House and Contents insurance

[33q]

I’ve been with LV for many years and the prices have been reasonable. Last year it jumped up to £650 and I was busy and missed challenging it. This year it’s jumped to over £850.

Price seems way over the top.

4 bed house in the East Midlands.

Any thoughts etc

[Nicetobenice]

I'd try one of the major comparison sites and see if they come up with anything cheaper.

If the rate is cheap enough to bother changing then it's worth looking into it properly

[Road2Ruin]

With house insurance coverage can vary greatly. Keep an eye out for the maximum value of any item, cover away from home, and again maximum value, cover in gardens or outbuildings, ditto for max value, etc.

[craigjm]

Road2Ruin said:

With house insurance coverage can vary greatly. Keep an eye out for the maximum value of any item, cover away from home, and again maximum value, cover in gardens or outbuildings, ditto for max value, etc.

100% this

I do also often wonder how much we need contents insurance at all. Buildings is of course essential if you have a mortgage but I was just thinking the other day I dont know anyone that has had to make a major claim on contents.

Cue a procession of people saying they have been brutally burgled and ransacked and lost millions of pounds of contents.

[Road2Ruin]

craigjm said:

100% this

I do also often wonder how much we need contents insurance at all. Buildings is of course essential if you have a mortgage but I was just thinking the other day I dont know anyone that has had to make a major claim on contents.

Cue a procession of people saying they have been brutally burgled and ransacked and lost millions of pounds of contents.

Yep. It's easy to be under insured in this area and then the insurance will only pay out pro rata.

[heisthegaffer]

craigjm said:

Road2Ruin said:

With house insurance coverage can vary greatly. Keep an eye out for the maximum value of any item, cover away from home, and again maximum value, cover in gardens or outbuildings, ditto for max value, etc.

100% this

I do also often wonder how much we need contents insurance at all. Buildings is of course essential if you have a mortgage but I was just thinking the other day I dont know anyone that has had to make a major claim on contents.

Cue a procession of people saying they have been brutally burgled and ransacked and lost millions of pounds of contents.

I recently claimed for a lost diamond from my wifes engagement ring. I was worried when the ring was discovered to be vastly underinsured vs insurer value but they still fixed the white gold and replaced the diamond to the tune of c. £2,800.

[rlg43p]

craigjm said:

100% this

I do also often wonder how much we need contents insurance at all. Buildings is of course essential if you have a mortgage but I was just thinking the other day I dont know anyone that has had to make a major claim on contents.

Cue a procession of people saying they have been brutally burgled and ransacked and lost millions of pounds of contents.

Recently had golf clubs stolen from garage. Insurance paid out £3900 to replace everything new for old. (after £400 excess)

Had a water leak from a shower. Insurance had a man with a dehydration unit on site within hours. All repairs paid for including redecorating downstairs and new carpets. Claim was about £5k

Wife dropped a mug on new induction hob. Insurance paid out £375 over the phone same day once replacement cost confirmed by Neff.

[richhead]

Alot of people over value a house on insurance, its not the purchas price you need, just the rebuild price, this can be vastly different, dont forget you still own the land, and thats a good % of the value.
I fell foul of this and had insured a house on the value to buy, until my broker told me the rebuild would be a 1/4, we had alot of land and smallish house.