High rise in home insurance cost

PCulbert1

Ive received my renewal quote from my home insurer and it has gone up by 43% in just 1 year. How can they justify such huge increases when the risk hasnt changed? 

Can anyone suggest an insurance company that charges reasonable costs? Sadly when I used a comparison website the quotes were either roughly the same or even more!

Ayr_Rage

Even if the risks remain roughly the same the cost of claims has gone through the roof.

Aretnap

There's little point trying to recommend a cheap insurer as they all have different target markets and different views of the "ideal" customer - one that is competitive for me might be expensive for you and vice versa. If you have used the price comparison sites, and checked the handful of insurers who are not in comparison sites (Direct Line, possibly Aviva) then you have checked pretty much the entire market, and the cheapest quote you have found is basically the cheapest you are going to get. 

Not sure why you think the risk hasn't changed - this winter has been the worst on record which means the number of claims for storms, floods, subsidence etc have gone up substantially, and also the actual cost of paying each claim had also increased massively due to <points at the general state of the world>. Ask that money has to come from somewhere...

dunstonh

Ive received my renewal quote from my home insurer and it has gone up by 43% in just 1 year. How can they justify such huge increases when the risk hasnt changed? 

They can easily justify it.     Building inflation has been significant.  There is a shortage of concrete and wood.    You had a drought year in 2022 which caused a spike in movement and subsidence claims followed by extreme weather events.

DullGreyGuy

PCulbert1 said:

Ive received my renewal quote from my home insurer and it has gone up by 43% in just 1 year. How can they justify such huge increases when the risk hasnt changed? 

Can anyone suggest an insurance company that charges reasonable costs? Sadly when I used a comparison website the quotes were either roughly the same or even more!

https://forums.moneysavingexpert.com/discussion/6521578/bleak-news-for-home-insurance-pricing

Losses for the last few years plus the above on what happened last year.... the risk has changed materially.