Insurance jumped up even more because house is mortgaged not owned!!

[FridayNightSinner]

Insurance renewal for house has come in with quite a jump. I called to see if they could reduce it at all. They went through questions again, one of which was “is property owned or rented”, to which I said “owned with a mortgage”, but quite easily could have just said owned as were not renting. Despite reducing some of the values and reducing some cover and increasing excess, insurance then jumped up another £250 from the renewal as property is not owned outright.

AIBU to think WTAF?

Try other companies, I have never compared quotes for owned outright and owned with mortgage so don’t know if the genuinely makes a difference but def shop around to find cover

Try a different insurance company. It's always more expensive to stay where you are.
Pop onto comparethemarket or another comparison site and see.
I'm owned with a mortgage, don't think it's ever affected the premiums. And for buildings insurance it's essential that the insurance knows this as it's usually a condition of the mortgage.

I was just taken aback as given a binary choice, I’d just say owned. It wasn’t like I ticked an option of owned that had mortgaged as another option. I’ll do a price comparison, but thought if mine reduced quote, I’d accept it or have an accurate ballpark figure to compare with.

I get that having buildings insurance is a requisite of mortgage and have always had insurance. I don’t get why it’s so much more expensive…unless the rationale is “sod it, so much more of what I pay each month goes on Truss/Kwarteng interest, so I think I’ll leave the taps running and the front door open and a back in two weeks sign in the window??!”

Insurance is a nightmare!

I thought one of the questions on the online form was about owned/mortgaged as opposed to owned outright.

We have a detached three bedroom new build house on a small private estate. One insurance company wouldn’t quote on it, another wanted over £900. Not on a flood plain, not near a main road/railway line/ motorway, nothing to indicate an out of the ordinary risk.

Wow! They wouldn’t quote?! Did they say why?