Building / Contents insurance

[Estrella]

Hey folks.

I was chatting to an insurance guy a few years ago and he was adamant that having insurance with many of the cheaper companies is an absolute false economy in the event you need to claim. He mentioned numerous get out clauses and other ways that the cheaper companies use to wriggle out of paying up. This conversation was a few years ago and the only company I can remember him raving about was the Co-op.

So a couple of Q's.

Was he correct that the Co-Op is the 'daddy' when it comes to insurance?
Are there any quality competitors to the Co-op


I may sound a little naive, but as I have never claimed on any form of insurance in 21 years of adulthood I am a bit green in this area. I am also wanting a good company as my house was underpinned about 10/12 years ago, so I obviously want cover if anything should start to move again!

 

[TonyWarrington]

Was he correct that the Co-Op is the 'daddy' when it comes to insurance?
Are there any quality competitors to the Co-op

Hi BC
Do you think that he may have had a vested interest e.g. worked directly for the Co-op or if independent perhaps earned the best commission via the Co op

FWIW for a short time in my youth I worked for the Prudential (now I believe owned by Churchill - Oh Yes ) and I was sure that they offered the best and fair system for claims. The cynical side of me believes that any insurance company will try and minimise claims (or even try and refuse claims) and therefore you should examine the 'small print' and be sure you get the correct cover. The bottom line is I suggest if it does not specifically state you are covered on your policy it is likely that you are not!!

I am still covered by the Pru (although it is a little pricey now!). I have had a couple of claims one of which was for a roof repair after storm damage and even though the rip off merchants that came to do the repair asked for a huge amount the Pru paid up - even after me phoning them and stating that we were being ripped off!

Would I rec. them - not necessarily as I believe that there are better deals out there with reputable companies. May I suggest that you have a look here as a starting point

http://www.moneysavingexpert.com/insurance/home-insurance

EDIT: p.s let me know how you get on - might save me a little leg work later this year

 

[Estrella]

Hi Tony,

I meant to add in my post that he most certainly wasn't trying to sell me insurance as he had recently left the industry.

MSE is OK, but they tend to bang on about price rather than quality. I am fully expected to pay a hefty premium as the house has previously suffered subsidence, what I want is a company that is less likely to argue the toss than the others.

Point taken re The Pru. I'll look into that.

Any other good experiences with insurance co's folks ?

 

[Richard C]

I’ve been a premium tart for all my insurance for quiet a few years now, including the 3 cars in our household. Unless you like throwing money away, you have to take advantage of the “grab you” offers but these are usually only available to new customers so you have to check every year to keep the premiums down; they will usually jack up your renewall premium by at least 10% the very next year. Sometimes I have to switch every year but not always & it can get as silly as alternating between the same 2 companies every other year.

If you take time to read the policy small print, there is invariably little difference; the thing you have to watch with the cheaper quotes is the excess in the event of a claim (both compulsory & voluntary), the actual amount your covered for; the starting figure for the contents cover is usually around £25- 30k & will not be enough cover for most. If you add up the cost of replacement for all the stuff you have you could be in for a shock; I’m a sad bstard & have kept a rolling spread sheet of everything I own for many, many years & I would say that on average, you will need 2x that. Also max rebuilding costs will often be limited &, depending on the type of house you own & where it is, this could be woefully inadequate. Insurance funded rebuilding costs along with temporary accommodation can be up to 1 ½ times the cost of building new & in some cases it can be nearly as much as your property is worth, including the land. Then ether is the exclusions but they are usually easily spotted in the small print.

As long as you understand all of this, you can save a fortune especially if you’ve been with the same company for many years; loyal customers actually get penalised.

 

[^woody^]

Two other tips ....

After getting quotes from the usual online sources, don't buy via them but instead go to one of the cashback sites and see if the insurance is available from there - you may get a £30- £100 cashback.

Make sure that there is no fee from the mortgage company to "update" your details with a different insurer. If there is, ask the new insurer to cover this fee.

 

[scatmanjohn]

I got my renewal notice today..Churchill want £400 it was only £190 last year

Went online to get another quote from churchill....same details...same cover...£116

I ring and ask to renew at £116...certainly sir..Cheeky beggers

 

[Alison556]

One thing I've learned is that it's probably easier to have your buildings and contents insurance with the one company.

I was with Marks and Spencer for contents for the last few years and their contents policies are really good. Never had to claim off them though.

Lloyds TSB were crap - it was them that wouldn't take my neighbour to task for flooding me.

I just bought my house last year and went with Sheila's Wheels for buildings but was still with M&S for contents (they were due at different times). M&S unfortunately won't insure a maisonette (if that's what I live in) so when that policy ran out, I got the two of them with Sheila's Wheels so that they ran consecutively. Must admit, when my neighbour flooded me for the second time, I phoned Sheila's Wheels and they were right on the ball about it. Couldn't fault them there. And the bonza bit is............I don't have to wear a pink sparkly dress!!!!

My brother was insured with CIS for his car and my neighbour was with them for her house insurance. My brother had a nightmare with them when some guy crashed into him (and it was his own insurers!!) and I had a nightmare when the dozy mare upstairs flooded me.

 

[namsag]

Scatman
like you i was always insured with churchill every year when renewal came through i would price it on there internet site and it could be hundreds cheaper.

And every year i would get the letter sorry to lose a valued customer. And afew times i wrote back saying you have not lost me and could they tell me why it was hundreds dearer than there net site Funny enough they never wrote back

 

[JOHNBOY42]

I was with the Halifax for years with my Mortgage and Insurance...got my renewal through in March and it went from £216 last year to £420 for the next year....I have had no calims and dont live in a high risk area...went online and although some was cheaper went with Sheilas wheels for £174