pippamdm

pippamdm

Huge hike in premium for Residential and Commercial property insurance this year: approx 70%. No reason given. Has anyone else had this problem? Any ideas why premiums have gone up so wildly?

Dangermac

pippamdm wrote: »

Huge hike in premium for Residential and Commercial property insurance this year: approx 70%. No reason given. Has anyone else had this problem? Any ideas why premiums have gone up so wildly?

Premiums have increased but in my experience of residential/Commercial property, generally around 5% (+ index-linking).

I guess it may depend on: claims, change in rating etc. I would recommend that you review your provider and obtain alternative quotations.

DM

PrivateClients

Agree with DM broadly. I'm advising clientd 8% to 12% inclusive of index linking (predominantly London and SE book though and less than 25% of my book is commercial.)

I know post Grenfell that some colleagues who deal with buildings that have certain types of cladding are seeing much harder rate increases though.

If you are looking to try a new broker, try the BIBA find a broker service to see if you can find someone near to you who can help.