Home insurance

So, I’ve recently signed up to Bulb and Monzo which seem to make life a lot easier and have a much improved user experience throughout.

Was curious if anyone has advice for a similar no nonsense supplier for home insurance?!

Depends on whether buildings or contents. My wife does mine and I think she uses one of the house insurance comparison sites (we normally change each year), then phones them and asks in detail what is insured (contents) and gets things taken off that are not required, eg emergency plumber they will come out in the middle of the night turn the water off and come back next day, well I can turn it off myself and phone a plumber next day. Only expensive jewellery is insured and we put a limit of the other contents as quite frankly half the contents most wouldnt want and I wouldnt miss them.
Also be aware (if this still applies) if you get a small reduction for having a house alarm you may invalidate your insurance if the house gets burgled and the alarm wasnt set! Worth checking.

@andrew6640 great to hear that you’re having a smooth experience with us and Monzo!

Hmm, that’s a good question. I’m quite curious to know as well.

@andrew6640 I have heard that a company called Lemonade is trying to do similar things in the insurance sector. Might be worth giving a quick look!

Thanks for the advice folks. @danp looks like Lemonade is US only?

Edit: Searched ‘Home Insurance’ on iOS app store, and this popped up. Going to investigate. I’ll feed back any findings :slight_smile: https://www.heybrolly.com/

@andrew6640 please do, will be interesting to see disruptive companies in the home insurance market.

compare policy cover carefully as there are huge differences between companies. Saga and Liverpool Victoria are both good policies. “Which” did a comparison of policies.

compare policy cover carefully as there are huge differences between companies. Saga and Liverpool Victoria are both good policies. "Which" did a comparison of policies.

Yeah. Hey Brolly seemed to promise it would search, but isn’t fit for purpose yet. As you mentioned I just used the typical comparison websites to get a deal. I just find home insurance scary and the questions are hard work sometimes, e.g. what locks do you have, or what type of alarm is installed.

@danp, we absolutely need a company like Lemonade in the UK! :cookie:

I imagine the crux of the issue is that it’s very difficult for a “startup culture” company to get into the insurance sector. They literally work on gambling, and using the money from other customers who don’t claim to pay your claim. Starting out, that’s an incredibly risky position to be in if someone’s house burns to the ground and you only have 1,000 customers paying say… £250 a year and the house was worth £250,000.

@BenWoodford, I suspect you’re right but I imagine it’s more about regulation rather than the money situation. The reason why Monzo and all of the competitor banks popped up so recently was because the government made it easier to start a bank. Nothing really to do with money.

True, you would need a large amount of capital to put into the company in the first place to fill up those insurance pots, but if a small startup company wanted to start doing it on the cheap then I suspect they’d start off just doing tenants’ liability insurance and out-and-about theft/loss. Progress to home insurance when they got the capital.

If you can get just £10M of investment funding for your startup (which is pretty small-fry these days) then that’s quite a lot of payouts before you run out of money.
For your example, you’re unlikely to have one out of every 1000 properties burn down every year, so you’re quids in pretty quickly.

@mowcius I think you may have found your calling!

@andy_bulb; Maybe, but I thought if I annoy you guys on here for long enough you might just start paying me a salary :grin:

@mowcius Haha! So is that your intention? :wink:

@danp, That you start paying me a salary? I mean, I’m game if you are!

@mowcius We’ll think about it :wink: . There is a handy referral scheme however :stuck_out_tongue:

There is a handy referral scheme however :p
Sadly I don't make a very good salesman! (I have however had a few quid from you that way)