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Home Insurance - Owned Outright or with a Mortgage
Harvey07
Posts: 25 Forumite
Why should this make a difference to my renewal quote?
It's now gone up 40% with one simple amendment to our details.
Which will probably result in them losing my custom (which they've had for several years, as they've remained competitive) unless they are willing to negotiate!
It's now gone up 40% with one simple amendment to our details.
Which will probably result in them losing my custom (which they've had for several years, as they've remained competitive) unless they are willing to negotiate!
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Comments
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A 40% increase can mean that yes, they would be happy to lose your custom.
Probably you no longer fit their risk profile. Try someone else.1 -
It's now gone up 40% with one simple amendment to our details.Does it go back down again if you change it back?
Some questions, if you play around with the answers, trigger anti-fraud measures and the premium gets increased for that reason.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
Yes it goes back down again...I've spoken with them this morning & they seem happy to lose my business.
The increase is actually a mind blowing 95% on last years policy cost. They gave me the BS about the new law about treating new & old customers the same blah blah blah...but that's irrelevant for that change.
I had a renewal quote from them that was already up 40% (that was bad enough but I may have swallowed that due to the new law), which then increased again when I made what I consider to be an immaterial change.
Ah well back to the drawing board and more comparison quotes!0 -
So what made it increase, being owned outright or mortgaged?0
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Are you still pre-inception or has the new policy started? If the later then its likely there is an admin fee in there and given the average premiums for Home the fee can be a significant proportion.0
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Owned outright.JohnSwift10 said:So what made it increase, being owned outright or mortgaged?0 -
Pre-inception...been a customer for a number of years, but time to move on (again!)DullGreyGuy said:Are you still pre-inception or has the new policy started? If the later then its likely there is an admin fee in there and given the average premiums for Home the fee can be a significant proportion.0
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