Renewal of Building and Contents Insurance

We were contacted by someone recommended by a friend who we had helped in a similar situation.

This new enquiry came from a gentleman who had been insured for over 25 years with the company who he had his mortgage with and even though he had paid off his mortgage some years earlier, he had maintained his insurance cover, simply because he had assumed there would be no benefit in looking elsewhere.

His renewal had been invited at just over £700 for a combined buildings and contents policy covering his property, a two bedroom semi-detached house in Cambridgeshire with no claims having been made against the policy for over 10 years.

In this instance we were able to provide him with an alternative policy at an annual premium of £261, with double the contents sum insured and cover for personal possessions away from the home, something the old policy did not include.

Out of interest, when he notified the old Insurer that he would not be renewing with them, they offered to reduce their renewal premium to £566 and whilst he declined the revised offer, he did ask why they hadn’t quoted him the lower figure in the first place. No satisfactory answer was forthcoming.