Home Insurance gone through the roof!

[Bart]

I thought I saw a thread on this earlier in the year but can’t find it so here goes…
Just received a renewal quote and the cost has gone up from £400 to £600 in round figures. Now I know things are getting more expensive but this does seem extortionate, I was expecting a rise of 20% or less.
I am thinking of switching to Sainsburys who seem generally trustworthy and are only marginally above the £400
(Current summary : No claims made, 3-bed link detached in Surrey, insurer Nationwide)

 

[Marchbanks]

I’m with Tesco and had a renewal quote at the weekend representing a 40% increase. I went to a comparison website and was given a quote (AA) 20% higher than last year’s premium. I rang Tesco, told them this and they (more or less) matched it. It’s annoying, but it’s an annual game and I’m used to it now.

 

[Bart]

I’m with Tesco and had a renewal quote at the weekend representing a 40% increase. I went to a comparison website and was given a quote (AA) 20% higher than last year’s premium. I rang Tesco, told them this and they (more or less) matched it. It’s annoying, but it’s an annual game and I’m used to it now.

I don’t know if I’ll even bother to contact Nationwide to negotiate, I find this practice deplorable and it’s fairly painless to switch these days.

 

[Rug Doc]

I had a similar increase for both buildings & contents - £630 to £850, called them and they wouldn’t budge.

got it online for £600

 

[dan m]

I thought I saw a thread on this earlier in the year but can’t find it so here goes…

Might have been the one I started. I took the advice from here and went to a broker - Howdens. Just make sure you don’t skimp on the rebuild coverage.

 

[TheDecameron]

Like privatised utilities, it’s a broken consumer model screwing a captive audience.

 

[Mike Reed]

With great relief in February, I left John Lewis after a dozen years and got a slightly better cover at Aviva for over a £150 saving. J.L. are brokers (with very few underwriters) and Aviva (coincidentally in my home city of Norwich) is an underwriter. There's a moral there somewhere !!!!!!!!!

 

[Cav]

My 2024 renewal for building and contents was £195 for a 4 bed detached in Worcestershire.

 

[Bananahead]

Mine went from 1500€ to 850€ at last renewal. Same company.

 

[hifinutt]

Might have been the one I started. I took the advice from here and went to a broker - Howdens. Just make sure you don’t skimp on the rebuild coverage.

indeed , having had a few rebuild reinstatement surveys recently its coming out at approx at up 40% more than sale value . many many will be underinsured on buildings insurance

 

[les24preludes]

I decided many years ago to cancel home insurance since I live in a well run block of flats. Must have saved me thousands.

Home insurance is a choice, not a necessity.

 

[hifinutt]

its covered under the service charge so its a necessity not a choice !!!!

 

[DAVEDWACK]

Perhaps he’s just talking about Contents Insurance.

 

[Copperjacket]

My 2024 renewal for building and contents was £195 for a 4 bed detached in Worcestershire.

That is staggering! Who is the insurer please?

 

[JensenHealey]

My renewal quote just arrived from Hiscox has gone down this year - by about £120!

 

[Cav]

That is staggering! Who is the insurer please?

Quotemehappy.com

 

[les24preludes]

Perhaps he’s just talking about Contents Insurance.

Yes - contents insurance is a choice. "Home insurance" seems to be a blanket term covering various different insurances. There's also instrument insurance if you are a musician, or other kinds of insurances for valuable articles.

 

[Rodrat]

Building insurance usually mandatory if you have a mortgage. What people often forget is that this doesn’t cover replacement of kitchen, bathroom and any other non part of the building fabric. This is why it is advisable to have contents insurance.

 

[les24preludes]

Building insurance usually mandatory if you have a mortgage. What people often forget is that this doesn’t cover replacement of kitchen, bathroom and any other non part of the building fabric. This is why it is advisable to have contents insurance.

Why is it "advisable"? Insurance brokers always make a profit out of you, so the odds of something happening are always in their favour.

 

[Mike Hughes]

Was with my union for decades but it slowly crept up until it became obvious it was far more expensive than the norm. On advice from a work colleague (a very experienced debt adviser) I moved to LV a few years back. Absolutely painless until late last year when I had to make the first insurance claim I had ever made. Expected to lose my no claims and was also expecting a rise of between 40 and 43% based on what was being said in MSM. By my reckoning that would have taken my £233 for a 4 bed detached in GM to around £380. Bit of a shock then to get a renewal at £600. Did my research before ringing them but within seconds of explaining the purpose of my call they explained they could come down £30 and that was it. Great store placed online on how they will match what they offer new customers for existing customers.

Putting aside the morality of charging people a £30 penalty for simply not bothering to query the amount I terminated and immediately signed up with Privilege for… £380.

Almost inevitably I then received an email via work from my union advising that their preferred provider (interestingly no longer them) could offer a 5% discount. Their preferred provider? LV. Well okay then, I doubt it’ll make a difference but let’s go get that quote with 5% off. I am still trying to figure out how that quote came in at £1,024.

Same time next year then.