Home insurance & Hi-FI

[evand]

It’s that time of year again so I’m calling around for building and household contents insurance. Crazy that we have to play the annual swap providers game in order to keep the bastards honest. Nevertheless, got the building side sorted, but I’m finding that the cost of my speakers and preamp are driving the contents cover through the roof, more than doubling the premium.

Are there any insurers out there that don’t assume a pair of actives weighing in at 136kg represents a massive loss risk to them (or more accurately don’t just rely on stupid automated pricing engines to arrive at realistic premiums - some have been refused cover based on new for old pricing, purely because their models don’t anticipate individual items could possibly exceed £2500)?

 

[Mike Reed]

Not sure why you don't combine buildings and contents; don't think I've ever had them separately unless it was on a house purchase by necessity. I've been bespoke (expensive and a hassle) and with different companies but for a decade now have had John Lewis cover simply because the others either couldn't or made it too tricky to provide adequate cover. J.L. cover is unlimited and I pay around the £300 mark p.a.; includes the usual A-V accidental cover and records, CDs etc.

Don't confuse 'valuables' (with a limit and frequently notified) to the accidental A-V cover, which, if in proportion to the rest of the contents' value, isn't so limited.

 

[graystoke4]

Hi, i have been with LV, your hifi, is not insured separate to anything else, you have, so the premium, is pretty cheap, i do put down what my hifi is, on their form, take photo's of your gear, and serial number if possible, my amp is 60kg, can't really see someone running down the street with that, also get a water mark pen and put your postcode on your gear, just encase, always call them just to be perfectly clear what you have, LV have been very good, for building and contents ,

 

[paulbysea]

Being of a certain level of maturity, I use Saga for home and content insurance. Probably not the cheapest but the cover is good.

 

[evand]

Not sure why you don't combine buildings and contents

Ordinarily I'd combine them. We're going to be renovating and extending this year, it would seem most insurers don't like that so ramp up costs disproportionately or add so many escape clauses as to render the cover worthless.

Accidental vs new for old doesn't carry much of a premium increase so it's moot. With the exception of my ATCs I'm actually quite happy to self-insure my household contents, unfortunately that's never an option. Aviva sent me a renewal notice suggesting I should pay them a tad over £1500 for building and contents insurance. 30% increase every year and they try the same crap with vehicles.

 

[John Caswell]

I will happily second John Lewis, their building and contents is unlimited, after all a decent new fitted carpet for the living is now in the region of £3K
John

 

[Hungry Halibut]

Ordinarily I'd combine them. We're going to be renovating and extending this year, it would seem most insurers don't like that so ramp up costs disproportionately or add so many escape clauses as to render the cover worthless.

Accidental vs new for old doesn't carry much of a premium increase so it's moot. With the exception of my ATCs I'm actually quite happy to self-insure my household contents, unfortunately that's never an option. Aviva sent me a renewal notice suggesting I should pay them a tad over £1500 for building and contents insurance. 30% increase every year and they try the same crap with vehicles.

Interesting. We have Aviva and were expecting a price increase when it renewed last autumn, but surprisingly the price went down. We pay just over £30 a month for unlimited buildings and contents, with accidental damage, home emergency, legal support etc. It’s my understanding that insurers must now offer the same rates to existing customers as new ones, this stopping the massive annual hikes and ensuing comparison hassle.

 

[dalryc]

Interesting. We have Aviva and were expecting a price increase when it renewed last autumn, but surprisingly the price went down. We pay just over £30 a month for unlimited buildings and contents, with accidental damage, home emergency, legal support etc. It’s my understanding that insurers must now offer the same rates to existing customers as new ones, this stopping the massive annual hikes and ensuing comparison hassle.

I'll second that.
I'm with Marks and Spencers who use Aviva.
Prices came down by 30% this year.
I've got over £100k worth of pricey stuff that thieves could take.
They cover that and more - building and contents.
I used to work for a bank and even with preferential treatment it couldn't be beaten.

 

[Mike Reed]

Being of a certain level of maturity, I use Saga for home and content insurance.

Being at that level of senility, I do use Saga for motor insurance, assuming they're still competitive, but for years I had to take out 'special' levels (over £100K) which confused them and me and resulted in up to 50 sheets of A4 (on one year).

It’s my understanding that insurers must now offer the same rates to existing customers as new ones, this stopping the massive annual hikes and ensuing comparison hassle.

Correct, but it's swings and roundabouts. When Saga hiked my renewal premium, I went to AA. Following year, the reverse (new customer each time); went on like this for years.

Must say that £360 ish a year for all that h'hold insurance and extras with Aviva is pretty good. I'm in Norwich, too (used to be Norwich Union !) Acc. damage is normally quite a premium on contents, although, unless things have changed, the A-V section (TV, audio etc.) always has acc. cover regardless.

 

[RBrinsdon]

Have used M & S for 20+ years purely because of their cover not only for the black boxes but also the vinyl and cd collection. I always ensure the conversation is recorded and that each piece of kit is insured as a separate item and not as a complete "HiFi" system. They have only asked me once if I could list my collections - I told them I could list them AND provide pictures, track listings etc.

I look forward to the price coming down by 30%!

 

[evand]

I suspect there's a lot more postcode than risk priced into premiums and increases. When one asks for an explanation/ justification for the increases despite no claims one gets told "there's been a lot of crime in your area". One would swear I live in Peru which enjoys the highest burglary rate in the world.

Thanks for the suggestions, I'll see what M&S have to offer and do the same with JL and a few others.

 

[cctaylor]

my amp is 60kg, can't really see someone running down the street with that,

Theft isn't the only risk you need to consider. Fire and flood etc should really be covered.

I am with National Farmers Union. They only need full details of anything over £7.5k.

 

[boon]

I’m with NFU for contents, can’t complain at all at the service I received when my Wakonda went up in smoke, they covered me for a new for old and after the formal paperwork and reports went in I received a new Selekt DSM

 

[Fuller]

I’m with NFU for contents, can’t complain at all at the service I received when my Wakonda went up in smoke, they covered me for a new for old and after the formal paperwork and reports went in I received a new Selekt DSM

Really?
A Wakonda worth about £500 and a Selekt DSM over £5k?

 

[boon]

Really?
A Wakonda worth about £500 and a Selekt DSM over £5k?

The Wakonda was just over £800 when purchased new approx 20 years ago, the Selekt was 4K, it was the closest spec pre amp which linn currently made, all manufacturer specs/manuals had to be submitted along with engineer report and manufacturers declaration that the original was no longer supported.

 

[JezmondTutu]

Usually if you pick the top policy from an insurer, there is no upper limit to individual items. Guess mine would be around £25k to replace. Fire risk greater than theft I think!

Was with Tesco (excellent), now with Halifax. Had thrift loss of five bikes around three years ago so paying a bit above normal but £400 with £10k of specified at home bike cover.