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House Insurance

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Aspiring Legend
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Registered: ‎04-11-2014

House Insurance

Received a renewal notice this morning advising us that our £16 a month house insurance is going up by an extra £8 a month. Given that inflation is actually down from 2.44% in 2018 to 1.80% now according to the Consumer Price Index (CPI) how in the heck can they justify such an increase?

The Mrs bless her cotton socks has just had a quote from another company - for £4 less than what we were already paying.

Sorted. Thumbs_Up

 

  

27 REPLIES 27
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Superuser
Superuser
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Registered: ‎30-07-2007

Re: House Insurance

how in the heck can they justify such an increase?

They don't need to , they just hope you'll pay up and not bother to look aroundRoll_eyes

Make sure they haven't sneaked in an auto renewal unless you explicitly tell them not to.

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Aspiring Legend
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Registered: ‎04-11-2014

Re: House Insurance

As pensioners we tend to keep a close eye on any increase like this but I do wonder about those who are more flushed than we are just paying without questioning. Maybe it's what these insurance guys rely on. 

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Seasoned Pro
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Re: House Insurance

Auto renewal is the bane of my life. I will be very happy when they ban it. All it does is try and stop people shopping i.e. they think they are getting a good deal, when they might not be. And at the very least, it should be a user selected option, not an automatic opt in.

Ever helpful. Grin Sure, I’d love to help you out. Now which way did you come in?
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Pro
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Re: House Insurance

@idonno 

There is no need to ban auto renewal It forms a part of the contract that is entered into when taking out a policy. When I look into any insurance, if auto renew is in the terms and conditions then I auto delete that company from my list of options. My home insurance, motor insurance and breakdown cover are all up for renewal in July. I start shopping around in June for quotes. I use the likes of Compare The Market and Money Supermarket to get some ideas of prices but I don't sign up through them. I approach the better looking quoter's and go direct for the best prices.

Takes a bit of my time but it is well worth the investment.

Only once have I been caught by the auto renew and that was with the AA. Soon sorted it out.

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Community Veteran
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Registered: ‎06-11-2007

Re: House Insurance

Our home contents insurance was £79 last year... ( new policy started, due to the hike by Age Concern ( yeah allright! ! ).. and previous to the LLoyds... both started at about £75... but on "auto renewal"... went up to £213 and  £ 256 respectively ! !  WOT   ?

 

anyway... good ole auto renewal, means they also have to tell you in advance when it is due for renewal,.... and how much it was, and how much it is going to be on renewal... so it is a good thing... cos it gives you a chance to look around and still be covered.

As it happens , this year... the increase on last years was only £4.00 so I`m not bothering... and the auto renewal has gone through ...

 

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Hero
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Registered: ‎31-07-2007

Re: House Insurance


@Minivanman wrote:

Received a renewal notice this morning advising us that our £16 a month house insurance is going up by an extra £8 a month. Given that inflation is actually down from 2.44% in 2018 to 1.80% now according to the Consumer Price Index (CPI) how in the heck can they justify such an increase?

The Mrs bless her cotton socks has just had a quote from another company - for £4 less than what we were already paying.

Sorted. Thumbs_Up

 

  


Good for you @Minivanman. However you can't use inflation to justify your grumble. Have you altered your cover in any way? Have there been any events, crime increases and so on? Maybe brand is adjusting or balancing its risk book.

And lastly, they've found you out!Funny

No one has to agree with my opinion, but in the time I have left a miracle would be nice.
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Aspiring Legend
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Re: House Insurance

@Luzern 

Same cover, rural backwater, no change in crime as far as I know besides which the house us occupied most of the time

So what else can we base it on other than inflation if nothing has changed, and have any of us known it to go down in any year? I guess most folks would just shrug shoulders and say ah well, things cost more don't they. 

Pay up and shut up has never been my nature. Smiley

 

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Hero
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Re: House Insurance

What brand, may I ask?

No one has to agree with my opinion, but in the time I have left a miracle would be nice.
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Aspiring Legend
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Re: House Insurance

Existing house insurance with the Post Office, Mrs found it cheaper with Policy Expert (never heard of them either) via Compare the Market.com.

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All Star
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Registered: ‎25-07-2007

Re: House Insurance

The difference between the known and unknown brands only become apparent when you have to make a claim....

 

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Aspiring Legend
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Re: House Insurance

Maybe, but they are all 'middleman' agents are then not trying to get the most return from customers - and not unlike Plusnet? I sometimes doubt very much if such companies have the funds to pay out large amounts from their own backroom 'stash of cash'.

Point taken though and we will consider carefully who we might change over to, but at the end of the day that is one massive hike in any language and one that as far as I can make out is totally unjustified. Have the Post Office played fair in other areas of commerce you might ask, well not in the way they have cheated, conned and condemned their own branch managers over that IT glitch fiasco they have not, so no suprises there.

It's a jungle out there folks. Wink

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Community Veteran
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Re: House Insurance


@Minivanman wrote:

Received a renewal notice this morning advising us that our £16 a month house insurance is going up

 

  


 

£16 a month - what cover do you get for that? As siad by @Champnet it makes you wonder what treatment you would get if you had to claim.

.

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Aspiring Legend
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Registered: ‎04-11-2014

Re: House Insurance

We have a very small cottage, so £100,000 if it burns down, plus contents - and that's with our current insurance company the Post Office.

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Hero
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Re: House Insurance

Here are some views and facts about insurance.

The Post Office maintain their competitiveness in home insurance partly through a policy of beating ...

 Hmm; is that a sustainable position?

The Post Office home insurance is administered by BISL Limited, which is part of BGL Group - the own...

and finally, this merits, IMO, reading in full.

Insurance is very opaque and a well known saying from a poem

"Oh! What A Tangled Web We Weave When First We Practice To Deceive"

May be not to deceive, but it leaves the end customer in a not good position should events happen. I was tempted to add "dear boy"

No one has to agree with my opinion, but in the time I have left a miracle would be nice.