How much do people pay for their buildings insurance?

[Sandrine1982]

Hi.

I've just spoken to an insurance broker (recommended by our mortgage broker) with a view of taking out a building insurance cover for the house we're buying.

However I've found his quote way too expensive! It's about twice as expensive as the cheapest quote from Moneysupermarket and Comparethemarket website.

How much do people pay for their building insurance?

I think we're only interested in the mandatory component, ie.building cover rather than building and contents.

And we don't want to pay more than £20 pcm, for a 4-bed house, which is possible according to the above websites!

Am I missing something?

Should I just say 'thanks but no' to the broker?

TIA

Normally it is combined buildings and contents with a lot of variables of accidental damage etc. Also depends on the level of excess and cover.

You do need to look into the detail as just doing a quick look on Moneysupermarket etc you may well not be doing a "like for like" comparison.

Thanks - I know there are lots of variables but there are a few things we feel we may not need, and I've answered all the questions in the same way with the broker and on the websites.

So I'm just wondering what other people pay?

£320 for a large 3 bed detached but that’s buildings and contents with specified items, excesses at £250, and no accidental damage cover with LV. Do you have separate contents insurance OP?

We have a 5 bed house, buildings and contents, no accidental damage cover, and we pay approx £140 per year.

4 bedroom buildings and contents, with accidental damage on both, really decent cover, legal fees, etc £450. Higher than last year as there was a claim that affected no claims bonus.

But that is with over 8 years NCB on contents as well.

The other thing to bear in mind is to pick a reputable company that has a good reputation, look at their reviews etc. It is important to trust that they will pay out in the event of any claim.

Pay cheap and it won't always serve you well in the event of a problem.

£1460 pa for 5 bed house, buildings and contents. It's got legal cover as well.
It's an unusual house with a very high rebuild cost (more than we paid for the house). It's annoying and I didn't really factor in how much it would be when we decided to buy the house.

I've just checked. £118.16 with AXA.
5 bed detached new build with separate double garage. Contents and buildings insurance. No accidental damage on contents.
£500,000buildings cover
£75,000contents cover
Up to £5,000for individual valuables (£20,000 total)

That's per year.

£346 a year buildings and contents, with accidental damage cover, individual valuables and pretty much everything else tbh. It’s for a 3 bed detached. This is through The AA. Higher than some but we wanted to be covered for pretty much every eventuality.

70 quid a month just for buildings. I had an expensive claim a few years ago. Stone built so would cost £££ to rebuild.

Thank you all

I do combined building and contents including accidental damage. My new policy was £531 for 6 bedroom house.

That includes my engagement and eternity rings away from home and my surface pro and DH surface pro too.

Thing is, what others pay is affected by postcode, and previous claims, and likelihood of flood damage, etc etc, so what we are paying doesn't really help you.

However, whenever anyone is "offering" you something like insurance, when their main job is something else, it is traditionally been more expensive - they are getting commission and topping up their income. It is 'easier' or quicker or more convenient to not have to find the best price yourself and they are relying on that.

I went onto the comparison sites and found a cheap buildings and contents policy, £98 including legal cover, for a 3 bed bungalow.

The proof of the pudding with an insurance company is when you have to claim, which I learnt to my cost when I lost my roof in the November storm. They didn't have the staff or resources to help me, I am still looking for a roofer.

If you do a search, Money saving expert have some posts about insurance companies, don't go for the cheapest.

Ours is around £230 with Axa - this is contents + buildings + 5 bikes for 4 bed terraced house in Hampshire.

The insurance deal we were offered by our mortgage broker when we were due to move here was more like £500 so we gave them a polite no thanks - they rely on people thinking that they need to take out insurance with them and also rely on people panicking and not wanting to go through the faff of getting quotes (plus they probably get commission from the insurance company)

Although it requires being organised every year we tend to get new quotes and take out a new policy every year. I tend to go for insurance companies I have heard of - eg Aviva, LV, Axa, Swinton, Halifax etc rather than just the cheapest quotemehappy or other unknowns. Although we havent had to claim so dont really have any experience of how good insurance companies are!

About £300 per annum for 5 bed detached house with some outbuildings. We had one quote for £2000 though! I nearly choked on my tea.

Oh ours is about £2k/Annum - Thatched roof....