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Check your home insurance costs!! I did and ........

Discussion in 'Personal' started by highschooler, Aug 25, 2011.

  1. ... I was gobsmacked. We returned from holiday to find a letter from our insurer (our bank) to let us know that we don't need to do anything to renew our combined buildings and contents insurance, and that the monthly payments will just happen. We normally just bung this paperwork in the drawer but I actually read on to see how much the annual premium was.
    £1719, yes that's right, £1719.
    And no, I don't live in a palace - 4 bed detached cottage in a low-risk rural area.
    So I jumped on the laptop and went onto one of the oft-advertised companies sites, and to get the same (admittedly very good) level of cover came out at...
    ....£519. Yes, that's £1200 less!!!
    I was annoyed at the bank but more so with myself for not checking this cost in previous years. Needless to say I switched insurers.
    Worth checking what you're paying. I'm glad I did.
     
  2. ... I was gobsmacked. We returned from holiday to find a letter from our insurer (our bank) to let us know that we don't need to do anything to renew our combined buildings and contents insurance, and that the monthly payments will just happen. We normally just bung this paperwork in the drawer but I actually read on to see how much the annual premium was.
    £1719, yes that's right, £1719.
    And no, I don't live in a palace - 4 bed detached cottage in a low-risk rural area.
    So I jumped on the laptop and went onto one of the oft-advertised companies sites, and to get the same (admittedly very good) level of cover came out at...
    ....£519. Yes, that's £1200 less!!!
    I was annoyed at the bank but more so with myself for not checking this cost in previous years. Needless to say I switched insurers.
    Worth checking what you're paying. I'm glad I did.
     
  3. oldsomeman

    oldsomeman Star commenter

    That applies to all insurances
    I wanted insurance for my bike and it had risen from 300 plus to 500 plus with the company. So i went online and got excatly the same cover and withthe same insurer the other company where quoting for £200 less.
    Always check the small print as well.
     
  4. margie2

    margie2 New commenter

    I used to pay that kind of silly premiums with Halifax and then Abbey for building & contents (£500-800, for a 3-bed detached in low crime area).
    About 5 years ago, I switched to Barclays and now only pay £180 for buildings & contents! (max. 50K for contents I should add). Not sure how good they are (never claimed) but damned sight cheaper.
     
  5. Never, ever, ever automatically renew your insurance (any insurance) with your existing company. They are nothing but con artists.
    I have been a direct line customer for all my insurance for years, however, every time I get my renewal its considerably more expensive than the year before.
    I go online to their website, enter my details as a 'new' customer and get a much better deal.
    Last year I phoned and b*tched at them about having to go through this process. I told them I felt they were conning me, and that quite obviously they didn't value loyalty and that unless they matched the price of the year before I'd go elsewhere. They gave me the same deal as I'd had the previous year...
    The only hassle of doing this - sending them the bit that states your no claims. Yes, even though I stay with the same company, I have to send them the bit of paper that they have a record of on their computer. Logic anyone?!
     
  6. Every year, Direct Line quotes just short of £500, every year I ring them and I always get it for under £300. You'd think their computers would flag me up as an awkward customer by now!
     
  7. I think with insurance companies it pays not to be loyal!! A few years ago I got car insurance with my bank as they undercut my previous insurer. However, the following year it had risen by £200 despite an extra years no claim. When I questioned it, they said my previous qoute was cheaper because I was a new customer. Then they reduced my quote there and then for my 'loyalty'. Since then I've always switched companies after a year. If they can't give me a decent quote automatically then I'm not chasing them...
    Have just had my home insurance renewal through and guess what? Yep, a lot more expensive than last year!! Time to switch again...
     
  8. A bit of a theme developing here. I would expect a few quid here and there, but £1200! can anyone beat that?
     
  9. anon468

    anon468 New commenter

    Nice work highschooler. [​IMG]
     
  10. zannar

    zannar New commenter

    Thank you for the wake up call. I have to admit to being one of those who automatically renew and just file the paperwork. It will now be dragged out of the file and checked.
    Thanks again.
     
  11. I just can't believe we've been ripped off like this over the last 10 years or so. The bankers (bit of rhyming slang there) had obviously been cranking up the premium each year hoping we wouldn't notice - and we didn't. Bar stewards!

     
  12. anon468

    anon468 New commenter

    Trust me, mate - I worked in insurance (*spit*) for >16 years and those companies are NOT run for the benefit of the policyholder (i.e.customer). The twarts. [​IMG]
     
  13. ambi

    ambi New commenter

    Same happened with my car insurance - multi-car policy last year was £555 and to renew I was quoted £1000.84 so I made a few phone calls and got it for£535. House insurance is problematical. It goes up each year quite a lot but some companies would not even consider insuring it as it is in a flat part of the country and at risk of floods - even tho we have never had a claim in , even when loads of other places were flooded in 2007 and we weren't!
     
  14. And therin lies the rub. Having had a terrible time with one insurer - had a burglary where they took everything electrical, jewelry etc and I had to fight the loss adjusters for months about why I would have two stereos etc.

    I've been with direct line for years and had the odd claim and they have been fantastic. They have not quibbled over mobile phones and when I had a lightening strike take out the VCR (I told you it was years) the replacement arrived in 48 hours.
    I know I could probably get a cheaper quote but I stic with them because I know if a drain gets blocked they will send someone in a couple of hours.
     
  15. Dragonlady30

    Dragonlady30 Star commenter

    The best advice I have been given is to find the quote on line and then 'phone the chosen company towards the end of the month. Most companies have targets to meet. (Just like us!!!!) and if they haven't met them for that month, they are often able to cut a few more pounds from the price for the same cover. It's got to be worth a go-we have benefited in the past!


     
  16. margie2

    margie2 New commenter

    Possibly, yes. That insurer you had a terrible time with, was it Barclays?
    I have to say that the expensive company we were with 10 years ago (Abbey) was excellent. Then, high premiums with Halifax. Touch wood, I've not had to claim anything in last 10 yrs, so cannot really judge how good Barclays are, we've been with them for roundabout 5 years.
    Has anyone on here had any dealings with Barclays Insurance? (buildings & contents)
     
  17. I'm still waiting for my free meercats for getting insurance using Compare the Market as my search engine....one for contensts insurance (saved nearly £200 on the renewal price) and one for my flat insurance (I have to rent as can't find a job near my flat - and OH is going back to flat to use whilst he studies at uni nearby).... saved heaps again using price comparison....
     
  18. emilystrange

    emilystrange Star commenter

    we saved about £400 on our car renewals last year by putting them on an admiral multicar policy. the renewal quote mr s had for his car on its own was more than the ne policy with 2 cars on.
     
  19. jannet

    jannet New commenter

    We too are with Aviva (home + car) and our buildings and contents premium (no changes in circumstances) actually went DOWN this time by £39 !! However, I always do comparisons around renewal time.
     

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