Any Home Insurance Experts?

T

TitanTim

Elite
Hi all,

Upon my mums passing just before Christmas I have inherited the family home which I intend upkeeping for the forseeable future. I'm currently in the process of transferring various things connected to the house in my name including the home insurance which is with the Co-op. The insurance is due on the 11th Jan i.e. this Sunday. I called the Co-op some 3 weeks ago to make arrangements to have the policy transferred over into my name. Upto now its taken nearly 3 weeks for them to write to me asking for a copy of my mums death certificate and details of myself etc. I called them again earlier in the week to confirm they have received my info which they have. They said they're going to send out some more forms for me to fill in so I can take out a new policy. When I spoke to them on the phone I stressed that the current insurance policy expires on the 11th and if not sorted by then would the house still be insured for which they said it would and that I wasn't to worry as the responsibility is with them to sort the paperwork out and setting up a new policy so in the meantime the current policy will stay in force.

Does this sound correct as I'm feeling a little uneasy once the 11th passes. Should I get something in writing off them confirming the current policy will still be valid after the 11th?

Thanks,

Tim.
 
Why don't you just take out a new policy with a new company under your name for the 11th onward?
 
If they are dragging their heels cancel and get a new policy online to start on the 11th - Will probably be half the price and you can probably get cash back etc !

Good luck :)
 
srhutch said:
Why don't you just take out a new policy with a new company under your name for the 11th onward?
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I'm now starting to think this to be honest but I thought it would be straighforward to just transfer the existing policy for the time being.

Tim.
 
TBH it probably will - but without paperwork if anything were to happen after the 11th un-scrupulous insurers would have an out.

And if Insurers can figure a way out of coughing up - they will !!!!
 
just cos they are dragging their feet I would move on, you'll probably get a better deal anyway
 
Sorry to hear of your loss, what you don't need at this time is hassle or worry. If you are talking about CIS (Cooperative Insurance Services) who were subject to some kind of takeover recently I can tell you that they have always been considered one of the most honourable insurance companies in business, its an industry I used to work in a few years ago so cannot speak of their current attitude. Take care of the advice to open a new policy with another company, if you go down this route you will need to have a written response from the insurers that they are fully aware that the house may not, in strict terms of law, be yours just yet (probate etc takes time-if this is the case). My advice would be to pay the renewal premium with the existing insurers and insist that they confirm in writing to you(email if poss, as it's instant) that are fully aware of the circumstances and they acknowledge receipt of the renewal premium and continued cover with you as the named policyholder.
 
It's much harder to transfer the policy, your best bet is to let it expire and take out another, however is it your main residence? Will you be living there?
 
I worked in financial services until recently and this situation always caused confusion. One issue is wether or not the property is to be "normally" occupied. Conventional home insurance policies usually include clauses such as "is this a second property or holiday home" and "is this property occupied". Also check the no-claims status if transferring to your name, as just like cars, your mothers no claims discount isn't transferable and your own personal home no-claims discount can only be used on one property (same as with cars). As above, for now it may be best to stick with the current insurer but get confirmation that they agree with and understand the situation.
 
Hmmm thanks guys, I've just got a few quotes from other insurers which are much cheaper.

I'm currently going through probate through my solicitor as you need probate before you can do the inheritance tax submission. There is also the conveyancing to have the title deeds transferred over into my name. I guess technically speaking as I'm executor of the estate the property isn't fully in my name until the probate and deeds are sorted which the solicitor advised could be 1 to 3 months.

I think the advice to stick with the current insurer is prudent and will contact them again to confirm in writing, as mentioned just worried they might wriggle out of any claim should the worst happen whilst their dealing with transferring the policy :cry:

Tim.
 
Is the inheritance complicated then? If you are the only receiver why spend the money on a solicitor. I sorted my father in laws will and it took no time to do so.

Obviously I don't know the circumstances but I'd you got the house it sounds like it should be straight forward as such.
 
pvr said:
Is the inheritance complicated then? If you are the only receiver why spend the money on a solicitor. I sorted my father in laws will and it took no time to do so.

Obviously I don't know the circumstances but I'd you got the house it sounds like it should be straight forward as such.
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The will isn't 100% straighforward however I'm named as the benefactor and my brother a trustee however the property is being passed to me for safe keeping and will be living there for the time being.

I did look at the probate and inheritance tax forms but as the deeds need doing anyways and the probate has to be sworn it made more sense to leave it all in the hands of the solicitor as I've been through enough over the past month. The solicitor costs are reasonable to me for less stress to be honest.

Tim.
 
