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.

brewerdave

Hadn't read about the startling rise in home insurance premiums until today - my renewal quote is 48% up ! Confidently went onto the usual comparison engines - so far only found one quote below my renewal offer - but only by a £5 !
Wonder how many people are going to take the risk of "self insuring" this year ? As I'm retired, my quote is ~ £250 so I'll be re-insuring but for some householders the premiums will be horrendous !!

TELLIT01

If everything you are seeing on the comparison sites are similar, it suggests that it's unlikely that there are cheaper ones out there.  I'm with Direct Line and did do a comparison when ours came up for renewal and I didn't find any which were cheaper.  Direct Line, and other insurers, don't show on comparison sites so you would have to check their prices individually.

uphoriak

Just had our renewal quote through.. no changes to policy.. up 55%. I do this every year but time to start hunting around even harder than usual methinks 

brewerdave

Looks to me as if they have loaded everyone's premiums this year, regardless of whether the specific postcode has seen an increase in claims.
Not aware of a local crime wave ,we haven't suffered from flooding in the surrounding areas and ,altho' the weather has been wet, haven't seen any roofs blown off or houses collapsing.