Cancelling contents insurance - please settle argument between me and husband!!

[Bevziibubble]

Ok, please help to settle an argument between me and my stupid husband.

Our washing machine broke, so we brought a new one. Tried to claim off contents insurance but they said they don't cover mechanical failure.

Annoying, but ok. Now my husband wants to keep the home insurance but CANCEL the contents insurance and have a second bank account to save up money that we can use instead of having to make a claim in the future.

Is it just me or is this STUPID?! Our home/contents insurance is only £28 a month anyway, and if the worst case scenario happens such as a flood, fire or burglary, I doubt we are going to have enough saved in this second account anyway to re-buy everything that has been damaged.

He has been going on and on all bloody day and tbh I'm sick to death of talking about insurance. Please tell me what you think! Thank you!

 

[Kimmer]

I completely agree with you! Cancelling the contents insurance seems very silly to me.

I rent so I don't have buildings insurance, but I would not feel secure at all if I didn't have contents insurance. As you say, in the worst case scenario, someone could happen that means you lose everything, I doubt he'd have enough saved to replace everything!

My contents insurance covers me for £15k worth of stuff. If my husband wanted to cancel our contents insurance, I would make sure he had £15k saved up first

 

[Hunbun]

Personally I think it's smart to do both! You really should keep your contents insurance I case of a big think like flood or fire. Then also have savings for when your insurance won't cover you.

But ultimately, yeah I think your totally right.

 

[MrsPear]

I don't think you should cancel it! It's annoying that this has happened in this case. But if you got burgled or something, you might lose a few things at once and then you'd be up shit creek! Or anything else for that matter, like if a water pipe burst and your electrical appliances were ruined. You'd be shelling out so much money when you could have claimed!

Tbh a rainy day fund is still a good idea though, for things like car repairs and the suchlike. We never seem to have savings for that sort of thing. But I have to say it would be sensible.

ps I laughed at you being sick to death of talking about insurance. i think my threshold would be about 35 seconds. x

 

[Pearls18]

I can see what he means, I know people who do that instead of taking out pet insurance, but because contents insurance covers such a large amount of money in worse case scenarios, especially when it comes to legal cover (eg if the postman tried to sue you for falling on your front path) I just don't think it's a good idea to me contents insurance is a must. Saving on the side is good though for things like boilers if you don't have specific cover for that.

 

[lilyd]

I would never cancel contents insurance. My cousin sadly had a house fire and even though the whole house wasn't gutted, the cost of replacing everything was over 25K.

You don't think about carpets, bedlinen, curtains, as being contents as such, but if you have to pay to replace the whole lot in one go it will cost thousands. That is without the cost of personal items, electronics and clothing.

 

[hayz_baby]

I couldn't cancel it no. My thing would b look at the maths? How much is your cover worth? I think mines £50000 off the top of my head, anyway if ur saving £28 a month it will take roughly 1785 months or 149 years. (I'm a bit tired so apologies if my maths is wrong) so yeah. Also with savings your interest isnt keeping up with inflation. It may take some time to build that level of savings up but you never know what will happen tomorrow. You wouldn't want to have a huge flood, it completely damage all your kitchen appliances, your carpet and anything else and only have £200 in savings. I'd tell oh no we are keeping it.

 

[KayBea]

dont cancel it!!! ignore him.

xx

 

[ellismum]

NO WAY!!!!

What if there's a water leak and your carpets need replacing, electrics 're wiring etc. Very foolish to cancel! Stick to your guns x

 

[Kiddo]

I'm with the others. Contents insurance often covers things like kitchen units and bathroom suites as well as all your furniture, wallpaper, floorings, clothes and general stuff. If you were to have a fire or a flood it could cost way more than you'd manage to save up.

 

[Eleanor ace]

No no no! Don't cancel.

 

[icklemonster]

No I definitely wouldn't cancel the contents insurance. That's the kind of hair-brain idea my DH would come up with though!

 

[MiniKiwi]

Cancelling contents is an awful idea. If I were you though, I'd make an appointment to speak to your insurance provider, or ask for them to send you a copy of your policy so you know in the future what may or may not be covered. Then your hubby won't be in for any more nasty suprises (and come up with any more silly ideas ) If you don't like the policy, I'd recommend having a look around cause they're all different and some of the insurance companies can be pretty sneaky

 

[Blah11]

Yeah I agree, his idea is stupid.

 

[Floralaura]

If its the cost, get him to go on MSE/Topcash back etc and find a cheaper quote and get cashback for doing it too..
We changed our building/contents and saved £12 a month and got £105 cashback for swapping too!
Maybe if you give him the job of finding cheaper cover and starting a little saving pot for when insurance doesnt cover he will leave you alone lol

 

[Mummy May]

I wouldnt cancel it either! I just renewed mine and my new cover gives me loads more than my last policy did. It covers me for 35k worth of stuff too xx

 

[lau86]

No don't cancel!! Chances are if you needed to claim it would be for alot more than you'd saved

 

[Miss Bellum]

Dont' cancel! Like previous posters have said, in the event of a major disaster, its unlikely you will have saved enough to replace everything. I used to work in household claims and remember one lady. She had paid off her mortgage so she cancelled her buildings and contents insurance to save the monthly premium. Following an electrical fault, her house was badly damaged and virtually everything inside was smoke damaged. This was about 2 months after she cancelled the policy. Poor thing was gutted, and wanted to backdate the cover, but it was too late.

You might save a bit of money by cancelling but it could prove to be a lot more expensive not to have it.

 

[buttonnose82]

I wouldn't cancel, a year ago our street flooded, to the point our neighbours were out of their home for 7 months, they had to replace everything in the entire downstairs of their home, I can't even imagine how much that would have cost to do themselves if they didn't have contents insurance

 

[Incubus]

Noooo, could you really afford to replace every single item in your house if the worst happens?!

I pay £10 per month contents insurance but I also pay £15 per month on the dishwasher/washing machine/fridge freezer, this covers mechanical failure and accidental damage.