House contents insurance update- Recommendations please

Nationwide Building Society (offhand, I can't remember which 'product' you need for unconditional cover of unspecified household items up to £50k each), but they're probably not the cheapest.

The price comparison websites are a good place to start searching.

I'm with M&S (its underwritten by one of the insurance specialists)  & yes the Naim stuff is covered, I've checked & rechecked,    including listing each item & its new replacement value in my last correspondence & their reply was unchanged from previous, its unlimited,       They bumped it up by 10% on my last renewal,  but my domestic goddess renegotiated & removed the specific itemised  cover that we don't have & its now more or less the same as last year.

I use my local Swinton Branch who in turn use one of the insurance underwriters, found them to b very helpful and informative when it came to insuring my Naim equipment  all is listed on the policy including replacement value.

Mike-B posted:

I'm with M&S (its underwritten by one of the insurance specialists)  & yes the Naim stuff is covered, I've checked & rechecked,    including listing each item & its new replacement value in my last correspondence & their reply was unchanged from previous, its unlimited,       They bumped it up by 10% on my last renewal,  but my domestic goddess renegotiated & removed the specific itemised  cover that we don't have & its now more or less the same as last year.

I also use M&S, and have been happy with them generally, though crucially with no experience of their performance in the event of a claim. However, their premiums have increased for me by a total of around 100% over the past few years. They used to be the cheapest offering the given level of cover, but crept up, and at last renewal I a couple of others were marginally cheaper, but required so much more effort to provide the detailed information that they demanded, that I ddn’t bother.

On challenging M&S about the spiralling cost, they cited national increases due to increased claims, with more extreme weather a part of that, and th efact that in my low crime area a (single) spate of burglaries three years ago spanning a couple of month period, with one in my street, has bumped us into  a higher category (ridiculously, more expensive than some city areas!) 

Southweststokie posted:

A common question I know but it's time for my renewal with John Lewis insurance and they have increased my premium by 18% since last year. Recommendations from members who have insurance that completely covers loss of their precious Naim equipment, so I can get a quote from them, would be appreciated.

Thanks in advance,

Ken

If you can afford to cover the risk yourself, don't bother with insurance.

I've posted on this before but I'll say again ….

I've just renewed my home and contents insurance and in the process I phoned a number of providers. The major ones all confirmed that "home entertainment" was covered, without being itemised and without limit (except for a 20k limit from one).

Itemized units were either those above £2k or £3k but were only for jewellery, coins, paiting, watches, etc … I emphazised to them the cost of my hi fi, including explicit cost of the speakers of £12.5k but they repeated this was all covered under home entertainment.

The two cheapest were LV and RBS direct line, I went with the latter because they have a fixed 3 year premium promise and were only £2 dearer than LV (who had gone up around 8% this year).

So my advice is to make sure your contents are covered for a realistic amount and don't worry about the HiFi - its covered.

As I said a couple of years ago, this is confirmed by my claim for accidential damage to my Krystal cartridge on the LP12 which was reimbursed by LV after a confirmation letter of cost from my dealer.

Just in case you're wondering, I am £165 a year for £1m house and £75k contents.

Hope this helps to avoid all those specialist insurerers who are quoting a fortune when you don't need it.

Allan

Innocent Bystander posted:

I also use M&S, and have been happy with them generally, though crucially with no experience of their performance in the event of a claim. However, their premiums have increased for me by a total of around 100% over the past few years. ...............................  On challenging M&S about the spiralling cost, they cited national increases due to increased claims, with more extreme weather a part of that, and th efact that in my low crime area a (single) spate of burglaries three years ago spanning a couple of month period, with one in my street, has bumped us into  a higher category (ridiculously, more expensive than some city areas!) 

I (we) have only made one claim & they were excellent.    Mrs Mike lost a bracelet,  old, very sentimental & impossible to replace, added to the fact she had no ideal were she lost it other than it was sometime when we were on a bush trip in Namibia.  Fortunately she had it officially valued about 18 months previous.   M&S paid up the official value without a quibble.

They have increased prices - mine is contents only -  as have all,  but not 00% & they do seem to be about the same as others - like for like,    My buildings insurance is with another cmpy.   That is something else & this is not the place for that ............. lets say 1 claim has not been finalised after 11 years ............  lots of grrr's.

I am with John Lewis and having made a claim for accidental damage to a cartridge they settled in 48 hours. I had fears of a massive increase in premium. Five per cent.

