Viewing 11 posts - 1 through 11 (of 11 total)
  • Buildings and content cover help
  • MoseyMTB
    Free Member

    We have just bought our first house and we need buildings and content cover before we complete.

    Everybody we spoke to said to expect it to be around £50 but when I put all our details, contents and accidental damage both at and away from home it comes out anywhere between £18 and £23.

    Is there something I’m missing or doing wrong? I don’t want us to be left out of pocket if we ever needed to use the policy.

    iolo
    Free Member

    £23 per year? I think you made a mistake.
    Edit: why do you need contents cover prior to completion. You own nothing in the house.
    Thinking about it you don’t own the house until completion so why do you need any insurance?
    The second you complete your insurance cover should begin.

    MoseyMTB
    Free Member

    No that’s monthly.

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    paladin
    Full Member

    Monthly would make sense…

    mattstreet
    Full Member

    £20-25 per month would be about right for a normal kind of property with usual kind of contents in my experience.

    Can creep up to £50 if you don’t shop around for a few years. I mistakenly did this for a few years and ended up paying about £45, moved to bigger house, cancelled old insurance, took out new insurance with same company and now £21. Lesson learnt.

    MoseyMTB
    Free Member

    Ok brilliant.

    One more question, I know I want accidental cover for my contents but do I want it for buildings too?

    borwens
    Free Member

    Without being a downer can i point you at life and critical illness cover also. We didnt get any advice about it other than you’re both young, add it later. WORST ADVICE EVER. It may look like robbery and I hope you never need it but if you did it could be a lifeline.

    paladin
    Full Member

    Need to weigh that up against how often you expect to claim and excesses. I don’t have either…

    MoseyMTB
    Free Member

    We already have life and critical cover. I’ve had it ever since being a ski instructor.

    Any heads up on the accidental buildings cover

    deadkenny
    Free Member

    Mortgage company will require you to have buildings insurance. That’s all you actually need for them to give you the loan.

    Everything else an estate agent / broker etc will say is rubbish, and you don’t have to get the insurances from them no matter what they say. Life insurances, contents, and all those payment protections you must have etc. All that is why we have PPI lawyers and so on. A whole load of mis-selling, and it’s still going on.

    What you actually need is down to you though. Buildings and contents definitely go for. Accidental damage cover is down to the insurance and may be optional or included.

    How much it costs all depends on the building value, type, location, nearby risks like flooding, how much contents you insure, whether you want accidental cover on top, away from home, bikes specified (varies on insurance whether you need to), etc.

    Life insurance really comes down to whether you have dependencies and assessing can they cope if you die. Separate stuff they’ll push on you is death/critical illness insurance which pays off the whole mortgage in those circumstances, plus PPI on top. Then they try to get you to pay for redundancy insurance which pays your mortgage payments, which not only is a mortgage PPI but can have PPI on top to cover itself! Watch out with this as there are many exclusions which stop or delay them paying it.

    Basically be very careful and go through whatever you get with a fine tooth comb, especially if you take what the agent pushes on you. Chances are very high, as I found, they are unnecessary, if not also invalid when it comes to claiming.

    mikewsmith
    Free Member

    Is there something I’m missing or doing wrong? I don’t want us to be left out of pocket if we ever needed to use the policy.

    Sorry to sound like a dull bloke but read the policy docs, they tell you what is in and out.
    The basics…
    Excess – more excess = cheaper insurance, some claims have different excess levels (my current one is double for a Carbon frame bike than Alu and double for racing damage over JRA)
    Where things are covered – do they need to be in the house or is a shed/garage OK, what about away from home? Covered in the car or only when locked to a policeman? How much is covered away from home? Abroad? When is it not covered?
    Whats not insured? Flood etc.

Viewing 11 posts - 1 through 11 (of 11 total)

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