House insurance

loucorn

Had my renewal quote of £113.62 from same company as last year. As I’m now working from home 100% I thought I’d tell them because 1. It’s the right thing to do 2. Thinking it would reduce my quote
How wrong was I!! The renewal went UP to £136.75. I was shocked & asked why - it’s because you’re at home more to do damage and break in claims have reduced apparently (probably because more people are at home!!)
He did say if it’s because of COVID it’s a temporary thing & doesn’t need to be changed but my employer has said it’s permanent for me. 

I just wanted you all to be aware (or wary!). By the way this new cost was still lower than comparison sites quoted so that’s one positive I suppose 

Sandtree

There has been debate about which way claims experience will go... escape of water claims should be reduced as people are there to see when their ceiling collapses and can turn off the water quicker and less daytime thefts as normally unoccupied properties are now occupied. Those two are balanced by the fact that Accident Damage claims are likely to go up plus more company laptops etc in the homes to be covered  which are some of the more commonly claimed for devices. 

As always, shop around, renewals are rarely the cheapest and other insurers may be taking different views.

dunstonh

Work from home can range from having zero impact on premiums to actually being refused cover.  The key is what type of work from home you are doing.

Clerical work on computer with no work visitors/customers, usually results in little or no change to the premium.
If you hold stock at home or have workmates or customers visiting, then it can range from premiums going up, restrictions put in place on theft or complete refusal to offer terms.  Sometimes dedicated WFH policies are required.

How wrong was I!! The renewal went UP to £136.75. I was shocked & asked why - it’s because you’re at home more to do damage and break in claims have reduced apparently (probably because more people are at home!!)

Equally, it's possible that there is no difference to your premium because of WFH and that is what this years premium would have been regardless.  Asking a call centre why your premium has gone up rarely results in being given an accurate reason.

Sandtree

dunstonh said:

Equally, it's possible that there is no difference to your premium because of WFH and that is what this years premium would have been regardless.  Asking a call centre why your premium has gone up rarely results in being given an accurate reason.

I was going to say similar however the story seems to suggest that the OP has received their renewal quote, thought about it and realised they needed to declare the change and that one change has driven the price difference. 

dunstonh

Sandtree said:

dunstonh said:

Equally, it's possible that there is no difference to your premium because of WFH and that is what this years premium would have been regardless.  Asking a call centre why your premium has gone up rarely results in being given an accurate reason.

I was going to say similar however the story seems to suggest that the OP has received their renewal quote, thought about it and realised they needed to declare the change and that one change has driven the price difference. 

I did indeed misread the £113.62 as being last years price.