One thing we found worked - go online, request a quote in your partner's name. They treated it as a new quote, big saving. Since then I just phone and ask if we can swop again or can they check the quote. They have been good so far.

winkyincanada posted:

Southweststokie posted:

A common question I know but it's time for my renewal with John Lewis insurance and they have increased my premium by 18% since last year. Recommendations from members who have insurance that completely covers loss of their precious Naim equipment, so I can get a quote from them, would be appreciated.

Thanks in advance,

Ken

If you can afford to cover the risk yourself, don't bother with insurance.

Few people can cover their entire home contents and I don't think anybody just insures their hifi system, do they?

It might be worth trying an insurance broker/agent. Let them do the work for you searching for the best deal.

They will probably ask what the premium is that they need to beat and I guess it's up to you whether or not you wish to share it with them or not.

You might be pleasantly surprised at what they come back with both premium and cover wise.

winkyincanada posted:

Southweststokie posted:

A common question I know but it's time for my renewal with John Lewis insurance and they have increased my premium by 18% since last year. Recommendations from members who have insurance that completely covers loss of their precious Naim equipment, so I can get a quote from them, would be appreciated.

Thanks in advance,

Ken

If you can afford to cover the risk yourself, don't bother with insurance.

What Winky never quite grasps, is that for the sake of £250 a year, someone can save the loss of a lifetime’s work, in the event of a fire. Whatever the odds.

My John Lewis insurance went up a bit on renewal, but still cheaper for full cover than I’ve found. Admittedly, on renewal, I didn’t look hard elsewhere, because I like the no fuss and professional attitude that John Lewis have.

winkyincanada posted:

Southweststokie posted:

A common question I know but it's time for my renewal with John Lewis insurance and they have increased my premium by 18% since last year. Recommendations from members who have insurance that completely covers loss of their precious Naim equipment, so I can get a quote from them, would be appreciated.

Thanks in advance,

Ken

If you can afford to cover the risk yourself, don't bother with insurance.

Have you got a secret stash of Bitcoins to fall back on, Winky? 

winkyincanada posted:

Southweststokie posted:

A common question I know but it's time for my renewal with John Lewis insurance and they have increased my premium by 18% since last year. Recommendations from members who have insurance that completely covers loss of their precious Naim equipment, so I can get a quote from them, would be appreciated.

Thanks in advance,

Ken

If you can afford to cover the risk yourself, don't bother with insurance.

Depends on how much you like to gamble...  But if you mean don’t insure anything, fine if you’e a billionnaire and would scarcely notice the cost of replacement of everything, otherwise one has to wonder if the risk, small but real for most homes, of loss of virtually everything, not just the hifi is acceptable. And if you meant just don’t insure the hifi, that actually is not necessarily the greatest part of the insurance cost even if a very expensive system - and under those circumstances you would be well advised to inform the insurance company in advance exactly what you have that is excluded from the insurance, lest it cause you to receive less for anything else through being assessed as under-insured.

I use Hiscox for which I'm sure I pay a premium but do not have to submit a schedule of items to be insured.  I had to claim once following a nasty moth attack and they paid very promptly.

Peter

northpole posted:

I use Hiscox for which I'm sure I pay a premium but do not have to submit a schedule of items to be insured.  I had to claim once following a nasty moth attack and they paid very promptly.

Peter

Honest, before we went on holiday those piles of black metal fragments and a few nuts and bolts sitting on tge shelves over there were triamped NAP500s, SNAXO, NDS and power supplies, and those two piles of sawdust the other side of the room were PMC MB2SEs. When we got back we opened the door and were greeted by the amazing sight of tousands of moths pouring out - it was five minutes before we could get through the door. No, I don’t think they’ve touched anything alse. ...wait a minute, the 84 inch TV has gone.

Southweststokie posted:

A common question I know but it's time for my renewal with John Lewis insurance and they have increased my premium by 18% since last year. Recommendations from members who have insurance that completely covers loss of their precious Naim equipment, so I can get a quote from them, would be appreciated.

Thanks in advance,

Ken

Try SAGA. As a new customer they provided me with a very good value quote which covered all my hifi, electric bikes, camera equipment etc. 

Innocent Bystander posted:

winkyincanada posted:

Southweststokie posted:

A common question I know but it's time for my renewal with John Lewis insurance and they have increased my premium by 18% since last year. Recommendations from members who have insurance that completely covers loss of their precious Naim equipment, so I can get a quote from them, would be appreciated.

Thanks in advance,

Ken

If you can afford to cover the risk yourself, don't bother with insurance.

Depends on how much you like to gamble...  But if you mean don’t insure anything, fine if you’e a billionnaire and would scarcely notice the cost of replacement of everything, otherwise one has to wonder if the risk, small but real for most homes, of loss of virtually everything, not just the hifi is acceptable. And if you meant just don’t insure the hifi, that actually is not necessarily the greatest part of the insurance cost even if a very expensive system - and under those circumstances you would be well advised to inform the insurance company in advance exactly what you have that is excluded from the insurance, lest it cause you to receive less for anything else through being assessed as under-insured.

