Buildings Insurance Renewal almost doubled in price and cannot find a cheaper quote

thriftytracey

Last year was £68, this year it is £131.  Nothing has changed and no claims made.

I have used comparison websites MoneySupermarket, ComparetheMarket and Confused.com and there are no cheaper quotes.  

No extras in quote so bare bones.

Really shocked.  

How can this be justified - I suppose usual answer, flood claims and increasing costs.

Ayr_Rage

It's gone from incredibly cheap to very cheap!

Buy via Topcashback or Quidco and get some money back too.

TELLIT01

They don't actually have to justify the price increase.  They are offering a product at a price.  If you don't wish to pay that price you are free to look elsewhere.  As all other options seem to be around the same price, your guess as to why there has been such a large increase is probably accurate.

Exodi

Lots of peoples shot up this year unfortunately.

Mine wasn't that sharp (I think £150 to £220 last month?) but obviously lots of factors at play (e.g. building material costs have also shot up in recent years).

You're not forced to accept their offer.

Hoenir

Flooding claims have increased substantially. The cost is borne by all policyhoders not those directly effected. The Flood Re Scheme to which all insurers that offer home insurance must pay a levy. Is a further cost burden on all policyholders.  

DullGreyGuy

thriftytracey said:

Last year was £68, this year it is £131.  Nothing has changed and no claims made.

I have used comparison websites MoneySupermarket, ComparetheMarket and Confused.com and there are no cheaper quotes.  

No extras in quote so bare bones.

Really shocked.  

How can this be justified - I suppose usual answer, flood claims and increasing costs.

IPT is 12% so your actual premiums were £60, Aggregators charge £45-£55 for Home insurance so at best your insurers actually got £15 to take on the risk of £100k+ (and a lot more in the third party liability section). 

Great you got a low premium last year but it was unrealistically low and weather related claims are up 1/3 last year 


Any reason you are buying just buildings? Do you have contents insurance elsewhere or not at all?

thriftytracey

DullGreyGuy said:

thriftytracey said:

Last year was £68, this year it is £131.  Nothing has changed and no claims made.

I have used comparison websites MoneySupermarket, ComparetheMarket and Confused.com and there are no cheaper quotes.  

No extras in quote so bare bones.

Really shocked.  

How can this be justified - I suppose usual answer, flood claims and increasing costs.

IPT is 12% so your actual premiums were £60, Aggregators charge £45-£55 for Home insurance so at best your insurers actually got £15 to take on the risk of £100k+ (and a lot more in the third party liability section). 

Great you got a low premium last year but it was unrealistically low and weather related claims are up 1/3 last year 


Any reason you are buying just buildings? Do you have contents insurance elsewhere or not at all?

Contents Insurance insured with another provider.

DullGreyGuy

thriftytracey said:

DullGreyGuy said:

thriftytracey said:

Last year was £68, this year it is £131.  Nothing has changed and no claims made.

I have used comparison websites MoneySupermarket, ComparetheMarket and Confused.com and there are no cheaper quotes.  

No extras in quote so bare bones.

Really shocked.  

How can this be justified - I suppose usual answer, flood claims and increasing costs.

IPT is 12% so your actual premiums were £60, Aggregators charge £45-£55 for Home insurance so at best your insurers actually got £15 to take on the risk of £100k+ (and a lot more in the third party liability section). 

Great you got a low premium last year but it was unrealistically low and weather related claims are up 1/3 last year 


Any reason you are buying just buildings? Do you have contents insurance elsewhere or not at all?

Contents Insurance insured with another provider.

Combined Home and Contents is often cheaper than buying it separately, for one they only have to pay MoneySuperMarket once rather than for each policy

dunstonh

  Nothing has changed and no claims made.

What you mean is nothing has changed for you. Plenty has changed though.

How can this be justified - I suppose usual answer, flood claims and increasing costs.

Very easily.   Multiple loss years due to weather.     HS2 eating all the concrete in the UK.  Wood sky rocketing and insufficient trades allowing them to put their prices up and causing backlogs on repairs and rebuilds.

Last year was £68, this year it is £131. 

You were a loss maker at £68 and loss leaders are less likely in the current environment.