Nationwide have increased my building, some contents insurance by almost 30%

I don’t have any ongoing claims and I’ve never made a claim. Yet they think it’s alright to stick the insurance up by nearly 30%. I’ve looked in the Which? website and it states that the holders of mortgages, savings and current accounts should get a 25% discount on Nationwide home insurance. We hold current accounts and savings accounts with nationwide. I can’t see anything about this discount in the renewal summary. But the insurance documents do state we get a no claims discount, but doesn’t specify the amount this is.
The renewal documents to state that would be best to shop around. This is not very surprising is it?
has anyone else experienced this?

Comments

  • Desmond_Hume
    Desmond_Hume Posts: 69
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    Who cares? Shop around and leave for a better deal.  It’s their loss not yours. 
  • BoGoF
    BoGoF Posts: 6,762
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    It is a requirement to now state something to the effect of you may get a better deal by shopping around, it is not an acknowledgement that their quote is excessive.

    You should always shop around at renewal time but across the board the price of insurance is increasing.
  • DullGreyGuy
    DullGreyGuy Posts: 9,119
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    roytom2 said:
    I don’t have any ongoing claims and I’ve never made a claim. Yet they think it’s alright to stick the insurance up by nearly 30%. I’ve looked in the Which? website and it states that the holders of mortgages, savings and current accounts should get a 25% discount on Nationwide home insurance. We hold current accounts and savings accounts with nationwide. I can’t see anything about this discount in the renewal summary. But the insurance documents do state we get a no claims discount, but doesn’t specify the amount this is.
    The renewal documents to state that would be best to shop around. This is not very surprising is it?
    has anyone else experienced this?
    30% is below the national average for Home so it could have been worse... insurers had very bad underwriting results for the last few years.

    Shop around, as they suggest, and make your choices. 
  • dunstonh
    dunstonh Posts: 115,664
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    I don’t have any ongoing claims and I’ve never made a claim. Yet they think it’s alright to stick the insurance up by nearly 30%.
    Why do you think that the insurer price you based solely on you?

     But the insurance documents do state we get a no claims discount, but doesn’t specify the amount this is.
    Providers don't operate a NCD in the same way as cars (apart from a couple who do it as a form of marketing).   Its a discount for not claiming within 3-5 years which most providers factor in by default.   Either by rating the premium upwards if there have been claims or discounting on downwards if there hasn't.   

    The renewal documents to state that would be best to shop around. This is not very surprising is it?
    has anyone else experienced this?
    Experienced what?  Price going up?  yes.    Have you seen the cost of materials and labour recently?  That went up far higher than the headline rate.   Have you seen the claims information in recent years.    Heavy loss making.    


    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.
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