Indicative vs binding insurance quotes

An indicative quote is the insurer's first-pass premium estimate based on the summary you submitted. It can change once they see the property and underwrite the risk. A binding quote is the firm offer the insurer issues after their own due diligence.

Why we don't promise binding numbers

• We're not the insurer — we don't carry the risk and we can't fix the price.
• Premiums depend on details you can't always summarise in a four-screen wizard (e.g., proximity to a specific flood-prone gully, the age of the wiring, a generator on the contents schedule).
• Underwriting can swing the figure 10–30% in either direction.

What converts indicative to binding

• A formal application form with the insurer (we hand the introduction; they take it from there).
• Property survey or accepted photo evidence.
• Any health questions if life cover is part of the package (mortgage protection).
• Payment of the first premium.

Practical implication

Use the indicative numbers to compare partners and shortlist. Don't budget the indicative figure as your final monthly cost — leave a 15–20% buffer until you have the binding letter.

Where to start

/insurance/apply for a multi-insurer comparison.