Buildings+Contents Insurance premium up 28% - Fair?

Roy1234

My insurer has increased my annual combined premium by 28%.  Last year it went up by 23%.  No change in circumstances or claims.  Past experience with this insurer elsewhere in the past is that they often tried to stick a 25% increase on you, but back then they could be negotiated down to ‘new customer’ prices, but those aren’t supposed to exist any more.

We all know everything has shot up in price, including labour.  And I realise ‘it depends on circumstances’ so please spare me those two riders.  My question is, whether this is fair/typical for other user’s insurance premiums?  If 25% annual is truly normal, it won’t take a maths genius to work out home insurance would quickly be beyond most household budgets.

So how does this compare with other user’s annual premiums?  Is my insurer trying it on?

DullGreyGuy

Shop around and see what others are quoting is the only way to see if its fair or excessive.

EY's predictions for 2023 was an on average 30% price increase on last year given the industry average combined ratio was 116% (so made an underwriting loss) and the factors that drove that are likely to continue this year (inflation, dry hot summer, cold wet winter etc)

TheMilkmansDad

fair - no
expected - yes

Jaybee_16

My renewal in March had an increase of 34%. Shopped around and insured elsewhere for £100 less. Phoned previous insurer to cancel and they were not bothered, never tried to retain me as a customer.

Roy1234

So it's sounding like this is not so unusual, this year at least...

Last year I tried haggling without success.  A lady working from home on their helpdesk, so away from ears, said some unusually honest things including 'I wouldn't blame you for leaving this company, they'll only negotiate if you ring up to cancel, rather than just threatening to go elsewhere'.  You don't get comments like that when they're in a Call Centre.  Hope no one randomly sampled her calls

mgfvvc

There are plenty of similar stories on this board. It's hard to say how typical they are.
I was surprised that my increases this year were only around 10%, so it isn't everyone.

Roy1234

mgfvvc said:

There are plenty of similar stories on this board. It's hard to say how typical they are.
I was surprised that my increases this year were only around 10%, so it isn't everyone.

As with food price rises, these mad inflationary times make it hard to judge if the increases are fair or just opportunism.

cfw1994

Only 28%?

Our renewal is in - as you, zero changes to home or circumstances.....
.....& ours has gone up 41% 😱

What's more - I've just spent well over an hour on TopCashBack trying the various GoCompare, etc....& it appears to be about the best we can find 🙄
Although we can get a similar quote, but with around £36 cashback, so will likely move there.

It is horrendous - we talk about personal rates of inflation, and insurance has *usually* been something we can shop around to reduce....this year, it appears to be impossible.   
I appreciate the cost of everything (building materials for rebuild costs, wages) has gone up....but seriously - FORTY ONE PERCENT?
It is shocking for everyone, I guess 😔

FWIW, we are currently with Ageas....Tesco look to be one to perhaps move to.   
Any other recommendations gladly taken.

Katiehound

Just bought my house insurance and because I am going abroad and it runs out in my absence  was short of time to shop around using cashback sites. 

because I was on a 3 year fix my renewal jumped by almost 100% ie double

 However by going on line through the Meercats ! got the self same cover from the self same insurer.
Renewal quote: £330 (!!) online purchase £218- for 3 year price fix. I actually think the online one has a smaller excess.

Will go and start to pack the car!

Penalises those folk who can not get online for one reason or another

TELLIT01

How is 'fair' defined?  There are no regulations controlling insurance prices and you are free to shop around to try to find a better deal.

Marvel1

I have never stayed with the same insurer back to back, renewal price comes in, I shop around with topcashback, find it cheaper and go with them.