How do I synchronise buildings and contents insurance policies?

Question

I currently have contents insurance with company A, due for renewal in 2 weeks time, and buildings insurance with company B, due for renewal at the end of June.

Company A is offering free contents insurance if you take out buildings insurance at the same time.

If I do this two weeks from now, would I get a pro-rate rebate from company B, for the period April-June?

Answer 1

Policies are annual although you might pay monthly. Best thing is to chance one of them for a month or two then go for the best deal. You could go ahead and have a double insurance but in the event of a claim only one would pay out.

Answer 2

I think you can get a rebate, but if you tell the second company what you're planning, they may well offer you an even better deal to combine the cover and stay with THEM.

Play them off against each other!

Answer 3

Just check that the offer with company A doesn't exclude existing policyholders . . .

In theory if you do that you WOULD get a refund, but I suspect that it will be less than pro-rata as a fee may be involved.

You could, of course, add the contents policy onto B when the policy with A runs out and then take the free benefit with A when the policy with B runs out - if, of course, the offer is still on the table.

Answer 4

Yes you will, they are only allowed to keep premiums EARNED not billed, they haven't earned it.

Keeping all the coverages with 1 company is the way to go too - smart move.