[Finance] Buildings and contents insurance

[Thunder Bolt]

I've just received a quote from our normal insurers which has bizarrely doubled in price from last year. It did go up last year, which I expected as we had a small claim two years previously, but we have gone four years now since a claim.
I have tried to fill in online forms but when it came to the value of the house, I used a figure which a neighbour's house sold for in January of this year, which it refuses to accept.
I know that rebuilding costs are generally exaggerated in insurance quotes so I am not going to use an inflated price.
It's the only claim we have made in the 21 years we have lived here.
House owner, no mortgage, 3 bed end terrace, two adults.

Has anyone got any recommendations for good insurers, please?

 

[Since1982]

Gocompare, comparethemarket, moneysupermarket - they should also give you a rebuilding cost guide. Always worth calling your existing insurer to see "what they can do".

 

[Thunder Bolt]

Gocompare, comparethemarket, moneysupermarket - they should also give you a rebuilding cost guide. Always worth calling your existing insurer to see "what they can do".

I need to calm down first. Over £800 is taking the mickey, imo.

 

[WATFORD zero]

I think that just like with all other insurance, you have to do the rounds every year nowadays. Using the comparison websites makes it a bit easier, but someone out there will calculate that you are a better risk than your current insurers, who will just keep upping their rate until you look elsewhere. They make their money from people who can't be arsed to shop around.

I would make a cup of tea/coffee before you start

*edit* But, on the bright side, you could 'make' a few hundred? quid in the next 30 mins

 

[Whoislloydy]

I am unfortunately dealing with a claim at the moment, dog woke me up at 2:45am last Saturday to about 4 inches of water throughout my entire apartment. Dishwasher supply line had ruptured in the night, we are moving out tomorrow for 2-3 months. They need to remove all the floors, cut the drywall open to dry it all out, new kitchen, new bathroom. It's no more than 3 weeks work, but insurance companies love to drag their heels.

We've calculated about $15k in damages to our possessions, mainly furniture. Whole process has been a ballache and can only imagine it'll get worse when it comes to them offering us $3 for our possessions.

 

[Thunder Bolt]

I think that just like with all other insurance, you have to do the rounds every year nowadays. Using the comparison websites makes it a bit easier, but someone out there will calculate that you are a better risk than your current insurers, who will just keep upping their rate until you look elsewhere. They make their money from people who can't be arsed to shop around.

I would make a cup of tea/coffee before you start

I can't get past the page where it asks for a valuation of the house. I know the value of the houses in my road, but the comparison sites won't accept it.

 

[Weststander]

If you live in a semi or terraced, remember that the buildings insurance element effectively includes reinstating their property too. In itself that doesn't explain the inflation this year.

 

[WATFORD zero]

I can't get past the page where it asks for a valuation of the house. I know the value of the houses in my road, but the comparison sites won't accept it.

IIRC valuation for rebuilding is far less than current market price. I'll see what I can find

*edit* It looks like you have to sign up to get quotes from most places, but I'm pretty sure the majority give you a rebuild price based on a few basics (terrace, semi, detached / No of beds/bathrooms / Postcode) type thing. Once you have a price from one, I just use it on the others.

 

[Mustafa II]

Mustafa II's top tips:

- Always go with reputable insurers, rather than just the cheapest, just in case you ever actually need to use them.
- Try comparison websites, mainly to get an idea of what you should be paying
- Got other insurance products? Give the providers a call. Some of them give discounts if you have another product with them
- Pick one you are likely to go with via the comparison websites - then pick your 2nd favourite and give them a call - you MIGHT be able to get a better deal with a quick chat. Call honestly and say you are considering their product, but hoping to bring the price down a bit.

 

[Tom Hark Preston Park]

I need to calm down first. Over £800 is taking the mickey, imo.

£800 renewal premium or £800 rise in renewal premium?

 

[Thunder Bolt]

£800 renewal premium or £800 rise in renewal premium?

£890.44 which almost double. Two years ago it was approximately £330

 

[Dick Swiveller]

Just looked at ours with Privilege. £183 with the cover and excess below

 

[Flounce]

My recent experience of insurance companies is that plenty of answers end up with “computer says no” and there is absolutely no way around it as online staff don’t have the permissions to over ride what the computer says.

We changed to Admiral this year who were the most reasonable quote of companies I’d heard of.

Have you tried inflating or reducing the value of the house on the comparison sites?

Having even small claims seems to red flag and increase costs or result in refusal to cover.

Best time to get quotes is allegedly 21 to 28 days before renewal is due

 

[Tom Hark Preston Park]

£890.44 which almost double. Two years ago it was approximately £330

Doesn't sound over-exorbitant to me (ours is about £2.5k for a HMO of 6 flats). Seeing as how they'll never pay out for anything major anyway, price comparison sites are your friend here

 

[Herr Tubthumper]

I can't get past the page where it asks for a valuation of the house. I know the value of the houses in my road, but the comparison sites won't accept it.

It’s the reinstatement cost they want, not the value of the actual current property. This will be the reason why. From memory this is about a 1/3 of the price for my house in Hove.

 

[SkirlieWirlie]

Worth trying Howden's brokers. Revelation for me this year with a specialist requirement I had (as many of the online sites wouldn't provide a quote).

Gave them details and they came back with multiple quotes from underwriters not available through the usual online sites.

Explained reason for top recommendation and it ticked boxes for best cover and cost.

You do need to spend time on phone talking through your requirements, but no more painful than filling out web forms.

Branches local to many locations including Brighton.

 

[Thunder Bolt]

It’s the reinstatement cost they want, not the value of the actual current. This will be the reason why. From memory this is about a 1/3 of the price for my house in Hove.

I copied their price but it still flagged up red.

 

[WATFORD zero]

£890.44 which almost double. Two years ago it was approximately £330

I'm currently paying less than yours started at two years ago

I'm absolutely certain that you can save a load off that (even after my Pie and pint commission from the North Stand Concourse)

 

[Thunder Bolt]

Worth trying Howden's brokers. Revelation for me this year with a specialist requirement I had. Gave them details and they came back with multiple quotes from underwriters not available through the usual online sites.

Explained reason for top recommendation and it ticked boxes for best cover and cost.

You do need to spend time on phone talking through your requirements, but no more painful than filling out web forms.

Branches local to many locations including Brighton.

Thank you. I know we have some Nsc'ers who work in insurance on this site, so hopefully they also have some advice.

 

[PeterOut]

£890.44 which almost double. Two years ago it was approximately £330

Flood risk?
It would appear that many insurance companies have amended / changed their flood risk modelling, and have seriously increased their costs as a result. See https://www.theguardian.com/busines...-op-home-insurance-has-almost-tripled-to-1353 as just one example.
The answer seems to be to shop around for an insurer that takes a different view on flood risk.
It may be easier to go to the sites for a few specific insurers rather than one of the comparison websites, if you are having trouble getting them to accept the valuation - Which Magazine reccommends Churchill, Direct Line, Ecclesiastical, NFU Mutual, Privilege, Saga, Salvation Army (!), and Royal Bank of Scotland.
(Possibility of flood risk being the cause for the jump is because of your 'Beside the Seaside) line in your profile, and I think that you have said befoe that you are in the Seaford area? Apologies if mistaken.)
Final thought - is there a multiplier on the valuation part of the comparison website - e.g. are they asking for your house value in tens of thousands of pounds, so for a £300K house you would enter '30' - if you enter 300,000 and the website multiplies by 10K, then it will be out of range?
Edit - it should be obvious, but I do not work in insurance