Home Insurance Renewal Time

tonym posted:

count.d posted:

Stokie, I have a couple of other things which bump up my premium more than the average household, hence I can't really understand anyone paying £400+ unless they have flooding history,  £million+ house, etc...

...or a thatched roof! Our contents are insured through Farmer's Union, cost just under £900 P.A., including hi-fi. I claimed for a couple of blown DBL tweeters after some stupid nitwit managed to wire them to the bass amp! They paid out immediately, no problem.

Oops.  I am always *really* careful (read: paranoid) when reconnecting speaker cables at either end.  Labelling both ends of each cables is a must with an active system, although someone on here (don't remember who) seemed to think I was stupid doing that...

Stoke, yes valuation of house does come into it if the house is a 'Grand Designs' work of art, but total rebuild cost of most houses is easily covered by most of the usual insurance policies, so doesn't really apply. It's the contents they're interested in. My contents are insured to £100,000, no individual price limit and hifi is not a valuable.

Tony, that thatched roof must hurt on insurance premiums! At least it must look beautiful. 

Hi Count, yes, it looks nice but getting insurance is a real problem. You just have to accept there's a very limited number of companies prepared to even consider insuring you.

Graham, I agree you need to tread really carefully when connecting up active systems & ensure everything's labelled. I thought I had....

My premium for combined buildings and contents was £486.  I suspect it's not so much the value of the property but more that I live in a London Borough that drives the premium up. 

Scooot posted:

I'm with AXA.

new for old and accidental cover.Single item limit up to £15000

Would a 552/552PS be one item or two?

Chris Dolan posted:

Scooot posted:

I'm with AXA.

new for old and accidental cover.Single item limit up to £15000

Would a 552/552PS be one item or two?

That's a great question, Chris.  I suspect it would be counted as a single item as you don't purchase them separately.  Likewise NAP500 and 300.

I'm with Marks & Spencer - excellent because unlimited cover and you don't have to identify all high value items at time of taking out insurance (though you obviously still have to satisfy them that you had whatever you have lost) - however this year's renewal premium is up by a staggering 48%, and the only reason they give is that insurance generally has increased in cost, and that they take into account claims in the postcode area. Some houses 1/4 mile away have suffered flooding - but they're in a dip - and there was a spate of burglaries nearby last year. Seems very unfair to me, and at £670 it seems very expensive for what is recognized as a low crime area (=was low crime until one spate of burglaries, perpetrators since caught).

Graham Clarke posted:

Chris Dolan posted:

Scooot posted:

I'm with AXA.

new for old and accidental cover.Single item limit up to £15000

Would a 552/552PS be one item or two?

That's a great question, Chris.  I suspect it would be counted as a single item as you don't purchase them separately.  Likewise NAP500 and 300.

I've always understood that discrete items are separate, so pre and power separate, regardless of whether actually purchased at same time, apart from speakers that I've taken to be considered in pairs, as that's the only way you can normally buy them. Collections, however, are usually considered as a single unit, which could be very significant if you have a large LP or CD collection. However, if it might affect your cover you should check with the insurance company, as different insurers may differ, and even the same company between different Policy products, and may also be different for existing customers and those taking out new policies.

I would agree Graham. Although logically a 252 and SupercapDR would be two - for the same reason. 

Graham Clarke posted:

Chris Dolan posted:

Scooot posted:

I'm with AXA.

new for old and accidental cover.Single item limit up to £15000

Would a 552/552PS be one item or two?

That's a great question, Chris.  I suspect it would be counted as a single item as you don't purchase them separately.  Likewise NAP500 and 300.

I asked the insurance reps that question. The answer was that if you can buy the units separately you can regard their value separately for insurance purposes.  So a 252 and SuperCap are separate items, but a 552, 300, 500 etc are not. Similar with speakers: you can only buy a pair (or pairs).  

MDS posted:

Graham Clarke posted:

Chris Dolan posted:

Scooot posted:

I'm with AXA.

new for old and accidental cover.Single item limit up to £15000

Would a 552/552PS be one item or two?

That's a great question, Chris.  I suspect it would be counted as a single item as you don't purchase them separately.  Likewise NAP500 and 300.

I asked the insurance reps that question. The answer was that if you can buy the units separately you can regard their value separately for insurance purposes.  So a 252 and SuperCap are separate items, but a 552, 300, 500 etc are not. Similar with speakers: you can only buy a pair (or pairs).  

I guess like me then you have never bought a single centre speaker!

Graham Clarke posted:

MDS posted:

Graham Clarke posted:

Chris Dolan posted:

Scooot posted:

I'm with AXA.

new for old and accidental cover.Single item limit up to £15000

Would a 552/552PS be one item or two?

That's a great question, Chris.  I suspect it would be counted as a single item as you don't purchase them separately.  Likewise NAP500 and 300.

I asked the insurance reps that question. The answer was that if you can buy the units separately you can regard their value separately for insurance purposes.  So a 252 and SuperCap are separate items, but a 552, 300, 500 etc are not. Similar with speakers: you can only buy a pair (or pairs).  

I guess like me then you have never bought a single centre speaker!

Ah! Good point, Graham, and actually I have. Must be getting forgetful in my old age.

Mike  

Sticking point for us was the LP 12 convincing prospective insurers that the turntable, arm, cart and PSU are seperate items, and shouls be valued as such. My spec LP 12 would break the £1500 item limit as an "all in one" item.

BigH47 posted:

Sticking point for us was the LP 12 convincing prospective insurers that the turntable, arm, cart and PSU are seperate items, and shouls be valued as such. My spec LP 12 would break the £1500 item limit as an "all in one" item.

Gosh. I had trouble persuading one insurance rep that a 'stereo' (her expression) could actually be made up of a several separate boxes.  I shudder to think how that conversation would have gone had I had a LP12! 

