TECHNICAL FORUMS > Insurance

I'm buying a house - my insurance quote is ridiculous

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TelegramSam:
Hi all,

Been a while since I've posted here, but I do lurk! Looking for some advice...

I'm a first-time buyer and I'm in the process of getting my place out in the Mendips nice and close to the caves! I'm going through a mortgage broker and have the mortgage offer in place. Now onto the insurance, I answered all the questions honestly and said I was into caving, diving and rock climbing (not at the same time), which they call 'extreme sports' (a term I loathe for these activities). I was originally quoted £11 for the insurance, which seemed perfectly reasonable. Once they got into the details about my activities they've stuck on a £17.50 premium onto the quote, specifically because of the caving, and it's a non-standard policy, so no insurance payouts will be made if the injury is sustained while caving (which makes me wonder why there's a premium if the premium doesn't account for the added 'risk' for caving).

I just cave a few times a month, exclusively in the UK. I estimated 60 trips/year. I don't cave dive or do anything 'extreme' - just do it for fun and fitness. 

Have other home owners experienced this? £28.50/month (Royal London) seems wildly excessive - it's as much as my car insurance. I tried pointing out that the most dangerous activity I do is cycling in Bristol, but that didn't work, neither did pointing out that the London Marathon has more injuries and fatalities than caving over the past couple of decades.

I note there's another thread on a similar topic, which I've read through and found useful (particularly this link https://www.financial-ombudsman.org.uk/businesses/complaints-deal/insurance/misrep-and-non-disclosure), but I'd just be interested to know about insurance specifically for acquiring a mortgage. What sort of sum of money should I expect to pay (am I getting myself worked up about my current quote)? And are there insurance providers out there that I should look at who are a bit more reasonable?

Cheers all,

Sam

Frog2:
Sorry to ask but for clarity - what sort of insurance are you looking to buy? Or, what are they trying to sell you?
Life, PA or just building and contents?

beardedboy:
It sounds like you are looking for life insurance?

I don't think that this is a normal requirement for buying a house, Buildings insurance yes, but not usually life.

It could just be up-selling by the broker, although it is a good idea if you have family. Ask if it is a requirement if you don't think you need it.

When we bought our house I called around for life insurance and got fed up with banging my head against a wall. I even had a company saying that they would fully cover all caving activities but not potholing!!!  :wall: :wall: :wall: Others just added ridiculous premiums and caveats.

I asked on here and someone suggested that I called these guys: www.summit-fs.co.uk

I can't remember the name of the guy I talked to, but he was a caver and got us a deal which we were happy with. It is not the cheapest - somewhere around £20, but it does actually covers us for our activities and also critical illness.

Good luck!

alastairgott:
Contents only for a one bed flat on Admiral, I'm paying £53.82 per year. but I've ramped down a lot of the cover.

So reasons why mine is probably so low:
* Low value of cover
* Single person
* Not in a flood prone area
* good neighbourhood
* Contents only

If all of these things were different, i'm sure you could double or treble my figure (which would give me a figure half of yours?).

nickwilliams:
Life insurance is a common requirement for borrowing large sums. The lender can't make it a condition of the loan that you buy your insurance from them, but they can make it a condition that you have adequate cover from somewhere.

As recommended, talk to Summit Financial Services.

Be aware that BCA gets small donation when Summit sell a policy to a caver.

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