Home insurence - Help

Discussion in 'Finance, Property, Law' started by Pacifist_Jihadist, Aug 21, 2011.

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  1. I was over at the folks today for Sunday lunch and my dad mentioned something about their insurance that I hope somebody could advise on.

    They bought the very old house in the country a number of years ago and done it up, the place was half in ruins and the other half dilapidated. However due to the age of the house they are in a very high insurance band, the insurance company states that typically a house of the same age is filled with antiques, oak panelling, intricate plaster ceilings etc, etc. He has tried to explain to them that the house has none of them except for a few plastering examples they managed to restore and largely the house is done to modern standards. But they will not budge, the actuary tables states that due to the age they must be in that band in order to restore the non-existent oak, so the house is insured to way more than its market worth.

    Does anybody know of any insurance companies that are more flexible or a way to make his current one modify the policy?
  2. The_Duke

    The_Duke LE Moderator

    Unless he is currently with a specialist insurer, they will be working from a pricing calculator which has been set by actuaries, and very few in the company will be able to deviate from it.

    He can use one of the internet comparison sites, many of which give you the option of stating your estimated property value and rebuild cost.

    If his house is listed, it becomes a little more difficult as the methods used for repair or rebuilding must be sypathetic to the nature of the listing, and as a result tend to be much more expensive.

    He might do well to visit his local insurance broker and let them do the leg-work for him. Make sure that he has all of the details to hand and declares everything that might be material to this risk - claims history, flood/subsidence damage, exact nature of construction, burglar alarms, smoke detectors etc. They will get commission from the insurer so he shouldn't have to pay any fees. Web comparison sites also get commission (often much higher than a local broker will be paid) so it shouldn't cost him more.
  3. Thanks Duke. He normally uses a broker but i will push him to try another who can try for specialist insurers. It is not a listed building which makes the chargers even more annoying.