Warning - Home insurance by Nationwide building society

chris_dee

Been a customer of Nationwide for years, current accounts + savings, mortgage etc. In August 2024 took their home contents and building insurance for just on £400. This was comparable to other quotes we had at that time. Just had the renewal notice for 2025. It's now increased by £329. No claims made, no changes to the policy. My OH did a price comparison on MSE and cheapest one was £233. A saving of £500. I rang Nationwide - the excuse given was that a Government website now showed our home in a high risk flood area. However the Environment Agency still shows us as low risk zone. Our home has never been flooded since being built 25 years ago. But Nationwide say they do not use this site for risk calculation. No negotiation will be entered into by Nationwide on the price so we will not remain as customers of their insurance scheme for much longer. When I asked which Government website was being used I did not get an answer - just a Government website. Anyone else been reclassified in high risk flood zones to increase the premium.

retiredbanker1

Loyalty will cost you money!
Just go elsewhere but go through a Cashback site to make the most of your savings.

Albermarle

I am a long standing customer of Nationwide for current accounts and savings ( sometimes competitive and sometimes not)
I have never once had a good quote from them for house insurance, always expensive.
My Brother had his house insurance with them but the price has shot up in the last 3 years. ( no issues about flood zones) 
Now we know that building costs have almost doubled since Covid, so some increases are to be expected, but not this much.
When he phoned them they would not budge.
He has changed to LV=, with a reduction of about 40%
Maybe they are happy to lose market share, as long as the remaining customers are very profitable ?