Building Insurance & Mortgage Provider ??

[Aletank]

I've had my House/Mortgage coming up to 12 months now. The Mortgage and Building Insurance is with Nationwide.

The Nationwide just sent me details of next months/years premiums for the Building Insurance which works out at £171 a year. I've had a quote of AXA for £108 a year.

If i take out my Insurance with AXA will Nationwide require proof that my house is insured and will i have to send proof off each year ?

Anyone had any problems moving the Building insurance from the Mortgage Provider ??

Many Thanks for any replies

 

[salem2000]

You can have your home insurance with any company you wish, you don't have to use the same Company that provides your Mortgage.

Some Mortgage Company's require proof, this is to safe-guard their investment.

 

[Aletank]

Just phoned Nationwide, They said If I'm moving my Insurance they need to know The name of the New Insurance Company, Policy Number and Sum Insured for.
I've just takin out the policy with AXA

 

[IanDB]

It's staggering how different quotes can vary isn't it? Tesco's insurance is normally pretty good as well. It's worth checking around each time your policy comes up for renewal. After all, you've just saved yourself £63 there!

 

[mildmanneredjanitor]

Many moons ago (12 years I think ) my mortgage provider charged me £25 to choose a third part insurer! Tho I think this has died out now...

Bl**dy cheek tho!

 

[kendor]

As it's your first home then your equity is probably small, on my fourth home now and they didn't even ask me for proof of the insurance details for either building or personal and just relied on my word as there is plenty of equity in the property i assume this is why they were so matter of fact about it.

 

[AdamW]

As it's your first home then your equity is probably small, on my fourth home now and they didn't even ask me for proof of the insurance details for either building or personal and just relied on my word as there is plenty of equity in the property i assume this is why they were so matter of fact about it.

Nah, they just like you. "Honest Joe Kendor" they call you, and they have a big poster of you on the wall of the call centre in Banglakok ( ) saying "All hail the honest one".

I didn't get asked for any evidence of my insurance and I am still on my first home. It probably varies across different companies, or maybe even they do a spot-check system...