Insuring buildings and contents for less than 1 year

[yottie]

What is the best way to do this, it would seem that a monthly payment could be stopped at any time if I went for this rather than a yearly one. But are there any snags.

 

[Himaginn]

What is the best way to do this, it would seem that a monthly payment could be stopped at any time if I went for this rather than a yearly one. But are there any snags.

A cancellation/ administrative fee?

 

[ajstoneservices]

You can get short term buildings insurance.

 

[FiremanT]

What is the best way to do this, it would seem that a monthly payment could be stopped at any time if I went for this rather than a yearly one. But are there any snags.

Some insurers actually arrange a "loan" so to stop paying yiu nuyst cancel the po!icy properly otherwise you credit score wie show a default. As said you would probvably play an adnin fee to cancel early

 

[JohnD]

If you already have another house, and you intend to sell one of them, your insurance co might have a scheme to cover the overlap, or will cover the other as a second home. They will want both homes to be lived in at least monthly, or the cover will be reduced for the unoccupied one.

A "monthly payment" scheme will normally be an annual policy where you pay by instalments, with interest and handling charges added on, so if you stop paying the instalments, you will just have an overdue account.

 

[FiremanT]

JohnD. If that was a comment in response to mine, then wake up. I said SOME insurers create a loan and if you stop paying you will have a default.

 

[Doggit]

Try talking to your insurance company. I suspect they'll just tell you it's a yearly system, and that there will be a cancellation fee - and you may just have to accept that. But you might find a co-operative company.

 

[bernardgreen]

You will probably find the cheapest overall cost will be to insure for a year paying the year's premium in one payment.

Then when the cover is no longer needed cancel the policy giving as much notice as possible. You will probably get a refund of the premiums for the un-used complete months less a small fee.

Paying the whole year at the beginning of the policy saves the cost of processing monthly payment.

Above all be totally honest with the insurance company when you take out the policy.