Advice Needed, Home Insurance

mysticsniper · 24 May 2007 at 22:15

I have just recieved my renewal for my home insurance, and its gone up by £60, and now stands at £330 a year, and at this rate by the time my fixed rate ends my home insurance will be around £800 per year. I have not made a claim either, and Zurich tell me its all about the Index linked, that my Mortgage company require. I have other friends who have their mortgage with the same company and they don't have index linked on their insurance.

I live in a 2up, 2 down, terraced house

Am I being ripped off here or what, and who can I speak to about this, as both the insurance and the mortgage companies keep telling me its all about the rise of inflation, just in case any work needs to be done to my property. :confused:

Windle · 24 May 2007 at 23:14

home and contents or just home?

My House insurance is £200pa, my contents is £140pa

mysticsniper · 25 May 2007 at 01:44

Home & contents, which is about the same as you, but its the fact that is has gone up £60 in one year that makes me peeved off :mad:

gort · 25 May 2007 at 07:53

Renewal quotes are a rip off anyway and more often than not higher than changing to another company.

If you go through Quidco, you can get £100 or more cashback through some of the insurers. We did that this year, House and contents worked out at under £150 all in.

Dolph · 25 May 2007 at 10:03

Our insurance hasn't risen the last two years, I'd go hunting somewhere else mate. I've always found direct line and more than (if you meet their security criteria) to give very good quotes

meghatronic · 25 May 2007 at 10:06

Dolph said:
Our insurance hasn't risen the last two years, I'd go hunting somewhere else mate. I've always found direct line and more than (if you meet their security criteria) to give very good quotes

I agree with this. We've had no price hikes in about 5 years with Direct line.... (and I'm not sure what he meant about More Than's security criteria).

Dolph · 25 May 2007 at 10:12

jdickerson said:
I agree with this. We've had no price hikes in about 5 years with Direct line.... (and I'm not sure what he meant about More Than's security criteria).

Scratch that, looking on their site they've lifted them. Last time I looked, to get insured with More Than you have to have 3 point locks on all windows and 5 bolt locks on the front and back door, which unless you've had fairly recent doubleglazing fitted put most people off their list.

Just done a quote through them and it's very good mind you, might have to look at moving...

meghatronic · 25 May 2007 at 10:15

Dolph said:
Scratch that, looking on their site they've lifted them. Last time I looked, to get insured with More Than you have to have 3 point locks on all windows and 5 bolt locks on the front and back door, which unless you've had fairly recent doubleglazing fitted put most people off their list.

Just done a quote through them and it's very good mind you, might have to look at moving...

Ooooh... I'll look to. But I think we get house/car/moon insurance with Direct Line so get a nice combi discount.

Dolph · 25 May 2007 at 10:18

jdickerson said:
Ooooh... I'll look to. But I think we get house/car/moon insurance with Direct Line so get a nice combi discount.

So do we at the moment. More than just quoted £170 for £400k building cover and £75k contents cover though, definitely worth looking into.

mysticsniper · 25 May 2007 at 15:57

Dolph said:
So do we at the moment. More than just quoted £170 for £400k building cover and £75k contents cover though, definitely worth looking into.

That sounds very good indeed, but does that include this "Index Linking" that my Mortgage company require???

Dolph · 25 May 2007 at 16:00

mysticsniper said:
That sounds very good indeed, but does that include this "Index Linking" that my Mortgage company require???

I would imagine that if your mortgage company requires index linking, it would be related to the rebuild or total loss value in the buildings section of the cover. So if you insure the house for the bare minimum they recommend, it would have to rise each year as the cost of rebuilding the house would rise.

Unless your house has a value of over 400k, the more than quote should be more than ample i would imagine, but if in doubt, check with your mortgage people

Jez · 25 May 2007 at 16:02

I have to wonder what house (excluding contents as that is not covered anyway) could possibly have a value even approaching £400k!? Thats an insane amount of building work and would cover even an absolutely enormous house.

Dolph · 25 May 2007 at 16:05

Jez said:
I have to wonder what house (excluding contents as that is not covered anyway) could possibly have a value even approaching £400k!? Thats an insane amount of building work and would cover even an absolutely enormous house.

Depends on the materials and that as well. A brick built end terrace is easy to rebuild, and hence cheap. A stone farmhouse with classic period features much less so, especially if there was a requirement to use 'authentic' materials or similar. Likewise a nice kitchen can cost £25k without too much effort, and things like fitted kitchens aren't covered under contents. The old "turn the house upside down" idea, if it falls out, it's contents, if it doesn't, it's buildings...