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Home Insurance - State of the market

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Home Insurance - State of the market

edited 30 November -1 at 1:00AM in Insurance & Life Assurance
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silverwhistlesilverwhistle Forumite
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edited 30 November -1 at 1:00AM in Insurance & Life Assurance
I've just had my renewal notice for my home and contents insurance.
It's an increase of 16.5%, which if repeated annually would be a doubling in less than 5 years!


Before I start the tedious process of getting quotes are there any market conditions currently (cost of building materials, increased crime etc.) that would in any way justify such a large increase?


For the cynics amongst you, yes, last year was my first year with the provider..

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  • DavidT67DavidT67 Forumite
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    Nine times out of ten renewal quotes are uncompetitive. The insurer is hoping to make a quick profit from customer inertia.
    Get yourself to a comparison site, find the best quote for like for like cover, then phone your insurer and negotiate.
    More times than not they will reduce the price and match a quote rather than lose a customer.
  • silverwhistlesilverwhistle Forumite
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    Good point. Maybe I'll just make up a number around inflation more than last year and negotiate on that basis - save me some time.:D
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