Home Insurance price increase

stambridge

Just had my renewal quote and has gone up from £227 to £270, around 20% increase. According to MSE home insurance prices have deceased 4% in the last year but my broker claims they have increased by 26%. Quite a difference. I tried the MSE home insurance comparison and cheapest quote was £150 with Policy Expert for what looks like same cover. I then checked same details using Top Cashback and cheapest was £143 also with Policy Expert so almost half of my existing insurer and I would get £38 cashback as well. Definitely worth doing the comparisons but of course you need to make sure the cover is the same. The excess can be quite different with different insurers. 

dosh37

DullGreyGuy said:

dosh37 said:

I have just renewed my home insurance (buildings + contents).

Last year the premium was £242. Now they want £327 for the same cover. An increase of around 35%!

Naturally I looked on price comparison sites.

On average, it seems that prices have increased by around 25%

How can insurance companies justify this when inflation is below 4%?

When I phoned my existing insurer in an attempt to haggle, I discovered something bizarre.

If I set the maximum contents cover to £100K, the premium works out lower than if I opt for a lower cover e.g. £50K!

Eventually I managed to get the same cover as last year for under £300.

What's inflation got to do with if the UK has bad weather (from an insurance perspective)? Or what has happened to the rate of burglary? 

UK has had couple of years on the trot of weather that causes claims to spike with hot dry summers causing subsidence and stormy cold winters causing floods, frozen pipes and storm damage. 2023 weather claims were almost double that of 2022 with an extra £2.3bn in claims and 2024 increased that again by another £1.4bn

Despite your arguments I managed to get the same cover for about the same price as last year so I don't care what you say!

Newly_retired

Does anyone have experience of using Policy Expert? It certainly came up cheapest on Money Supermarket.