Huge increase in building’s insurance

roytom2

My contents and building’s insurance is soon up for renewal. Familiar story, the policy has nearly doubled despite no claims for well over a decade. I already have a very high excess on the policy. 

I need unlimited building’s cover - this doesn’t seem to be very common on price comparison sites.
I can’t afford the renewal price. The only thing I’m guilty of is now being over 70 and living in London.
any suggestions?
Thanks 

Brie

You don't say how much you're paying or the excess but also all the other things in the policy.  Do you need any of the extras that get added in?  Legal cover etc.  They may be covered elsewhere, i.e. motor insurance.

You might try going direct to different companies - do be sure to clear your browser history as that seems to help.  

Not a recommendation but just a comment - we get good cover with Saga, policy has gone up this year by £30 taking us to about £350.  Not quite 70 and not in London (south coast).

dunstonh

My contents and building’s insurance is soon up for renewal. Familiar story, the policy has nearly doubled despite no claims for well over a decade.

That is not a familiar story.   The typical increases have been in the 10% to 20% range over the last year.

I need unlimited building’s cover - this doesn’t seem to be very common on price comparison sites.

Needing an unlimited sum insured is an unusual requirement.     Typically, automatic cover up to a certain amount is the more typical option.    Why do you need unlimited cover?

Robin9

Paid £213 for building rebuild £300K West Midlands    - Policy Expert


Due for renewal March 1st - will watch with interest

kazwookie

Why do you need unlimited cover?  a building and contents can only be worth (x) amount even at London prices.

strawb_shortcake

Robin9 said:

Paid £213 for building rebuild £300K West Midlands    - Policy Expert


Due for renewal March 1st - will watch with interest

Have you not read their reviews? I went with them once on price then read the reviews. Thankful we didn't need to call them

Aretnap

kazwookie said:

Why do you need unlimited cover?  a building and contents can only be worth (x) amount even at London prices.

And what matters for buildings insurance purposes is the cost of rebuilding the house - which is completely different from the market value and in a place like London would typically be much lower.

Aretnap

Brie said:

  Do you need any of the extras that get added in?  Legal cover etc.  They may be covered elsewhere, i.e. motor insurance.

Legal cover that comes with mirror insurance is not a substitute for legal cover that comes with home insurance, or vice versa. The two cover different things, and indeed are designed not to overlap.

DullGreyGuy

Brie said:

Do you need any of the extras that get added in?  Legal cover etc.  They may be covered elsewhere, i.e. motor insurance.

Home and Motor Legal Expense cover are totally mutually exclusive with no common coverages. Motor covers recovering uninsured losses following a motor accident. Home is a much broader product with an advice line on almost anything legal and a claims process to cover certain things like consumer, employment rights, property disputes etc. 

roytom2 said:

My contents and building’s insurance is soon up for renewal. Familiar story, the policy has nearly doubled despite no claims for well over a decade. I already have a very high excess on the policy. 

I need unlimited building’s cover - this doesn’t seem to be very common on price comparison sites.
I can’t afford the renewal price. The only thing I’m guilty of is now being over 70 and living in London.
any suggestions?

What sort of premiums are we talking? 

There is never a need for unlimited cover, even properties like the Shard which would have a rebuild cost of over £1bn arent covered on an unlimited basis. Whilst we have no idea what your home is like I strongly suspect its would be cheaper than the Shard to rebuild. 

How high is your excess? Due to negative selection having a very high excess can actually increase your premiums. There is more than one home insurer where £0 excess is actually the cheapest policies they sell no matter how counter intuitive that may feel