Insurance Policies are they a rip off!!

[Caribeing]

Sometimes I think it is better to put your money in a savings account and save up for all the things you need. I have been paying. insurances for years and have never seen the benefit, need new windows but have been told wear and tear in other words sort it out yourself what are the advantages, disadvantages of insurance policies

[Fay Mousse]

You can't expect your household insurance to replace things just because they have worn out.

It is to cover you in case of fire, theft, flood, airplane landing on your roof, car driving into your lounge, tree falling on to your house, criminal acts of vandalism....

I keep the price of my insurances down by having quite large excess (�500) - I can afford to lose �500 but I couldn't rustle up the cash to totally rebuild my house if it burnt down.

[Caribeing]

Good point faymousse but I was referring to contents insurance as well as building all of which I pay for' fire theft flood still a hassle to get sorted!

[Fay Mousse]

I was also referring to contents as well as buildings. Mary.

It is a hassle but it is far easier to buy insurance now we have the internet. It used to be a case of either sitting by the phone all day and ringing round, or sitting in the insurance brokers while he rang round.

My buildings and contents costs around �100 per year - yes, I'd rather spend it on something nice for me, but it does give peace of mind.

[flip_flop]

About five years ago I was burgled whilst on holiday and was more or less wiped out - but not content with just nicking from me, they also decided to totally trash the place as well.

Total claim was almost �100,000.

Within a week of reporting the incident my insurance company had repalced all of the electrical goods from their suppliers, had paid me in full for the rest of the stolen goods and had workmen on site to completely redecorate etc...

My premium at the time, from memory, was about �250pa.

So, in my experience - are they a rip off? Absolutely not.

[Hermia]

I was burgled a few years back and was so glad I had insurance. It paid for all the repairs and replaced all the goods that were stolen. I actually got much nicer goods than the ones that were stolen. The TV that got stolen was rather old and they company replaced it with an enormous Sony one. Nice! I'm goodf at saving, but no way could I have afforded to replace all the electrical goods etc.

[RAYMAN]

Fipflop,Hermia It would be nice to know who the insurance companies you are refering to.