Zurich home insurance ripping me off

dacouch

Mjteacup wrote: »

I had to renew my buildings insurance policy with Zurich today, for the third year (I have to stay with them because of previous work done to the property under their predecessor Eagle Star). Out of sheer desperation to reduce the insane £840 premium on a two-bed flat I asked if anything could be removed from the policy or excess increased to save me money now. I was told - by the first helpful employee of theirs that I have ever dealt with, including during a claim that was made far more stressful by their incompetence - that increasing the excess by £50 would save nearly £50 on the annual premium. Increasing the excess by £150 reduced the annual premium by, you guessed it, nearly £150 (I think £148, to be precise). It's a total no-brainer and I am kicking myself for not having asked the same question in the previous two years. But I don't think customers should have to ask this when it is so obviously a rip-off to pay the equivalent of an excess in an annual premium. I wanted to share so that forum users would know to ask very explicit questions about the exact cost of lower excesses - you really could be paying money for nothing, especially if you are a Zurich customer.

Are you direct or through your mortgage company ?

If you don't have your contents with them, try getting a quote as with the discounts they offer for combining the two. You can often get contents very cheaply, it's not uncommon for it to in effect be free

Mjteacup

Thanks dacouch - in my case contents was quite a bit more but it's a good point. I'm a direct customer as, because of previous drain/subsidence related work, no other insurer will cover my property but Zurich have to...

dacouch

Mjteacup wrote: »

Thanks dacouch - in my case contents was quite a bit more but it's a good point. I'm a direct customer as, because of previous drain/subsidence related work, no other insurer will cover my property but Zurich have to...

Try a local broker, you can find a Zurich broker here http://www.zurich.co.uk/customerhelppoint/find_broker/Findbroker.htm

They will get between 17.5% and 25% commission for Zurich, they may be prepared to transfer the agency from Zurich Direct to the broker and accept only say 10% commission eg refund you circa £80. This would mean you keep the same policy and policy number but just deal through xyz broker instead of Zurich and get some of the commission refunded.

It's worth a try, I did this for a few customers in your circumstances who had subsidence and were on direct or mortgage company policies. It's very little work for the broker, you just sign a letter authorising the transfer, they create a record and sort payment so they avoid all of the admin of setting a new policy up and get a fairly hefty home insurance premium.

They will only be interested doing this in the couple of months before renewal as once it renews they won't get commission until the next renewal.

I would avoid Swintons and A Plan, try a small broker near to your home. Don't be afraid of asking for a transfer of agency and commission being rebated. It's worth doing for the broker as most home premiums are circa £250 so they will still receive more commission plus they you will stay with them forever due to the subsidence