It's a gamble either way. If insure your stuff, then you're betting it will get stolen/destroyed. If you don't, then you're betting it wont. I'm far from a billionaire, but I could probably afford a replacement stereo if mine was stolen. In any case my stereo is a luxury and hardly essential.

The inability to carry risk is a poverty trap. People who can't afford to cover their own risks are forced to pay others to carry the risk for them. Carrying insurance also exposes one to the cost of fraudulent claims. Insure for peace-of-mind if you must, but don't ever imagine it is a shrewd financial strategy.

ChrisSU posted:

winkyincanada posted:

Southweststokie posted:

A common question I know but it's time for my renewal with John Lewis insurance and they have increased my premium by 18% since last year. Recommendations from members who have insurance that completely covers loss of their precious Naim equipment, so I can get a quote from them, would be appreciated.

Thanks in advance,

Ken

If you can afford to cover the risk yourself, don't bother with insurance.

Have you got a secret stash of Bitcoins to fall back on, Winky? 

I wish I'd insured them!

winkyincanada posted:

Innocent Bystander posted:

winkyincanada posted:

Southweststokie posted:

A common question I know but it's time for my renewal with John Lewis insurance and they have increased my premium by 18% since last year. Recommendations from members who have insurance that completely covers loss of their precious Naim equipment, so I can get a quote from them, would be appreciated.

Thanks in advance,

Ken

If you can afford to cover the risk yourself, don't bother with insurance.

Depends on how much you like to gamble...  But if you mean don’t insure anything, fine if you’e a billionnaire and would scarcely notice the cost of replacement of everything, otherwise one has to wonder if the risk, small but real for most homes, of loss of virtually everything, not just the hifi is acceptable. And if you meant just don’t insure the hifi, that actually is not necessarily the greatest part of the insurance cost even if a very expensive system - and under those circumstances you would be well advised to inform the insurance company in advance exactly what you have that is excluded from the insurance, lest it cause you to receive less for anything else through being assessed as under-insured.

It's a gamble either way. If insure your stuff, then you're betting it will get stolen/destroyed. If you don't, then you're betting it wont. I'm far from a billionaire, but I could probably afford a replacement stereo if mine was stolen. In any case my stereo is a luxury and hardly essential.

The inability to carry risk is a poverty trap. People who can't afford to cover their own risks are forced to pay others to carry the risk for them. Carrying insurance also exposes one to the cost of fraudulent claims. Insure for peace-of-mind if you must, but don't ever imagine it is a shrewd financial strategy.

Insurance is indeed a form of negative gambling - negative gambling. But few people can afford to replace their home and all their worldly goods in the event of major loss - and that is without he cost of an expensive hifi. Different, maybe, if one insures at least the fabric of the home and (if it were possible) just the essential contents - but then the extra for the remainder may not be that much more, and given that those things may be more susceptible to other forms of loss, i.e. theft, it is easy to see how may be judged to make more economic sense to include them. But maybe ‘new for old insurance is an expensive luxury - excpet I’m not sure that these days there is any option, unlike some yeas ago when new for old was qn option.

As for the insurance poverty trap, surely that is those who can’t afford either insurance or to replace their things - a sorry state to be in when any form of disaster strikes.

Innocent Bystander posted:

northpole posted:

I use Hiscox for which I'm sure I pay a premium but do not have to submit a schedule of items to be insured.  I had to claim once following a nasty moth attack and they paid very promptly.

Peter

Honest, before we went on holiday those piles of black metal fragments and a few nuts and bolts sitting on tge shelves over there were triamped NAP500s, SNAXO, NDS and power supplies, and those two piles of sawdust the other side of the room were PMC MB2SEs. When we got back we opened the door and were greeted by the amazing sight of tousands of moths pouring out - it was five minutes before we could get through the door. No, I don’t think they’ve touched anything alse. ...wait a minute, the 84 inch TV has gone.

My claim related not to hi-fi gear, instead carpets and clothes were destroyed.  Not much fun really and Hiscox dealt with the matter in a professional manner. I am sure the same would apply were I in the unfortunate position of having an incident with my hi-fi, etc.

Peter

I did appreciate that, and indeed it can’t be much fun, and I hope you didn’t take my post as dismissive or scornful - the clearly ludicrous response I made simply picking up on the potential humour in the context of the primary theme of the forum.

