Buildings Insurance

[Keithj]

I hope you have better luck than I did when I logged an enquiry with my local NFU office last year. They took over 6 weeks to get back to me and were really rude when I said I had arranged cover with someone else.

I left the enquiry on their website last night. A charming lady from NFU Mutual called me back this morning, went through the usual questions, explained some things that I'd never understood up to now, and will be sending me a quotation in a few days after she's done her thing with the underwriters.

"Not thatched" seems to be a big plus point, but it remains to be seen how it pans out.

We have a fairly large plot: I suspect you could build a road down one side and put two or three houses on it (if you could get PP). Maybe it's worth more without the house on it! Anyway, I estimated the rebuilding cost at £350k: that's £200k for clearing and building a house, and another £150k for making it look Tudor. Who knows?

 

[Flyfisher]

Wouldn't it be easier to just go into William Hill and get long odds on your house being destroyed during the next year :lol:

:lol:
There would probably bea lot less 'small print' to wade through!

 

[88v8]

FF - in my area of the business you can insure for what they call first dollar. You effectively insure for a fixed primary amount as part of an overall bigger risk.

I think the market for primaries has always been thin. AIU London was in there at one time. Once they get burned, goodbye. Easier to place the excess layers. The housing book is protected that way of course, but only on the reinsurance side.

Ivor - you are one of the many paying for the few so whether you had a claim or not, that's how it works. I've been with NFU now for 4 years and in that time the premiums has more than doubled from £400 to £870. NFU clearly knew we were thatched when we started with them but, due to a recent increase in thatch fires involving wood burners, up went the price.

Well, that's how it should work. In practice, one pays for the losses of the many, and also one's own losses if any. And the trouble with thatch is that the portfolio is small and unbalanced, it doesn't take many losses to blow the year's net income. I think our carrier is Ancienne Mutuelle, their t&c are not onerous, but perhaps they've not had much in the way of claims as yet. We shall see.

Ivor

 

[mivec]

Well, that's how it should work. In practice, one pays for the losses of the many, and also one's own losses if any. And the trouble with thatch is that the portfolio is small and unbalanced, it doesn't take many losses to blow the year's net income.

Another one goes up in smoke...
http://www.bbc.co.uk/news/uk-england-sussex-21612166