Massive Increase in Home Insurance

Mannion

The FOS will not look into complaints regarding pricing as it is the insurer's discretion to price their products based on their statistics and claims history for the risk that's why some insurers are cheaper than others it keeps the market competitive

Thanks for the useful comment Faith What if there is no evidence that price is based on statistics and claim history. Remember we are talking about a dramatic increase in price hiking immediately after an incorrect address update.averagi ng around 5% for 12 years and then after address error 30 to 40 % for 3 years. I personally find it suspicious
I also believe that there is a difference between what you describe and a deliberate attempt to just raise the premium as high as possible without any basis in costs or risk calculation. The first does sound absolutely reasonable. The second is a loathsome despicable practice that has caught out a lot of OAPs in the press recently. In my case you can tell from talking to the insurers that there has been no calculation as the first the reasons given for a 100% increase so far were laughable and severely concerning:
1Inflation ?????
2 post code?????
3 An insignificant rise in a government tax around about from 3%to 6% (I dont have the figures with me but I can dig them out)
4 Flood risk
When questiioned further about 4 I learn that they admit there has been no significant chabges in flood risk over the last 5 years????? I have a survey stating my property is a very low flood risk. The environment agency states that my prooerty is a very low flood risk and it has NEVER flooded and the area I live in has one of the best flood defences in the country.
Also none of my neighbours estimates have increased to this level and also remember it is impossible to get a quote that is above 30% of my current premium.
This isnt a calculated increase. If it were would these be the first justifications an honest company would come up with. Whats reason 5 Magic, Risk of invasion by zombies?
If they are going to change my pricing so wildly after 12 years of loyal no claims they can at least get aproof of confirmation of agreenent and not just send my renewal correspondence to the wrong address. I cant believe the requirements are so loose.

Anyway at least I got to enjoy hearing them squirm when all their lies and excuses were destroyed by basic logic. On to the next round 8) It really cheered me up.

Mannion

(Response to MoneyIneptitudes deleted post)
This is a forum for seeking help. Ive made it clear you are hindering. What are you hoping to gain by continuing to post. Hinder me?

Nasqueron

What do you hope to achieve by continuing to post?

Insurers are a commercial operation, they are free to set whatever rate they feel is suitable and there is no such thing as unfair pricing in this context, you seem to be missing the issue here - you have not destroyed anything nor have you exposed any lies, you got a quote from an insurer who judge your particular risk to be worth one price, another insurer rates you less of a risk so prices you accordingly - if you don't like your price, you move, it's as simple as that and doesn't need 2 pages of forum topics

Mannion

But I didnt get a quote did I Reread please

Again Nasqueron I am only now getting somwhere. If you dont like it why dont you stop posting Youre not helping Others have What do you hope to gain?
I understand your points I did in my first comment You are not answering my specific query You are conveniently avoiding the specifics and attacking the easy argument thats left. I have learnt nothing that I didnt already know from you. Please leave mr to follow the useful advice which I was pursuing legally before your pointless post. I will respond when I have some more info.

Mannion

I'm back on the forum for a different reason but I thought it probably worth pointing out that I received over 1700 ponds in compensation for being excessively overcharged with regard to my Home Insurance premiums. I believe I probably could have got more too if I pursued the matter further.
Some people find themselves in vulnerable positions often caring for the sick and terminally I'll and trying to hold down stressful jobs at the same time. In these moments people can fall behind with their paperwork. Corporations take advantage of this and it is a disgrace.

If anyone is in a similar position DO NOT GIVE IN to these conmen and do not be put off by the shocking advice that some opinionated trolls have on this forum. You have rights. Fight for them.

Mic drop.

[Deleted User]

Mannion wrote: »

I'm back on the forum for a different reason but I thought it probably worth pointing out that I received over 1700 ponds in compensation for being excessively overcharged with regard to my Home Insurance premiums. I believe I probably could have got more too if I pursued the matter further.
Some people find themselves in vulnerable positions often caring for the sick and terminally I'll and trying to hold down stressful jobs at the same time. In these moments people can fall behind with their paperwork. Corporations take advantage of this and it is a disgrace.

If anyone is in a similar position DO NOT GIVE IN to these conmen and do not be put off by the shocking advice that some opinionated trolls have on this forum. You have rights. Fight for them.

Mike drop.

No, no you didn't.

FlameCloud

camelot1971 wrote: »

No, no you didn't.

Its possible. My wife was once called 'Miss' by a handler instead of 'Mrs'.

The resulting complaint got us a new house, holiday in the Bahamas and £50K to say sorry.

Honestly. You cant prove otherwise.

csgohan4

Mannion wrote: »

I'm back on the forum for a different reason but I thought it probably worth pointing out that I received over 1700 ponds in compensation for being excessively overcharged with regard to my Home Insurance premiums. I believe I probably could have got more too if I pursued the matter further.
Some people find themselves in vulnerable positions often caring for the sick and terminally I'll and trying to hold down stressful jobs at the same time. In these moments people can fall behind with their paperwork. Corporations take advantage of this and it is a disgrace.

If anyone is in a similar position DO NOT GIVE IN to these conmen and do not be put off by the shocking advice that some opinionated trolls have on this forum. You have rights. Fight for them.

Mike drop.

You conned yourself by not reading the MSE guide on home insurance and ensuring you read the T+C, you agreed and paid for it, the onus is on you, no one else's.


It is typically the blame some else for their problems culture

Mannion

What blame? I was right and I won through the system. At what point do you accept you're wrong?
Your advice on this is nothing short of shocking and a disgrace. I went through some very simple steps and got a massive payout.

Now here's the thing:

If I post the proof will you all meekly accept it and admit your advice sucked and that your rants were a waste of time for everyone concerned? How about a financial bet that I can prove it to boot?

takman

Mannion wrote: »

What blame? I was right and I won through the system. At what point do you accept you're wrong?
Your advice on this is nothing short of shocking and a disgrace. I went through some very simple steps and got a massive payout.

Now here's the thing:

So in summary what has happened is because you neglected your finances the insurance company "took advantage" of you and "overcharged" You for insurance. So then you wasted hours of your time writing this thread and making complaints to them and ended up getting back what you paid originally.

You seem to be proud that you got a payout from the insurance company. But actually that isn't any kind of achievement at all because the people who are in control of their finances don't pay that money out in the first place. So they then have that money to invest and save in high interest accounts so are still better off than you.

So the best advice for you is what I originally posted in this thread is to take control of your finances and compare each year to save the most money. Just because you got money back certainly doesn't mean your way is the right way to do it!.