Innocent Bystander posted:

winkyincanada posted:

Innocent Bystander posted:

winkyincanada posted:

Southweststokie posted:

A common question I know but it's time for my renewal with John Lewis insurance and they have increased my premium by 18% since last year. Recommendations from members who have insurance that completely covers loss of their precious Naim equipment, so I can get a quote from them, would be appreciated.

Thanks in advance,

Ken

If you can afford to cover the risk yourself, don't bother with insurance.

Depends on how much you like to gamble...  But if you mean don’t insure anything, fine if you’e a billionnaire and would scarcely notice the cost of replacement of everything, otherwise one has to wonder if the risk, small but real for most homes, of loss of virtually everything, not just the hifi is acceptable. And if you meant just don’t insure the hifi, that actually is not necessarily the greatest part of the insurance cost even if a very expensive system - and under those circumstances you would be well advised to inform the insurance company in advance exactly what you have that is excluded from the insurance, lest it cause you to receive less for anything else through being assessed as under-insured.

It's a gamble either way. If insure your stuff, then you're betting it will get stolen/destroyed. If you don't, then you're betting it wont. I'm far from a billionaire, but I could probably afford a replacement stereo if mine was stolen. In any case my stereo is a luxury and hardly essential.

The inability to carry risk is a poverty trap. People who can't afford to cover their own risks are forced to pay others to carry the risk for them. Carrying insurance also exposes one to the cost of fraudulent claims. Insure for peace-of-mind if you must, but don't ever imagine it is a shrewd financial strategy.

Insurance is indeed a form of negative gambling - negative gambling. But few people can afford to replace their home and all their worldly goods in the event of major loss - and that is without he cost of an expensive hifi. Different, maybe, if one insures at least the fabric of the home and (if it were possible) just the essential contents - but then the extra for the remainder may not be that much more, and given that those things may be more susceptible to other forms of loss, i.e. theft, it is easy to see how may be judged to make more economic sense to include them. But maybe ‘new for old insurance is an expensive luxury - excpet I’m not sure that these days there is any option, unlike some yeas ago when new for old was qn option.

As for the insurance poverty trap, surely that is those who can’t afford either insurance or to replace their things - a sorry state to be in when any form of disaster strikes.

Everyone has a level of risk that they can't reasonably cover themselves. I can't cover the risk of my house burning down, so I have it insured (it is also required by my lender). The risk of my stereo being stolen? That's in a different league.

Third-party injury due to motor vehicle use being another one. We can't drive around peacefully with the financial risk of killing or injuring others hanging over our head. That would be too stressful (and may even lead to us having to be more careful, but that's another story). Instead, we have a societally-agreed spreading of the risk that is manifested through compulsory insurance. The downside is perhaps that we're all less careful as a result, and the negative outcomes are more common than would otherwise be the case. But we're more relaxed, so perhaps it balances out (except for the people we kill and injure - but hey, at least they get money).

In a global sense, insurance doesn't reduce loss, it just spreads it. And there is a cost to that risk spreading. Insurance company executives and shareholders aren't rich by accident (see what I did there?). They're also very interested in becoming richer, so the standard policy of insurance providers is to pay out as little as is humanly possible. Read the fine print.

Did you know that the reason you get cheaper insurance when you install and declare an alarm is only partially because the alarm reduces the likelihood of theft? It does reduce the likelihood of theft, but only by a little bit. What the alarm also does is reduce the probability that the insurance company will have to pay you. The insurance company may, in many instances, argue that your alarm was ineffective in preventing the theft, and that you are therefore in breach of the terms of your policy.

You are preaching to the converted in terms of insurance profits and insurers’ inherent intent to minimise or avoid  payouts when they can, but I’ll modify your opening phrase: Everyone has a level of risk they are prepared to take. ...And for everyone there is a balance between a) footing the entire bill from a catastrophe themselves, c) sharing the cost with other like-minded people via insurance, whch is what insurance really is (albeit that it keeps insurance executives fat on what they cream off), and d) loss of whatever is the subject of consideration, whether that be hifi, home, bike, jewellery, etc.

Both the size of risk and appetite for risk of course depend very much on personal circumstances, and both can vary from one extreme to the other, so that what fits one person would scare another silly.

(Reposted with tidying)

FWIW, I'm renewing my car insurance with Direct Line - very clean terms - renewal quote said £271...and thank you for having your policy with us for x years. Challenged this given other quotes at ~£210 and, magically, with 'loyalty discount' they can get very close to this.

I hate this kind of pricing approach to long-term customers - but, I suppose, it's now the world we live in.

I have very similar debates with DL on house insurance cover too. My experience is the renewal letter is only the opening gambit.