Contents Insurance

Always took out insurance on everything ...very expensive, and when I was a single parent couldn't really afford it but regarded it as essential. Used to also pay my daughter's house contents insurance on her UNI house ....until she moved into a separate rented house on her own......I said I would continue to pay the insurance (new Uni , different town) but she said NO, I will pay it ...I did wonder ...

She left clothes airing in front of an electric fire, the caught alight, burned the house almost down ...she was ok, but she had nothing left ....luckily a friend from her holiday job had a spare room .(.I couldn't go over to help as I was in hospital at the time and she only told me by phone a few days later ).....I bought new furniture on e bay and had it sent to her (the lovely man I bought it off even went to the house and put it all together for her !) I bought long distance, a bed, mattress, bedding, and gave her 500 pounds for replacement clothing, didn't make up for the loss of everything, and the main thing was she wasn't hurt, only for a singed fringe ....the most unbelievable thing was, when I phoned the fire brigade (I don't live in the UK) to thank them, they said it was amazing someone bothered, as the amount of disasters they attend, No one normally bothers to say thank you ! I find that sad !! I hope she is now insured !

So ,,, yes, whatever else you have to do without, please do consider insurance. Those I feel really sorry for are the people who suffered flooding and who are now uninsurable. That is unfair ....I did see once that the government were considering a kind of insurance scheme ...did that ever happen, or are they still in limbo ?

And yes, I declared my claim to the new insurers.

Yes. My house insurance was renewable in May. My insurance claim was signed off in April.

I did talk to my insurance assessor who had already told me that I shouldn't have a higher premium. However as my insurers had dragged their heels and subjected us to poor service I did not renew with them, but went with another insurers.

The important thing is to find out who the underwriters are. Some are better than others.

The excess is determined on the value of contents which will be displayed on your policy.Provided you are not in the habit of constantly making claims ie I forgot turn the tap off so flooded my bathroom or the cat knocked my pc of the table then you can shop around for the best deals.Insurance companies want your business.

Sorry Anya, but how do you know this insurance company won't charge you a higher premium next year? Has renewal come up since the fire?

I change insurers every year.

It's often a case of getting a good deal the first year and then it goes up the next so it's just means shopping around. If it goes up a lot change - you get nothing for loyalty these days. Age Concern is fairly reasonable. Make sure the quotes you get are for the same cover, eg. new for old, accidental damage, the same amounts and cost of excess.

You said

More importantly, for every person facing catastrophe after a house disaster and with no insurance, there are those who under insured and get very upset when they make a small claim and only get half the money they expect because they had only £25,000 of coverage on £50,000 of contents and do not understand averaging

We live in a flood risk area, a local broker obtains insurance for us at an incredibly reasonable price, it's more than worth their small fee. Apparently they have access to policies that do not appear on an Internet search. Never used a broker before, certainly worth it for us.

Monica you were talking about a 'small claim' ??? Of course you can't claim for more than you are insured for

Ana that was for a whole year. No, my insurance didn't go up ant all. The logic behind this is that it was a 'one off' event. Had it been flooding due to local conditions and therefore likely to occur again then it would have been a different matter.

Go online to the comparison sites or consult a local insurance broker.

We are limited because we live in a Listed Building and many insurance companies will not insure them or load the rates they charge. We go with a specialist insurer, but even then we compare rates across the field. Last year we moved from a broker we had been using for over 15 years because the range of rates they offered from the insurers they worked with were far more than we could get by looking elsewhere.

Many thanks to Sweetcakes. I've now pursued both of these companies for quotes and they are very favourable. Your prompt response is really appreciated.

I never stick to one insurance company I phone around every year to get a better price they don't deserve our loyalty.
Wow Lilyflower you must live in awfully big place to pay £120 a month are you with the same insurance co year after year?
Kim 19 have you tried legal and general or more than.?
Of course a lot does depend on where you live and the crime rate!!

I've recently received my renewal quote for next year B/C insurance with a very well known company. A few years with them, no claims, no alterations and yet my premium went up by 30%. I did the recommended 'call and negotiate' but they budged not an inch. Any of you Grans out there care to recommend any companies to me please?

As has been said before, it does pay to question high insurance costs, often as ' valued customers' prices are reduced. It also can be a good idea to have a small safe for jewellery. Making it that bit harder to steal, they can be fire and waterproof.

We have saved £700 a year, moving out of the city to a smaller village house!

My insurance is terrifying, £120 a month for house and contents. What's more, I have read some fearful stories about insurers refusing to pay out on named items (such as jewellery) that have not been valued every year. Nevertheless, I'd never have a moment's peace of mind if I did not have insurance. I am Mrs Risk Avoidance!

We had paid insurance for 30 years before we had catastrophic damage from burst pipes (we were away ) and had a huge claim to put building and contents back as they were. The comfort of being insured was worth every penny we had paid over the years.

I am sorry Anya, but that IS how it works. The quote below from the Daily Telegraph uses almost the same words as I did and there are quite a number of other authoritative sites saying exactly the same thing, if you are under insured, even a small claim will be averaged, regardless of whether you have an excess as well. The excess would be an added deduction.

For example, if you have £25,000 of home contents cover, but your possessions are actually worth £50,000, you may only receive half of any claim you make on that insurance, even if the amount you are claiming for is less than £25,000.
www.telegraph.co.uk/finance/personalfinance/insurance/buildingsandcontent/8260054/6.8-million-homes-are-underinsured.html

Was that for the whole year, or per month Anya?

And has it gone up a lot since your claim?

That's not how it works Monica

What might have happened is that they had to pay the excess even on a small claim that could cut your payment in half.

My insurance cover for both buildings and contents was just under £140 so that's cheap at the price.

Some people are so strapped for cash they cannot afford it. When the pips start squeaking, insurance payments are one of the first economies.

Having said that, in many cases the families do not seem to be in a position where they could not have afforded insurance and I have a friend, who told me some years that she and her DH had no contents insurance on the contents of their large and well furnished home. i think that has now changed.

More importantly, for every person facing catastrophe after a house disaster and with no insurance, there are those who under insured and get very upset when they make a small claim and only get half the money they expect because they had only £25,000 of coverage on £50,000 of contents and do not understand averaging.

I had a fire last October 19th, luckily it was 95% smoke damage, but we were still out of our home for 4+ months.

The total bill for contents and reinstating the house was £90,000 of which £30,000 was contents. Contents included carpets and curtains, but wooden flooring and curtain rails were 'buildings'.

It was money well spent.

We have never claimed, silly things broken or lost were not worth claiming for due to the excess, but we always consider it money well spent for a major loss.

We always have both contents and buildings although we've never claimed either.

We have paid both for 58 years and never made a claim.
Money well spent.I get annoyed myself after floods etc when appeals are set up to help those who havent made provision for themselves