Building insurance, wild variations in prices

  bumpkin 18:31 27 Sep 14
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Just had to renew my buildings insurance (Not contents), I queried it last year as I thought it expensive and was palmed off with excuses and a shopping voucher but renewed it anyway taking the easy option. A bit more time available now so looked at various options on the comparison sites. Many cheaper ones but also one from the same company that I am insured with. Entered all the details, exactly the same cover from the same company except that the online quote has £250 excess as opposed to £100 on my old policy. Renewal request through the post was £634, online it was £294. How can there be such a difference? I could understand maybe £80 or so less. I have now renewed it with them at the lower price.

  bumpkin 19:53 27 Sep 14

Worth looking around then, makes me wonder what else I am paying over the top for.

  Aitchbee 20:15 27 Sep 14

I do not have the option of changing my building's insurance policy as there seems to have been a 'clause' [not Santa] written into the 'conditions of purchase' when I bought my council house over ten years ago. I pay it in instalments, 4 times-a-year as part of the quarterly 'Common Charge' bill I get which also accounts for factoring costs, ie Stair cleaning, stair lighting, general upkeep, etc.

I currently 'cough up' about 4 x £85 per annum, in total - which is quite good, I reckon.

PS. The outer rendering of the building [which consists of 5 x 8 flats - about half are now privately owned and half are tenented] has started to deteriorate 'bubbles 'n' blisters', so it will be interesting to find out if the 'building's insurance' will pay for the cost of repair, when it comes to the crunch?

  wee eddie 20:24 27 Sep 14

Sorry, it's unlikely that 'wear and tear' is covered

  bumpkin 20:44 27 Sep 14

Aitchbee, unless it is structural damage I think will be classed as maintenance. Whether that is part of your Common Charge agreement may be worth looking into.

  Aitchbee 20:49 27 Sep 14

wee eddie & bumpkin, I agree ... but the situation is somewhat complicated, in-as-far-as only about 10% of the building's exterior [ at the front] is affected ... the remaining 90% is totally free from any blemishes.

  Aitchbee 21:30 27 Sep 14

As an avid fan of BBC TV's 'Homes Under The Hammer', it's an eye-opener to see what sorts of house prices 'n' communal charges are afforded to buildings 'n' flats in London compared to any other city in the UK.

  bumpkin 21:42 27 Sep 14

I am assuming that your flat is leasehold, nothing wrong with that but it carries complications dependent on the terms of your lease and service/maintenance contracts especially if other parties are involved.

  Aitchbee 22:05 27 Sep 14

bumpkin - I did not read the legal-pack when I bought it ['cos there was a 70% discount at the time]; but as you say, there might be complications, down-the-line, which I will have to face.

  bumpkin 22:41 27 Sep 14

With 70% discount you can't go far wrong.

  BT 09:13 28 Sep 14

Just renewed my Buildings/Contents combined policy with SAGA and it was £30 cheaper than last year which was also cheaper than the year before. At £154 I think it was a pretty good deal, so it sometimes pays to stick with a Company. When I lived in London I was paying £36 a month just for Contents. As I lived in a block of flats Buildings insurance was included in the not inconsiderable Service Charge.

When I moved to Norwich I got nearly £200 back on my Motor Insurance when I informed them of my change of address.

It just shows that where you live has a big influence on the premiums you pay.

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