Home insurance up from £280 to £480 with LV

The increase is extortionate in my view. Am I being penalised because I have an  on going  claim for subsidence? LV raised my premium in 2023 and I felt obliged to stay with them because of my claim that started in 2022.

Separate to this, LV have been useless in dealing with my claim. Building repair work is sub contracted out up to 3 times, and I have had to chase up all arrangements. I really  would not recommend LV, but I feel I have to stick with them until all repairs are completed. 

Comments

  • user1977
    user1977 Posts: 13,279
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    Any other insurer is also going to take into account that you've claimed for subsidence, it doesn't seem realistic to expect them all to ignore it!
  • DullGreyGuy
    DullGreyGuy Posts: 9,029
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    Doonaloon said:
    Am I being penalised because I have an  on going  claim for subsidence? LV raised my premium in 2023 and I felt obliged to stay with them because of my claim that started in 2022.
    If you need/want continuing Subsidence cover then you will be staying with LV for much longer than that.
  • Annemos
    Annemos Posts: 703
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    edited 22 January at 12:20PM
    Yes indeed. DGG is absolutely correct.

    My place also had Subsidence in 2018. Mine was 350 pounds before. And now over 600 pounds. (Once the claim was over and they had finally fixed the ultimate cost of the claim, mine did drop slightly.) 

    My very strong advice is to stay with the same Insurer, now, even when the Claim is closed. You will, anyway, find it much more difficult to get another Insurer. 

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


    The ABI guidance, is that where "Subsidence Repairs have been done with the Approval of the Insurance Company", that Insurance Company should retain "Continuation of Cover" after a Subsidence Claim. This is because the market becomes very restrictive, once you have had Subsidence.

    Also, if you should have a future problem breaking out again, only the first insurer falls under that industry-agreement to provide "Continuation of  Cover" into the future. If you had voluntarily moved away from them, then they likely would not reinstate your cover again. 

    And also, if a future problem breaks out again and you even had been able to change Insurers, there could be a big wrangle as to which Insurer should be covering the new damage. Whereas if you had stayed with the same original Insurer, that would not happen. 


    PS Re your other comments on the Claim handling.... you have my sincere sympathies. Quite a few of us get issues. I had to go to the Ombudsman on mine. Contractors did more damage to my walls that the actual Subsidence! (Completely negligent installation of Helibars. They all had to be taken out again and the whole corner rebuilt! Whole process four years.) 
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