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NurembergVillan

Insurance

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I know I'm getting all old and washed up now I'm starting threads in OT about insurance...

We're exchanging contracts on a house tomorrow so I need to take out buildings insurance.  We currently have contents cover at our rental place so I'll change the details on that, but buildings cover is a fairly new one on me.

Should I be looking at the add-ons, like Accidental Damage, Legal, Home Emergency?

I'm thinking no to all of them as I'm not planning to be doing any renovations etc.

Any experienced words of wisdom are entirely welcome.

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Accidental damage》 It's pretty hard to accidentally damage your buildings and cause major financial loss. Double glazed windows don't break easily. Unless you are going to do something very stupid like cutting down an oak tree yourself,  the fabric of your house is unlikely to get severe accidental damage. 

Legal Protection 》Legal disputes can arise for bizarre reasons you could never anticipate. But they are pretty rare. I've never taken it out and never regretted it. 

Home Emergency 》This is an awkward one. I live in a rural community and finding workman willing to come out at unsocial hours and not charge a king's ransome is impossible. My insurance company guarantee* finding the right people and footing the bill. That's worth a lot in peace of mind. Its worth it for me. But if I had strong contacts through family or business then I'd have a different opinion. 

 

*it's less of a guarantee and more of a commitment in most circumstances. 

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I didn't bother with any additions on mine. Just straight up buildings and contents. I might have added something on if it was a minuscule price increase.

 

I keep meaning to look into life insurance, now that I have a daughter. I've not been in a huge rush because I get decent cover through work, which I pay extra for, but for the sake of another £10-20 a month, I should probably look more into life insurance. ?

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Same as above, i just bought a house and didn't opt for the additional extras for building and contents insurance, there seems to be a lot of shitty insurance companies out there with low prices.  Went with Halifax in the end, hope they are good if i ever need them

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I didn't have accidental damage or legal cover on my buildings insurance. Neighbours had their chimney breasts removed and the idiot builder damaged and bricked up our flues as they were told they were redundant. Idiot neighbours didn't have adequate insurance so I couldn't claim off them for the damage and I couldn't claim off mine. Builders insurance paid out for the damage to the fires but I'm still left with 2 blocked flues and if I wanted to go legal to make them remove the blockages then it will cost me as I had no legal cover. I now have these added just incase the idiots next door decide they want to take more chunks out of our house ?

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12 hours ago, Rob182 said:

I keep meaning to look into life insurance, now that I have a daughter. I've not been in a huge rush because I get decent cover through work, which I pay extra for, but for the sake of another £10-20 a month, I should probably look more into life insurance. ?

If you work in the financial sector then your employers usually give you a good deal but obviously its only valid while you are an employee. 

I think my life cover is either £500k or £1m. I pay pennies for it. Not sure why I have it, have no dependants! 

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