257% increase in Home Insurance renewal price

toooldtowork

Axa sent me an email yesterday to the effect that my renewal (on exactly the same terms conditions and limits) would rise from £307 to just shy of £1094. Fortunately I don't have auto-renewal 

DullGreyGuy

I'm guessing you may be shopping around?

toooldtowork

To borrow a phrase already in use by a dog who works in the insurance industry....Oh Yes!

toooldtowork

I did ask Axa for a full explanation of the increase and they trotted out the usual platitudes, which probably account for 30odd percent of the rise. Of course, they can't tell me what assumptions and risk analysis they have done to justify the other 220%, as it is "confidential".  However, to accentuate the positive, I have managed to locate a policy via Go Compare that will cover my property for just over £400. Bizarrely it is underwritten by...Axa! Isn't the insurance industry wonderful? 

kingstreet

Funnily enough, we've just had a Paymentshield renewal come through. Also Axa undewritten. Current premium £321, renewal premium £1,202.