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257% increase in Home Insurance renewal price
toooldtowork
Posts: 3 Newbie
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
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Comments
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I'm guessing you may be shopping around?1
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To borrow a phrase already in use by a dog who works in the insurance industry....Oh Yes!0
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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?0
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Funnily enough, we've just had a Paymentshield renewal come through. Also Axa undewritten. Current premium £321, renewal premium £1,202.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1
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