One of my goals this year was to take a task each month to look at an area of spending in depth.
Today I received the building and contents insurance for our house here in England. The cost was £35.42 each month to include buildings, contents, accidental damage within the property and legal costs.
First thing I need to consider is the cover. Do I need more or less, or just plain different.
I opted for up to £400k for the building - this is for rebuild only as obviously we would still have the land. I don't think my house is likely to cost more than £400k to re-build in the next 12 months. Contents insurance was up to £50k. There is a £100 excess per claim and you need to tell them if you have any individual items worth more than £15k. No worries there them! I kept legal costs and it is minimal cost but it could be very useful if we had problems.
The new policy is £280 for the year. That gives me a saving of £145.04 (against 12 x £35.42). Additionally I earned £75 cash back from Quidco.
Result!
It was easy to buy the new insurance but really hard to cancel the old one. I waited for 8 minutes on the phone, having selected the 'considering cancelling policy' option. Then the phone went dead. Nice. On my second attempt I selected the option to buy a new policy (time to connection with a sales advisor - 40 seconds) then told that advisor that I wanted to cancel. It annoys me a bit that insurance companies only want to talk to you when they want your money.
I hope I can make this much difference to my budget each month but I suspect this may have been an easy win.
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