Home Insurance

CoxyBoy123 · 8 Oct 2010 at 20:25

Ok, so had my mortgage offer through from the Lender and one thing they clearly state is that I have to have home insurance before the funds will be released.

So is there a certain type of insurance for this or do I literally get insurance on a home I dont own yet?

Joe

Al-Ectrician · 8 Oct 2010 at 20:31

Building insurance is a must, contents is optional.

CoxyBoy123 · 8 Oct 2010 at 20:36

Al-Ectrician said:
Building insurance is a must, contents is optional.

I know this but what I am saying, do I take out a policy before I even own the house to get the funds released?

DBT85 · 8 Oct 2010 at 20:38

yes. tell whoever you are getting the insurance with and they'll know what to do.

Essentially the actual exchange can take place any time from when the funds are released. On that basis you need to be insured to cover it.

They won't release the funds until your insurance provider has faxed your solicitor or the bank your policy.

Cosimo · 8 Oct 2010 at 20:39

It will most certainly be building insurance to cover the full rebuilding of the home. It should start from the day you own the place but check with the mortgage provider.

CoxyBoy123 · 8 Oct 2010 at 20:42

Todge said:
yes. tell whoever you are getting the insurance with and they'll know what to do.

Essentially the actual exchange can take place any time from when the funds are released. On that basis you need to be insured to cover it.

In that case, is there anywhere anybody recommends home insurance?

DBT85 · 8 Oct 2010 at 20:44

CoxyBoy123 said:
In that case, is there anywhere anybody recommends home insurance?

we got ours with Aviva but just crack open gocompare and see what floats to the surface. We also have our life insurance and critical illness cover with them.

CoxyBoy123 · 8 Oct 2010 at 20:52

Todge said:
we got ours with Aviva but just crack open gocompare and see what floats to the surface. We also have our life insurance and critical illness cover with them.

Its coming back around £270 for buildings and contents for the year, apartment is £75000, seem reasonable?

fretted · 8 Oct 2010 at 21:23

can use moneysupermarket.com to compare?

Liquid_Entity · 8 Oct 2010 at 21:29

and use quidco of course

CoxyBoy123 · 8 Oct 2010 at 21:42

fretted said:
can use moneysupermarket.com to compare?

Sorry that was with moneysupermarket, that is buildings and contents, how does this compare to everybody's here

DBT85 · 8 Oct 2010 at 21:43

CoxyBoy123 said:
Its coming back around £270 for buildings and contents for the year, apartment is £75000, seem reasonable?

sounds about right. i think ours was £33 a month for our first year on a £218,000 semi.

CoxyBoy123 · 8 Oct 2010 at 21:45

Todge said:
sounds about right. i think ours was £33 a month for our first year on a £218,000 semi.

Spot on, thanks

GSDog · 8 Oct 2010 at 21:51

Try DirectLine as well, they were cheapest for me.

CoxyBoy123 · 8 Oct 2010 at 21:59

One new problem I have come across, nowhere is recognising my address to try and get a quote, looking at the money supermarket one i selected the wrong address... nowhere seems to be able to find my number and post code combination.

DBT85 · 8 Oct 2010 at 22:19

I'd just phone a couple then, if its only recently been split into apartments or something then it may be why. Also some buildings have their own post code, independant of the road they are on. Some floors even have their own. You're 100% sure the postcode you have is correct for your place?

CoxyBoy123 · 8 Oct 2010 at 22:25

100 %, had a lot of documents through, surveys and searches etc... all had that post code... best thing is to ring?

no_1_dave · 8 Oct 2010 at 22:41

You get what you pay for with home insurance.
Cheap home insurance is cheap for a reason, look for a reasonable one you know will pay out if something happens.

Go on a site like defaqto to compare cover:
http://www.defaqto.com/compare/home-insurance

I went with lloyds bank home solutions as its fully unlimited cover and only about £2pm more then I could get elsewhere.