Home insurance price hike from 450 to 690

gardinarclose

Insured with marks and Spencer for buildings and home insurance and the renewal has come though with a 50% increase.

Normally I would consider this the loyalty tax and shop elsewhere but we are in the midst of a open claim following a internal burst pipe last summer that is still undergoing internal building work repairs which have halted under Covid restrictions. 

We are now almost 11 months since the initial claim with no real end in sight to the work at the moment in part due to mistakes made by their contractors resulting in much of the work now having to be redone, and the renewal has come in with a massive jump in cost. 

What are my options - do I need to stay with my existing insurer or can I shop around? Can the present insurer increase my premium this much whilst an open case. Quotes with others with a similar or better level of cover are coming in around the original 450 cost with the claim declared although I am unable to provide details of the claim costs.

TELLIT01

Insurers can set the premium at whatever they like.  Try calling them to complain about the increase but don't expect too much movement.  Our house and contents insurance with Lloyds Bank rocketed one year, and we hadn't made any claims.  I did a comparison on line and discovered I could get virtually identical cover for half the price.  I called them and explained the situation.  They offered a 10% discount and I went elsewhere.

[Deleted User]

No need to stay with them, you can switch and they will continue to resolve the problem. You should do a comparison every year, it takes 5 minutes and will save you hundreds.