Household insurance

Deleted account 230524001

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I've been organising our domestic insurance as we are moving home next week.

After spending an age going through the Compare the Market Website and finally deciding on LV as a suitable option, a message on their site asks me if we have oil fired central heating, after answering yes to that question the site tells me that they won't provide insurance for properties with this form of heating.

WTF is all that about ?
 
They don't do Cave Level Insurance :D

It's the new future
 
Risk of theft of the oil perhaps?
 
I've been organising our domestic insurance as we are moving home next week.

After spending an age going through the Compare the Market Website and finally deciding on LV as a suitable option, a message on their site asks me if we have oil fired central heating, after answering yes to that question the site tells me that they won't provide insurance for properties with this form of heating.

WTF is all that about ?

From the same question asked on LV’s Twitter account in 2018, so the restriction is apparently not new:

Hi, I am sorry that we were not able to offer you a quotation at the time but thank you for thinking of us. We do underwrite our own policies and we do have a criteria in place. If we can help with anything else then please email us at LVCares@lv.com. Kind Regards, Felicity.

Hi, thank you for your reply. Each insurance company will have different terms and conditions and underwriting criteria's. We have made a business decision but are always look to improve our products. Feedback will be given on this occasion. Kind Regards, Felicity.

Any one insurer might make a decision to cease accepting some types of risks, for all sorts of reasons. Whether they always make total sense to everyone is (or can be) debatable. If your house was heated by gas or electricity, you wouldn’t care that LV had stopped issuing insurance to houses heated by oil fired boilers.
As a really wild guess as to why LV might exclude oil fired properties…. Does the policy include cover for the breakdown / failure of heating appliances? If so it’s possible (I really am guessing) that LV’s experience with boilers of this type has been poor, so they have simply stopped insuring them. Cue, outraged of UKGSer land saying HIS oil fired boiler has never failed and if it did he’d mend it himself….. but he does have a pound of butter in the fridge.

The good news is that you seem to have found an alternative insurer of your house, which is all that really matters.
 
Tell me about it.
I have to replace my aging fibreglass tanks to new twin-walled jobbies.
€5700, thank you very much.

That seems awfully steep.
A 2000l bunded (twin walled) tank costs about £2000 here.
Are they replacing the pipe work and boiler too?
Or, are they perhaps, having to install a new base for the new tank?

As an aside, if you are replacing your tank, can I recommend a ‘top outlet’ tank as there is virtually no chance of leakage from these.

P.s. just noticed you said ‘tanks’ plural…that might explain it.
 
I've been organising our domestic insurance as we are moving home next week.

After spending an age going through the Compare the Market Website and finally deciding on LV as a suitable option, a message on their site asks me if we have oil fired central heating, after answering yes to that question the site tells me that they won't provide insurance for properties with this form of heating.

WTF is all that about ?
I’d be interested if they provide an explanation as to why.

As above, I can understand their refusal if you don’t have a bunded, top-outlet tank, as these are the only type that are inherently leak-proof.
The cost of ground remediation in the event of a major spill can be enormous.
I can also understand if it’s theft of fuel they’re concerned about as you’re now looking at £1/litre but they should be able to give a reason (which can possibly be mitigated).

The answer, of course, is to go elsewhere…
https://press.gocompare.com/news/lo...ered-on-90-percent-of-home-insurance-policies
 
There was no explanation, just a simple statement that they don't offer insurance for oil fired systems

My oil tank is less than two years old, it's a top fill and is double skinned, all of which wasn't considered

It all seems a bit strange to me :confused:
 
Might be LV trying to cut down on risks and reduce customers.
My renewal last year was about £1 more than year before.
This years just come through and it is almost 25% up.
Rang to cancel auto-renewal (even though I had asked not to to have auto renewal in first place) and no arguments or offers, just yes we will cancel auto renewal, goodbye.

Gone with AXA at £10 less than pre-increase for same cover.
 


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