change in circumstances on home insurance

tortoiseshell21

Six months still to run on my home insurance. Change in circumstances which I felt should have been to my advantage. Initially insurance company suggested same but said would have to go to underwriters. Week later when I'd not received any news I rang to be told that there would be no reduction in premium but that I would have to pay £25 for making changes. I was outraged and managed to get out of admin payment but where do I stand on reduced premium? If I'd rung to suggest that I was now at greater risk I doubt they'd have said "Let's leave premium as it is until you renew."

dacouch

What have you done to reduce your risk / premium?

I'm guessing increase security

InsideInsurance

Without knowing what what the changes are and what the general/ previous position was etc it is unlikely that anyone else can comment .

For example, if you only have £1,000 of valuables, all are below the unspecified item limit and you phone to say you have installed a top end safe for £2k then you'd be unlikely to see any reduction as your already very low risk and arguably the safe may be more stealable (and valuable) than its contents

tortoiseshell21

InsideInsurance wrote: »

Without knowing what what the changes are and what the general/ previous position was etc it is unlikely that anyone else can comment .

Someone living in the house had a drugs conviction - he's not here anymore. The only thing they did do - but not at my request - was to reduce the excesses on buildings and contents.

dacouch

If you'd taken cover with an Insurer who specialise in offering cover to people with convictions. They tend to underwrite the risk as a whole and will often not increase a premium but will increase excesses and / or restrict parts of the cover.

You can shop around at renewal.

How long is left on the policy until renewal?

InsideInsurance

tortoiseshell21 wrote: »

Someone living in the house had a drugs conviction - he's not here anymore. The only thing they did do - but not at my request - was to reduce the excesses on buildings and contents.

Are you with a specialist insurer/ broker for those with criminal records?

If you are, then it simply can be they dont want mainstream business and so don't price competitively for it. When renewal comes around you can go back to a mainstream insurer and get better rates.

tortoiseshell21

dacouch wrote: »

If you'd taken cover with an Insurer who specialise in offering cover to people with convictions. They tend to underwrite the risk as a whole and will often not increase a premium but will increase excesses and / or restrict parts of the cover.

I bought through HomeProtect who say "Whatever you history, we'll insure you" - so they specialise in the sense that they will take on people other insurers won't. However, my premium was DOUBLE what I would have paid elsewhere AND my excesses were increased.

They've now brought the excesses down but say no reduction in premium even though I've got 5-6 months before I renew. Doesn't seem fair to me:( but then perhaps insurers rarely are!

dacouch

They were not double what you would pay elsewhere, they were double what you would have paid elsewhere without the person with the conviction .

Bangton

Why don't you just go elsewhere?

tortoiseshell21

Bangton wrote: »

Why don't you just go elsewhere?

I will do when the policy is up for renewal in August. I was just trying to reduce the costs for the current year.

tortoiseshell21

dacouch wrote: »

They were not double what you would pay elsewhere, they were double what you would have paid elsewhere without the person with the conviction .

Agreed. But my point is that the 'greater risk' has now been removed and will not be there for half of the life-time of the policy and yet they are not prepared to give something back. Had the situation been the other way around, ie my having an increased risk, they would have either discontinued cover or would have upped the premium. Seems like it's a one-way street.