LV Home Insurance not renewing

DullGreyGuy

Grumpyguy said:

I’ve just had the same letter refusing to renew my home insurance despite being with them for forty years 

How did you manage that @Grumpyguy? They only started in the General Insurance space in 1996 when they bought Frizzell

In 2019/2020 Allianz bought the GI businesses of LV and L&G and inevitably have been integrating them with their own over the last few years. Unfortunately LVIC haven't published their 2023 results yet which may give some clues but their 2022 results were terrible making notable losses and significantly reducing their capital coverage... if last year wasnt much better you'd understand them taking a much stricter line on what they'll cover this year. 

Grumpyguy

@DullGreyGuy you are right but I was with Frizzells when it was taken over which is why I said 40 years. I totally agree with you that they have every right to make a decision in the best interests of the company, my issue is that they are refusing to explain their decision so I don’t know if it’s because of a company wide realignment or whether it’s specific to me or my property. This adversely affects my ability to get a good deal with a new insurance company as I can’t explain to them why I was refused insurance by another insurer

DullGreyGuy

Grumpyguy said:

@DullGreyGuy you are right but I was with Frizzells when it was taken over which is why I said 40 years. I totally agree with you that they have every right to make a decision in the best interests of the company, my issue is that they are refusing to explain their decision so I don’t know if it’s because of a company wide realignment or whether it’s specific to me or my property. This adversely affects my ability to get a good deal with a new insurance company as I can’t explain to them why I was refused insurance by another insurer

You haven't been refused insurance, if a declinature to quote had to be declared then anyone who has ever gotten a quote off of Confused.com would have dozens a year to declare as there are always at the bottom of the page a load of companies that haven't quoted. For me, Saga will always be there as Im not over 50 yet but anyone would be guessing at the reason for the others. 

A small number of insurers ask if you've had an insurer refuse to offer renewal terms, and it's only to that question you have to answer yes. For the traditional question of cancelled, voided, declined insurance you can continue answering "no" (declined really needs coming off the list as insurance doesn't work like that any more - cover notes before certificates issued etc)

[Deleted User]

I've had the same letter, despite being in one of the safest places in the country and no claims for decades.   I have a feeling they are stripping out home insurance for people who's cover includes one or two unusual collectables with greater value than £2,000   or it might be people who live near to a body of water (eg a small lake) even if they are high on the hill above the lake.  I wonder if either of these two things are common elements for the other people who have received the same letter ?

[Deleted User]

The other possibility is people who have a lodger, or who have had one in the past....     I wonder if that rings a bell with any of those who've received this letter from LV ?

akaMabel_2

Same refusal to quote. We are near water and 60 days unoccupied, probably makes us an unsuitable risk.