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    • TinkerBellaBella
    • By TinkerBellaBella 6th Oct 17, 2:58 PM
    • 3Posts
    • 0Thanks
    TinkerBellaBella
    Extortionate Zurich Policy?
    • #1
    • 6th Oct 17, 2:58 PM
    Extortionate Zurich Policy? 6th Oct 17 at 2:58 PM
    Hi,

    We have had a policy since 1998 called Zurich Home Solutions for buildings and contents.

    The renewal premium is nearly £900 for the year!!!! Iíve gone onto price comparison sites and the premium is around £240 on average with other companies as it is on Zurichís own website :-/

    I telephoned Zurich to question the difference in cost and asked them to explain and they said we are paying for underwriting fees and other fees but couldnít say exactly what even when pressed.

    Obviously we will be taking our business elsewhere but I really feel we have been totally ripped off over the years. Any advice would be gratefully received.
Page 1
    • Quentin
    • By Quentin 6th Oct 17, 3:02 PM
    • 33,610 Posts
    • 17,510 Thanks
    Quentin
    • #2
    • 6th Oct 17, 3:02 PM
    • #2
    • 6th Oct 17, 3:02 PM
    The standard MSE advice is never simply renew, but always shop round at renewal time.


    There is no reward for being loyal!


    See the MSE article on cheap home insurance - link amongst the quick links at the top of the page
    • dunstonh
    • By dunstonh 6th Oct 17, 6:29 PM
    • 89,955 Posts
    • 56,658 Thanks
    dunstonh
    • #3
    • 6th Oct 17, 6:29 PM
    • #3
    • 6th Oct 17, 6:29 PM
    The renewal premium is nearly £900 for the year!!!! I’ve gone onto price comparison sites and the premium is around £240 on average with other companies as it is on Zurich’s own website :-/
    are you comparing like for like? For example, accidental damage and personal possessions cover?

    Home insurance has fallen in costs massively over recent years. However, old plans priced on old methods and old systems will continue to be more expensive.

    but I really feel we have been totally ripped off over the years. Any advice would be gratefully received.
    You have not been ripped off. Every year they gave their price and you had the choice to accept or change it. They have charged you exactly what you they said.

    Staying on obsolete plans put in place with old distribution channels using obsolete software and obsolete pricing data is rarely a good thing. Financial products go out of date just like other products.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Aretnap
    • By Aretnap 7th Oct 17, 11:00 AM
    • 2,845 Posts
    • 2,341 Thanks
    Aretnap
    • #4
    • 7th Oct 17, 11:00 AM
    • #4
    • 7th Oct 17, 11:00 AM
    Suppose I always buy my milk from Tesco for 50p a pint. Then one day I realise that Aldi sell it for 40p a pint. What can I do?

    Obviously the answer is to buy it from Aldi in future. Tesco aren't going to give me a retrospective discount on all the milk I've bought from them over the years, nor should they. So there's no use crying over spilt milk, so to speak.

    Insurance is no different. You had the choice of accepting the renewal price or looking elsewhere, and you always chose to accept it. Great that you've found a better deal, shame you didn't find it sooner but there's not much you can do about that now. Next year make sure you check whether your new insurer is still competitive or whether you can get a better deal by moving again.
    • dacouch
    • By dacouch 7th Oct 17, 4:07 PM
    • 20,292 Posts
    • 12,534 Thanks
    dacouch
    • #5
    • 7th Oct 17, 4:07 PM
    • #5
    • 7th Oct 17, 4:07 PM
    By any chance has your home ever suffered from Subsidence?

    Insuring with Zurich for that long and at a high premium is normally an indicator the house has a subsidence claim
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