Home and contents insurance?

[woofgang]

just got my home insurance renewal from Lloyds...so I did a check around to see if it was good value. Have been meaning to do it for the last few of years but with DH being ill then losing him last year it never got done.
Anyway...M and S will give me slightly better cover for less than half the price of Lloyds. When i phoned Lloyds, they immediately wacked another 30% off but still couldn't get within spitting distance.

So has anyone got any views on M and S insurance please? Also on Axa who actually are the insurers? I want to check that I am actually going to get a bargain before I jump.

Many thanks

[factor-fiction]

That seems very high, bednobs. £1200? Although rebuilding costs can be high for terraced houses because to knock down and rebuild one you have to workk on the others too. It still seems extremely high.
(By the way, I see you have staying clear of the Family thread you were on last time. i think i will too now)

[vivandorron]

bednobs.... Your Insurance does seem rather high. I thought that perhaps you were living in a big detached house with expensive furnishings.

Ron.

[bednobs]

yep. £1196 to be precise. It's a combination i think of flood risk (have the government stop subsidising or something this year?) and the fact we had a claim 2 years ago for escape of water that cost £4k to fix. Anyway, through a broker i have got it down to £472 this morning

[bazwillrun]

bazile

its not a case of making interest off the savings, its more a case of you keeping the money rather than them having it at their disposal.

Play them at their own game, use the odds to your advantage
Better to have the money in your bank than thiers.

I have saved thousands over the years by not having contents insurance.
If I lost everything of material value in my house right now like furniture tvs etc etc I would still be quids in if I went out and bought the lot all over again.

[vivandorron]

I appreciate the view that, by not Insuring contents, one could be better off. However, that position would not have prevailed when my house was struck by lightening. Very little damage was done to the house, but the surge of electrical energy through ground cables entering the actual property was considerable. Written-off were...two Computers, Television, Video/DVD Player, Electronic Keyboard, & Radio set.

Ron.

[bazwillrun]

"two Computers, Television, Video/DVD Player, Electronic Keyboard, & Radio set.
"

Whats that lot cost to replace £3000 or thereabouts ?, judging by some of the quotes and what some on here are paying thats covered by not even 5 years of premiums

[vivandorron]

I settled for £2850.OO. Ok, I may have lost-out over the years for which I paid Insurance, but 'forking out' say a £100 per year, is a lot less painful than having to find a few thousand pounds to replace items.

Ron.

[woofgang]

Its a gamble though. You are betting that nothing will happen until you have amassed the wherewithall to pay for everything that would need replacing/rebuilding plus money to live elsewhere until that was done.

[hc4361]

As I said, if you can afford to replace a £2000 item, have your contents excess at £2000. It makes a big difference to the premium but still gives you cover if you lose everything.
I pay £18 a month for buildings and contents. Not overly expensive, is it?

[woofgang]

yes, I havd maximum excesses too.

[vivandorron]

Apart from House and contents Insurance, I now wish AB to give me a free Insurance cover against the possibility of a Heart Attack brought about by my involvement with Threads such as this. :-)

This afternoon I wondered exactly what I am paying to Insure my house and contents. However, despite my filing all important papers, no way could I find any documents relating to the issue concerned. I think I may have started to panic with the thought that I am not Insured. Consequently, I telephoned my Insurers who assured me that I am up-to-date and fully covered.

You may now be interested to know that for the 12 months up until next January the premium was £260.14p. Cheap you may agree for £400,000. Buildings cover and Contents £60,000. ( Excess £50 on each)

Please do not ask me to reveal the Insurance Co. because I am fearful that I could face a suspension for Advertising. Perhaps therefore I have said 'More Than' you need to Know.!! :-)

Ron.

[bazwillrun]

"Its a gamble though. You are betting that nothing will happen "

like I said you play them at their game, use the odds to your advantage.

theyre also hoping that nothing happens so they dont have to pay you

[woofgang]

well yes baz but if something does happen, the outcome for them is they make a little less money that year, the outcome for me is that I am homeless.

[flip_flop]

I had a significant claim some years ago - in excess of £30,000 - so the 'advice' bazwillrun gave would have been utterly useless to me.

My annual contents premium is about £250, so the insurance company (I've been with the same one since - becuase they were brilliant) is never going going to make a profit out of me.

Insurance should be seen as a safety net for large losses - if people are fool enough to claim for every minor incident, then their premiums will rise, but unless you are lucky enough to be able to replace your possesions following a large loss from savings, insurance is important.

Personally, having needed to use my insurance, I would say following bazwillrun's advice is foolhardy.

[vivandorron]

I agree flip_flop....I believe in being over Insured rather than under. I am happy to pay in the hope that I will Not need to claim; but, if I do have a disaster, all costs will be met by my Insurers.

Ron.

[bednobs]

hi woofie, as an update, i rang santander to see of they coul reduce my premium. Whilst going thru the details, they informed me that their definition of "surrounding area" (ie any flooding in the surrounding area") means up to 5 miles away. They requoted me on this basis and it came to 500 PER MONTH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!

[woofgang]

oh wowsers bedknobs that's brilliant!

[woofgang]

Sorry bed knobs I misread and didn't see the per month bit.......