2010-01-06

Buildings Insurance

I insure most things myself, not using an insurance company. I make sure I save enough money so that, for example, if someone stole my bicycle I could buy myself a new one. Is this a good idea?

When it comes to my house though, I couldn't afford to have it rebuilt if it was somehow destroyed in an accident. So I insure it with the Halifax. So when can I stop paying my buildings insurance? When I've got enough money to rebuild the house entirely? That'll take ages, can't I stop paying it now?

2 comments:

  1. Sorry to disappoint you, but buildings insurance is not just cover rebuild costs your house if it falls down.

    A large proportion of it goes towards third party liability.

    You'd have to be seriously well off, or stupid, to underwrite yourself for that!

    As a issue, why is the text box so unhelpful?

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  2. I agree with your stance on insurance. A lot of it is a straight-up unneccessary con and most of the rest can be dealt with in the way you describe. I think I'd always maintain some sort of house insurance, however, as it's just too big an item to ever cover yourself.

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