Boring house-purchase buildings insurance question Boring house-purchase buildings insurance question - Page 3
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  1. #21

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    We looked at DL and MoneySupermarket yesterday as we prepare to exchange.

    • DL quoted us ~£500 or ~£750 for the 'plus' package.
    • Quotes from MS ranged around the £220 mark.
    • The quote from our mortgage advisor's company was £~750


    Our current provider MoreThan was one of the cheapest and like DL appear to have big default values i.e. £1m build cover, £100k contents.

    It looks like we'll exchange and then complete 12 days later. Given that all insurance comes with a 14 day cooling off period, can I take out a policy on exchange day and then as soon as we're moved in cancel it and get a new policy with the exact details of trees, locks, etc?
    How does the 14 day rule work? If you cancel you get all the money back or 50/52 of it back? It sort of seems like one could get free insurance by cancelling and moving provider every 2 weeks until you ran out of providers. Not something I have any intention of doing but was just curious.
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  2. #22

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    Ask the insurance company to visit to answer the questions themselves. Without that you're open season come a claim.

    Seen it happen.
    “We've always defined ourselves by the ability to overcome the impossible. And we count these moments. These moments when we dare to aim higher, to break barriers, to reach for the stars, to make the unknown known. We count these moments as our proudest achievements. But we lost all that. Or perhaps we've just forgotten that we are still pioneers. And we've barely begun. And that our greatest accomplishments cannot be behind us, because our destiny lies above us.”

  3. #23

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    Will they send anyone?
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  4. #24

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    Quote Originally Posted by d000hg View Post
    Will they send anyone?
    Nope.

    Generally if cancel but the policy has started they charge you for the time you were covered plus an admin fee.

    In regards to M&S read their small print and see who is underwriting it then see if you can get a quote from them direct as it is often cheaper.

    Edited to say: In the terms and conditions somewhere they should give you a sliding scale of the amount you get back if you cancel.

    Oh and some other brands are in the DL stable so when their insurance goes up just get a quote through one of their brands
    Last edited by SueEllen; 27th March 2017 at 16:40.
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  5. #25

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    Quote Originally Posted by SueEllen View Post
    Nope.
    Yes they do.

    Bottom line, if the price is to good to be true...
    “We've always defined ourselves by the ability to overcome the impossible. And we count these moments. These moments when we dare to aim higher, to break barriers, to reach for the stars, to make the unknown known. We count these moments as our proudest achievements. But we lost all that. Or perhaps we've just forgotten that we are still pioneers. And we've barely begun. And that our greatest accomplishments cannot be behind us, because our destiny lies above us.”

  6. #26

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    Building insurance is partly just to placate the mortgage lender. Since long-term, insurance costs more than paying for work yourself then one argument is that the cheapest, crappiest policy you can get is OK?
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  7. #27

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    Quote Originally Posted by d000hg View Post
    Building insurance is partly just to placate the mortgage lender. Since long-term, insurance costs more than paying for work yourself then one argument is that the cheapest, crappiest policy you can get is OK?
    Until your house burns down.

    Some insurers are worse than others in that respect.

    Unfortunately you don't know how tulip or how good an insurer is until you have to claim. Which and a few others do rankings.
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  8. #28

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    Quote Originally Posted by scooterscot View Post
    Yes they do.

    Bottom line, if the price is to good to be true...
    They don't give a tulip until you claim. Then they will send their loss adjuster out to see if you are a liar.
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  9. #29

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    Quote Originally Posted by SueEllen View Post
    They don't give a tulip until you claim. Then they will send their loss adjuster out to see if you are a liar.
    True. In the last 4-5 years I've made two claim. In one instance my Edinburgh place due to upstairs dishwasher leaking causing my ceiling to collapse. Luckily no guests were in.

    Insurance. The one thing you never need until the day you do.
    “We've always defined ourselves by the ability to overcome the impossible. And we count these moments. These moments when we dare to aim higher, to break barriers, to reach for the stars, to make the unknown known. We count these moments as our proudest achievements. But we lost all that. Or perhaps we've just forgotten that we are still pioneers. And we've barely begun. And that our greatest accomplishments cannot be behind us, because our destiny lies above us.”

  10. #30

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    Quote Originally Posted by SueEllen View Post
    Until your house burns down.

    Some insurers are worse than others in that respect.

    Unfortunately you don't know how tulip or how good an insurer is until you have to claim. Which and a few others do rankings.
    No my point was if you view the insurance simply as an additional mortgage fee rather than ever expecting to get anything back... statistically insurance costs more than paying for your own losses.
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