Landlord insurance

lizziemcconkey

I have landlord insurance with
Simply Business . We have an ongoing claim (agreed with them) for subsidence. Work hasn't stsrted yet.The renewal has come through and the annual premium has more than doubled. Obviously,  trying to get cheaper cover from other insurers is virtually impossible. Is it legal for a company to do this?
Thank you for any comments ! 

Sandtree

Simply Business is a broker and also operate a few MGAs but are not insurers... do you know who your policy underwriter is?

https://www.abi.org.uk/products-and-issues/choosing-the-right-insurance/home-insurance/subsidence/#insurance

Generally the industry want insurers to continue to offer terms post a subsidence claim but there is no requirement for them not to increase the premiums due to such a claim. Unfortunately they are one of the highest cost x frequency claims in domestic buildings insurance and have a habit of repeating and so a large premium loading is unfortunately to be expected... some do counteract this partially by massively increasing the excess for subsidence claims.

mattyprice4004

Is it legal for insurers to increase a premium when they know you have a claim that’s going to cost them 5 figures to settle?

Yes, yes it is.