The many comments on this thread show that this is a tremendous business opportunity for a specialist insurer, perhaps one with a link to, or initiated by, Naim, to offer a bespoke insurance package just covering Naim hi-fi equipment.  I doubt (and hope) that not too many of us have had a major loss, so the proposition should present a low or reasonable risk to an insurer.  The high value of many systems would surely present an attractive volume of business to an insurer, and if promoted by Naim to its customer base, would have immediate access to a ready market.  Most of the insurance companies offering general house contents insurance have no appreciation of, nor understanding of quality hi-fi.  Come on Naim, how about it?

Chris G posted:

The many comments on this thread show that this is a tremendous business opportunity for a specialist insurer, perhaps one with a link to, or initiated by, Naim, to offer a bespoke insurance package just covering Naim hi-fi equipment.  I doubt (and hope) that not too many of us have had a major loss, so the proposition should present a low or reasonable risk to an insurer.  The high value of many systems would surely present an attractive volume of business to an insurer, and if promoted by Naim to its customer base, would have immediate access to a ready market.  Most of the insurance companies offering general house contents insurance have no appreciation of, nor understanding of quality hi-fi.  Come on Naim, how about it?

Excellent idea.  When I came to renewal time I thought I might be able to stick with my general policy and buy something just to cover my system but despite an quick internet search I couldn't find anyone offering such a product. There seems to be a gap in the market waiting to be exploited. Who better to fill it than our favourite Hi-fi company?   

Quite a few people with high value Naim equipment also have high value gear from other manufacturers, so limiting to Naim would restrict the attractiveness. However an industry consortium driving it might be feasible.

That said, whilst potentially a good idea, even widened out it may be too small a market to be competitive. If so, or if Naim or any other manufacturer or consortia aren't minded to move this, perhaps some lobbying by them of the insurance industry might enable HiFi equipment to be recognized differently from the other things seen as valuables such as jewellery and art that are more traditional targets for burglars, though in terms of risk, including risks other than theft, perhaps there isn't much difference from art and jewellery.

Chris G has a point.

Many motor car companies offer their own tailored insurance, albeit underwritten by a large insurance company.

Why not Hi-Fi companies or a Hi-Fi consortium.

Yes, I'd say the LP12 would be classed as a single item, so anyone with a £1,500 limit is probably not insured properly, unless it's specified. My other insurance quotes go sky high because of my job and a couple of other things, but Prudential don't have a limit and don't have any issues with all the usual small print problems. The other problem with having a £10,000+ LP12 and only £1,500 limit, is that unless you specified it and have to make a claim, they'll actually penalise you on the rest of your claim (or may even cancel it), because you never told them of this excessive single item. Make sure you're covered properly and don't pay too much. Search the net.

In terms of overall cover, if you are insured for, say, £75k, but your total possessions (including CDs, LPs, downloads), at today's prices for replacement if 'new for old' insurance, adds up to £150k, it means you're only 50% insured! and an insurance will only cough up 50% for anything lost, so even if it was just the HiFi that was stolen, for example, you'd only get half its value even if it's total value is less than £75k.

Meanwhile be aware that different insurance companies have different limits for whatever they define as "valuables" and for other high value items. Also beware that it is the specific policy package that counts, not the insurance company as they may have several, and if yours is an existing package it may have different terms from a new version of the same. So whatever anyone else says on here, if in doubt check for yourself!!!

And another thing: if your insurance requires you to have BSnnnn:20xx and even one access door doesn't, technically that could invalidate the insurance even if the loss was not through that particular lock being forced. From my observation, insurance companies are great at taking your money, and even greater at finding excuses/reasons for not giving it back when you claim!

Hugely complex area. Had a friend who came home to find the fire brigade dousing down the remaining flames in his living room. Seems his wife had dropped a lit cig down the sofa. Overall had what seemed to be adequate cover, but the insurance company deemed that the proportion of contents in the living room was disproportionate to what they expected, principally due to the value of his hifi and only part paid of the claim due to this. Another one to be careful of. Fairly sure the only time you know if you have adequate cover is when you make a claim.

CariocaJeff posted:

Fairly sure the only time you know if you have adequate cover is when you make a claim.

Unfortunately (or perhaps for most of us that should be fortunately?) this is the reality of it.

Innocent Bystander posted:

From my observation, insurance companies are great at taking your money, and even greater at finding excuses/reasons for not giving it back when you claim!

It's always been thus. Premiums would be even higher if they were more generous with their payment of claims.

CariocaJeff posted:

Hugely complex area. Had a friend who came home to find the fire brigade dousing down the remaining flames in his living room. Seems his wife had dropped a lit cig down the sofa. Overall had what seemed to be adequate cover, but the insurance company deemed that the proportion of contents in the living room was disproportionate to what they expected, principally due to the value of his hifi and only part paid of the claim due to this. Another one to be careful of. Fairly sure the only time you know if you have adequate cover is when you make a claim.

Now that's a scary one I'd never considered at all - must have been worth taking to the insurance ombudsman, but no certainty there. Not sure where they expect high value items, if you have a HiFi and TV, as they're most commonly all in the lounge, which is also usually the largest room, together with the leather sofas, Deep pile carpet, nice furniture, books etc...

Insurance companies try to justify their premium by offering apparently better cover, but as others have said, it's only when you make a claim that you find out how good they are.  This is doubtless where these price-comparison sites fall down - the emphasis is on cost rather than quality of service.  The trouble is, if you follow the maxim that you get what you pay for, there is no guarantee that this is the case either.  Also, it's only if there is a major loss that it's worth claiming, otherwise, try to renew after making a claim, and see what happens to the renewal premium.  Unless the loss is serious, it's never worth claiming for the minor "add-ons" they provide in your policy.