That sounds reasonable. I was looking at £4k costs by a solicitor for something that took me about a day to sort in the end.

Regarding the home insurance I would certainly look into continuing the existing policy as a change to a new insurer right now might have implications when probate is not complete. New business like clean cut standard situations which might leave you exposed.
 
pvr said:
That sounds reasonable. I was looking at £4k costs by a solicitor for something that took me about a day to sort in the end.

Regarding the home insurance I would certainly look into continuing the existing policy as a change to a new insurer right now might have implications when probate is not complete. New business like clean cut standard situations which might leave you exposed.
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Thanks pvr, my solicitor is only a small town practice and quoted me a grand to 1500 plus 500 quid for conveyancing so around 2K.

Think your advice along with others is the best to stick with current insurer but get them to send an e-mail to confirm the policy will remain active after the 11th. When I called them a few weeks ago I assumed transferring the policy would be done there and then :cry:

Tim.
 
It's not a good Idea to stick with the same insurers year after year, I found a few years back that I was paying way over the odds (about 2x).

It's so easy to change, Internet or phone, a few minutes and credit/debit card details, job done. Use a good comparison website (comparethemarket or similar) to choose a company.
 
dr_john said:
It's not a good Idea to stick with the same insurers year after year, I found a few years back that I was paying way over the odds (about 2x).

It's so easy to change, Internet or phone, a few minutes and credit/debit card details, job done. Use a good comparison website (comparethemarket or similar) to choose a company.
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Thanks John I would normally do this and have been on comparison sites this evening but unsure how I stand as I'm currently going through probate and not technically the property owner as yet, but will be. I don't think I could not tell a new insurer that's the current situation hence why it may be best to stick with the current insurer. I can always swap later.

Tim.
 
Tim, if I were you I would select one or two insurance providers, call them and discuss your particular circumstances and see what they say. Clearly you have to be explain exactly where you are at.

I wouldn't mind betting that they will readily agree to cover you at favourable terms, you don't seem like a huge risk to me! Just get cover and forget it for now, you can always optimise things at the next rewewal date.

Good luck with the probate, I went through it when my first wife died some 15 years ago and the hassle was not what I needed at the time. I did most of the paperwork myself (it ain't rocket science!), but eventually turned it over to a solicitor to tie up the loose ends.
 
dr_john said:
Tim, if I were you I would select one or two insurance providers, call them and discuss your particular circumstances and see what they say. Clearly you have to be explain exactly where you are at.

I wouldn't mind betting that they will readily agree to cover you at favourable terms, you don't seem like a huge risk to me! Just get cover and forget it for now, you can always optimise things at the next rewewal date.

Good luck with the probate, I went through it when my first wife died some 15 years ago and the hassle was not what I needed at the time. I did most of the paperwork myself (it ain't rocket science!), but eventually turned it over to a solicitor to tie up the loose ends.
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Thanks John, all sorted, renewed with the Co-op again, however slightly annoyed as I don't think the person who I spoke too at the Co-op over past 3 weeks fully grasped my situation and they were wrong in saying that the existing policy would stay in force after tomorrows expiry date until a new policy was sorted. Called today and they did a new policy without any problems :roll:

I did look at the probate and inheritance tax forms but for what its going to cost which is coming out of the estate anyways I wanted to ensure its done properly so their is no comeback in the future.

Tim.
 
TitanTim said:
dr_john said:
Tim, if I were you I would select one or two insurance providers, call them and discuss your particular circumstances and see what they say. Clearly you have to be explain exactly where you are at.

I wouldn't mind betting that they will readily agree to cover you at favourable terms, you don't seem like a huge risk to me! Just get cover and forget it for now, you can always optimise things at the next rewewal date.

Good luck with the probate, I went through it when my first wife died some 15 years ago and the hassle was not what I needed at the time. I did most of the paperwork myself (it ain't rocket science!), but eventually turned it over to a solicitor to tie up the loose ends.
Click to expand...

Thanks John, all sorted, renewed with the Co-op again, however slightly annoyed as I don't think the person who I spoke too at the Co-op over past 3 weeks fully grasped my situation and they were wrong in saying that the existing policy would stay in force after tomorrows expiry date until a new policy was sorted. Called today and they did a new policy without any problems :roll:

I did look at the probate and inheritance tax forms but for what its going to cost which is coming out of the estate anyways I wanted to ensure its done properly so their is no comeback in the future.

Tim.
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Hope you trust your solictor.

When sorting my Dad's estate the cnut we used quoted approx £750 and presented a bill for over £3,000 !
 
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