Insurance

richardhomer

thomasross20 said:

Right - thank you - so I can focus on buildings & contents and just hold off on the rest for now. Too much for me to check them all out. I'm going to give Direct Line a ring as my car insurance is with them and they've always been good. I don't need the best deal, just a good one as right now time is the most precious thing. 
Thanks!

For buildings just buy the cheapest - they all do the same thing. You can leave sorting this until your ready to exchange - it can be done very quickly on line.

thomasross20

I'm seeing a solicitor today so will get future help from him. I'm already with direct line for car insurance so might even get a discount going with them..

thomasross20

Solicitor says I don't need to sort out any insurance until we actually move in so that's a weight taken off.

The mortgage advisor went quiet after I said I'd hold off - hope he doesn't bugger things up!

richardhomer

thomasross20 said:

Solicitor says I don't need to sort out any insurance until we actually move in so that's a weight taken off.

Wrong! You are legally responsible for insuring the building from exchange. This is a condition of ALL mortgage offers!  

thomasross20

Oh, so I wonder what the solicitor was on about.... I'm just going to look into it tomorrow and get it done.

TTony

thomasross20 said:

The mortgage advisor went quiet after I said I'd hold off - hope he doesn't bugger things up!

Because he's just seen a bit of sales/referral commission disappear over the horizon, no biggie.  He'll still be earning from the mortgage advice/provision, so there'll still be bread & butter on his table and he'll not screw things for you on the mortgage.

richardhomer said:

thomasross20 said:

Solicitor says I don't need to sort out any insurance until we actually move in so that's a weight taken off.

Wrong! You are legally responsible for insuring the building from exchange. This is a condition of ALL mortgage offers!  

This - but you'll have plenty of notice before the exchange date, so don't panic (assuming that it's the same exchange then complete x weeks later process in Scotland).

richardhomer

thomasross20 said:

Oh, so I wonder what the solicitor was on about.... I'm just going to look into it tomorrow and get it done.

He MAY have said it doesn't need to be in force until completion - but you are legally responsible after exchange - so if it burned down between exchange and completion, you'd still have to complete. The mortgage is secure against the asset - so if you don't keep up repayments - they can repossess and recoup their money. Because a burned out house is virtually worthless - their money is no longer protected - hence why they require you to insure from exchange....

thomasross20

Guys - thanks for the info. That all makes sense. 
Sheena's usually been the one to deal with this sort of thing. 
One of my friends, not i a bad way, said that this is now me being introduced to real life. I think there's truth in there.

thomasross20

Right. 

Have decided income protection isn't 100% necessary as I'm working, there are other jobs, and I have some cover through work. 

Critical illness I might think about. 

Sheena recommends I always get a separate life insurance policy so although dependents get 6x salary if I die, that's only if I work there so I'm going to look into that at some point. 

As for buildings insurance, this guy quoted me £45 a month but that's a total joke. I put in some bluff quotes online for Aviva, DirectLine and comparethemarket and Admiral came out as being decent for £150 all-in for the year (DirectLine and Aviva being more like £250)... so I wont be taking his buildings insurance! 

thomasross20

So today I am reading up on timber frame with external brick / cladding vs traditional brick houses. 
It seems a lot of folk speak out against timber frame (which ours will be) yet that's what most houses appear to be these days... 

And ye Gods... I shouldn't have googled "Barratt reviews...."

--> It seems wholly recommended that prior to completion I need to get a "professional snagger" in... I don't know if this is the same as the free survey our solicitor is doing - I don't think so. I think this site might be a little tin-foil hat but it's what I'm reading:
http://www.brand-newhomes.co.uk/

Basically I want to get any potential problems sorted before I hand money over and they have the chance to ignore me - especially due to out current situation with Sheena's recent prognosis. 

57Deluxe

Car Insurance: Renewal £153 FC PNC on my Grand Vitara 4x4 - paid less last year though   

Gagaryn

I live on my own, have no dependents and a reasonably secure job so have never taken out critical illness or life cover. I have buildings and contents including accidental damage with the only two guitars that have any value (ES347 and Guild Orpheum) and my MBP declared and the premium is £145 a year. That's with no NCD as the insurers (same company - MoreThan) replaced the MBP last year when I spilled beer over it! They are a pretty good company to deal with, my claim couldn't have been easier - one phone call is all it took and the claim was settled in less than a week.

thomasross20

Quick bump. 
Decreasing term life INsurance would be the one I'd go for but what about life ASsurance?
The first only pays out if you die during a fixed period but the second will always pay out upon your death.