Banks and Home Insurance often don’t mix!!

The trouble with banks is that some of the home insurance policies (often called Buildings and Contents Insurance) that they recommend may not offer such good value for money. This was drawn to our attention by a client of ours who approached us after receiving his renewal notice from his bank, who had always arranged his Home Insurance.

For the purpose of this example, we will call our client Mr B.

Mr B is retired and had recently been quoted nearly £320 as an annual premium for his Home Insurance cover. He simply asked us if we felt this was good value and could we do any better for him.

We put it into the computer system we use, which looks at many different policies, to try and find something that not only gave him a lower premium, but also offered him benefits that were more suitable to his circumstances. We have to admit that even we were surprised at the outcome.

Mr B had been quoted £319.51 by his bank for £500,000 of buildings cover and £50,000 worth of contents cover. Mr B was covered for accidental damage cover on his contents but not his buildings. We also noted that this policy didn’t cover any loss or damage to his personal possessions away from his home.

After a conversation with Mr B, we suggested he increase his contents cover to £80,000 and advised him to insure his personal possessions that he may take away from the home to the value of £2,000 and we also included accidental damage cover on his on buildings.

‘And that will be how much?’ asked Mr B, rather tentatively.

‘How about £150.51’ , we confirmed, ‘a saving of £168.64’. Mr B now does his Home Insurance with Mathews Comfort.

So, why not call us when your renewal statement comes through? We don’t promise a saving of nearly £170 but we will make sure your policy is suitable for your circumstances and as we are an Independent Insurance Broker, we can select from a wide range of policies.

Just phone 01865 208000 and ask for the Insurance Team.