Building & Contents insurance - renewal premium large increase

irie

Have other forum members experienced large increases in their annual premiums for building & contents insurance this year?  LV just increased my insurance premium by around 34% without any claim being made in the past year and no claims for many many years.  When I called them to query why they said that was the price and staff and managers did not know why it had increased this year so no point in asking to speak to a Manager, basically.  The price increased from £329 to £502 per annum with a single payment of the premium, not in installments.  This increase seems excessive and way above inflation especially as I read somewhere on this site that prices had dropped by 7% this year.
I did Compare the market and the cheapest quote I got was £392 but not exactly like-for-like cover values and as high as £700+. My building society quoted me over £650.
Has anyone experienced this kind of increase and if so where did you find a better rate?
Thanks, Ladies and Gentlemen
Best regards Kevin

diystarter7

No, but about two years ago they sent us a letter warning us that the type of car I had, a GLS, the premiums were anticipated to be much higher at the next renewal.  IMO that was very decent of them. Nearer the time I shopped around and got a much better deal and like for like inc the extra I paid for a 3 year fixed premium with Saga subject to T&C's

I think they the rise was due to theft, an increase of thefts of keyless, high-end cars.

I'm not sure what their reasoning is but we could all guess.

I hope you get the answers here  otherwise you can call LV I'm sure they will advise

dunstonh

Have other forum members experienced large increases in their annual premiums for building & contents insurance this year? 

Broadly speaking, those that bought from companies that had early year discounting have seen larger rises than those that didnt have early year discounting.  Although pretty much everyone is up as the cost of materials and labour has shot up and there is a shortage in supply.

his increase seems excessive and way above inflation especially as I read somewhere on this site that prices had dropped by 7% this year.

It doesnt seem excessive considering the massive increase in claims over the year along with the cost of living.

Has anyone experienced this kind of increase and if so where did you find a better rate?

Most did.  personally, I dont shop around as there are not many insurers for what I need.  However, if your needs are pretty mainstream then you have plenty of choice.