My home insurace wants to rise the premium. Advice please?

zuliano

Hello, and Happy New Year to one and all...
I am with Churchill home insurance. My premium for last year was £107.52 but now find they want to increase it from 13th January to £119.84. Of course I am not happy about this (why do they never decrease the premium???)... Any advice is very welcome ...

couriervanman

Do a comparison


"why do they never decrease the premium".......they give you a cheap price to start then assume a large % will just stay with them on renewal

[Deleted User]

What do you think you need to do?

Renegotiate a new premium, look elsewhere at another insurer.. the usual...

BoGoF

If only MSE had a dedicated section related to Insurance with hints and tips.......oh wait

https://www.moneysavingexpert.com/insurance/?_ga=2.86524056.1207338592.1577186348-1976964403.1561309097

coachman12

zuliano wrote: »

Hello, and Happy New Year to one and all...
I am with Churchill home insurance. My premium for last year was £107.52 but now find they want to increase it from 13th January to £119.84. Of course I am not happy about this (why do they never decrease the premium???)... Any advice is very welcome ...

Happy New Year to you too, zuliano. It's difficult to answer your question without knowing what amount of home insurance you require. In a small flat and with no very highly valuable jewellery etc, an amount of cover around £50,000 might suit you (including items lost/stolen/etc outside the home)

---

if so, NatWest gets my personal preference and can be obtained for about £40 pa. If you feel complete loss of home contents is much more than £100,000 , I think it is best to look at the complete online list of competitive offers which are available. And always remember that phoning any company to say that you are not happy and will leave if the rise in premiums is not cancelled or reduced considerably, you will go elsewhere----it's amazing how quickly these insurance companies will suddenly drop their proposed premium increase !

Jerseygirl55

zuliano wrote: »

Hello, and Happy New Year to one and all...
I am with Churchill home insurance. My premium for last year was £107.52 but now find they want to increase it from 13th January to £119.84. Of course I am not happy about this (why do they never decrease the premium???)... Any advice is very welcome ...

My home insurance renewal arrived from Direct Line been with them 5 years and its slowly been increasing each year and I stupidly just accepted it.
This year it has increased by £47 ( never had a claim on the policy)
Tried the price comparison sites but really wanted to stay with Direct Line so did an online quote in my husbands name and it was half of the renewal !!!
Called Direct Line and they offered a loyalty discount of £50 on the renewal I said no thank you
I then asked if I was allowed to do a new policy in my husbands name and was told yes
so I did and it was half of what they quoted for the renewal.

So I am very happy that I followed the advice on the site about Home Insurance many thanks

cheers

Jersey girl

LadyDee

It really isn't a very large increase, and perhaps if you ring them you might be able to persuade them to charge you the same as last year (my home insurance company did rather than lose my custom). Costs rise, rent and rates on offices rise, presumably the bosses' bonuses went up too!

Added to which of course most insurers will be part of a group covering all manner of risks, so when people start claiming compensation for every little thing under the sun, someone, somewhere will pay for it.

GoGeeb

House insurance is generally discounted in the 1st year to win business. It will then increase at renewal to a more realistic cost so it's always worthwhile shopping around. There is an industry wide problem of 'dual pricing' where those that don't switch are paying for those that do.


Even the industry doesn't like it, but owing to comparison sites and the general market they operate in packs so if 1 insurer decided to level this out and charge the going rate at year 1 they price themselves out of the market and win no new business. The FCA are working on tackling this issue, but in practice the only potential outcome is that everyone will have to pay more in year 1 if discounting is phased out.


Your increase is minimal and effectively they can charge whatever they like so either ask them to reduce it or insure elsewhere. Simple as that.