High Insurance Charge

Dukess_18

Hi,i would just like some opinions please.I am a home owner with Building and Contents Insurance with Halifax..I recieved my renewal letter a few weeks ago,and it informed me that my premium had went up by almost £150.00 without much explaination,i was telling a few people and they were totally shocked at how much i was paying in the first place..£740.00 per year..the more i think about it,that seems a tad excessive.. would this be normal to pay that amount,for insurance,with no special reasons? quite curious to hear what anyone else thinks please,have i been paying way too much?? thanks a lot,Geraldine...

vaio

if you don't shop around every year it is likely that you are paying too much as insurers tend to add a [STRIKE]stupid/lazy[/STRIKE] loyal customer tax to renewals. This tax can often be as much as 50 or 100% of premium.

Sadly the days when punters could rely on their insurers not to take the mick at renewal times are gone

dacouch

I assume you took out cover with your mortgage provider, this is with few exceptions the most expensive way to arrange home insurance.

Halifax have a lot of unusual ish restrictions in their cover

Shop around and don't just take the cheapest, find a policy that offers good value for money along with covering what you need.

InsideInsurance

Dukess_18 wrote: »

have i been paying way too much??

How can we tell? You could live in a 90k ex council 1 bed flat with 30k of contents or a 800k 6 bed house with 120k of contents

You could live in a nice quiet village that hasnt had a crime in 50 years or in the city centre on a flood plain and in a building with prior subsidence.

Put your details into an aggregator like Confused.com and it'll tell you if you are overpaying or not.

As DaCouch suggests, Home varies massively in quality of cover and so ensure you get the best value product for you which may well not be the cheapest one for you.

_Andy_

"without much explaination" - they don't need to give you any explanation.