Home insurance premium increase!!!

Vegastare

While I do shop round have stayed with same company 3 years as increase was low or non...till today and a huge £130 increase, no claims and no changes on my side, phone for reason and was told, if my home was to be completely wrecked and rebuilt - the rebuild had gone up by £6000 hence the increase. But I could reduce by upping my excess from £200 to £500 - this would reduce my premium by £30.
While I intend to shop around I do feel that it is a case of we just want new customers....they are offering 35% off at the moment. This was pointed out to them and still no lowering.

Has anyone else had a sudden increase recently, am annoyed because heard that this kind of practice is to be stopped, could be they are trying to get it while they can.

sal_III

Vote with your feet...

My content insurance (leasehold) with Aviva jumped from £100 to £150. Shopped around (including as a new customer with Aviva), couldn't find anything cheaper for the same type/level of cover so stayed with them. Didn't bother questioning the reason behind the increase, it's pointless.

SonOf

Sounds like you are on an old fashioned type of plan where you have to set the sum assured. These types of plans are normally only used nowadays by unusual properties. Most consumers will be able to use the automatic sum insured plans (e.g. upto £1mill). These tend to be cheaper but not all properties can use them.

molerat

My DirectLine premium increased drastically this year, been with them a few years now for both home and car as the renewal has always been within a couple of £s of the rest, so phoned up and they immediately came up with less than last year for the same cover.

Vegastare

Interesting - I am with Directline and got no joy on phoning....at the moment they are offering 35% on new customer home insurance - yet the only way to reduce my premium is to up the excess from £200 to 500 and save £30....

Can I have a go on a new customer policy with them and get the 35% off

icicles

Vegastare wrote: »

While I do shop round have stayed with same company 3 years as increase was low or non...till today and a huge £130 increase, no claims and no changes on my side, phone for reason and was told, if my home was to be completely wrecked and rebuilt - the rebuild had gone up by £6000 hence the increase. But I could reduce by upping my excess from £200 to £500 - this would reduce my premium by £30.
While I intend to shop around I do feel that it is a case of we just want new customers....they are offering 35% off at the moment. This was pointed out to them and still no lowering.

Has anyone else had a sudden increase recently, am annoyed because heard that this kind of practice is to be stopped, could be they are trying to get it while they can.

If you are of a certain age try looking at Saga house insurance. Normally increases significantly each year but this year has reduced. I have no changes to the policy so mystified at the reduction. Have checked last year policy details with this year & cannot see what has changed to cause the reduction.
Good Luck, hope you find a better insurer.

boo_star

Even if it is to be stopped, it hasn't been yet.

I'm baffled by people's loyalty to faceless corporations. They obviously don't care about you so why care about them?

Disco181

I've just had my insurance renewal with the premium going up £150. I've called to discuss and I was informed that the premiums are partly based on the number of claims made in my immediate neighbourhood. My response was "so I've not made any claims in the past year, but my neighbours have, and now you're increasing my premium to cover their claims? I'll be seeking cover elsewhere thank you"

SonOf

Disco181 wrote: »

I've just had my insurance renewal with the premium going up £150. I've called to discuss and I was informed that the premiums are partly based on the number of claims made in my immediate neighbourhood. My response was "so I've not made any claims in the past year, but my neighbours have, and now you're increasing my premium to cover their claims? I'll be seeking cover elsewhere thank you"

You do understand how insurance works don't you?

TheInsideGuy

SonOf wrote: »

You do understand how insurance works don't you?

Obviously not