be covered in the event of damage?

As above.

My mother did for a while, no idea how long but I was talking about mine and asked her who hers was with and realised she’d not done it. In her case it was Because she thinks she is above doing admin , she had no road tax for a while.

she got defensive when I suggested that was a bad idea and what if the house had something happen to it, she said she’d cross that bridge when she came to it. Are you detached as that the thing that got through to her, what if your house catches fire, don’t care, but what if it then burns next door down, no answer to that one. I sorted it for her as doing that was easier than sort the fallout if something had happened.

This reminds me so much of the passport thread