Nationwide Home Insurance 43% price hike

prowla

Crikey - what's happened to home insurance?

I've just received my insurance renewal notice from Nationwide:

• 11 monthly payments of £47.91 followed by a final payment of £47.91. That’s a total of £574.92 a year. This includes your no claims discount
• Last year you paid £402.10 Last year's price takes into account any changes you made to your policy during the term.

My current monthly payment is £33.51, so the new price of £47.91 amounts to a 43% increase.

BarelySentientAI

Sounds comparable to many others.

Mr.Generous

Quote me happy

Interesting that to ensure building & contents on my own 4 bed detached is cheaper than any landlord building insurance I have that includes 2 very small houses.

Policy number: XXXXXXXX Policy expires: 23:59 on 05/06/2024 Thank you for choosing us for your home insurance over the past year. Your insurance policy is due for renewal, please check your information and renewal quote below, and if you're happy there's no need to do anything, your policy will automatically renew on 05/06/2024. Your renewal quote

Your new price will be: £115.74 per year Last year's price was*: £113.39 per year All prices shown include Insurance Premium Tax (IPT) at the appropriate rate, where applicable. Please check this cover still meets your needs. You have been with us a number of years. You may be able to get the insurance cover you want at a better price if you shop around. We're offering you this renewal price in line with the latest regulations. Find out more about your price.

DullGreyGuy

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

Worst weather on record resulting in £13m per day being payed out in claims

• Weather related claims up 36%
• Theft claims value up 15%
• Non-weather-related water damage value (e.g. water leaks) up 20%
• Accidental damage claims value up 11%

Exodi

29.4% here from Tesco.

Did a quick comparison and it seems they're not an outlier. I think with home insurance and mortgage rates, it's a bad time to be a homeowner

Jaybee_16

Home and contents renewed in March, 10% increase with LV.

TELLIT01

When my home insurance was up for renewal I shopped around but found very few any cheaper than my current insurer, and those only by a few quid.  Motor insurance was a different matter and I more than halved my previous insurers quote.