Buildings insurance hike

[Palfrem]

Anyone give me a steer as to why my Buildings cover renewal has gone up by 22%?

It's a 3 Bed detached bungalow, not likely to flood, no kids, non smokers, not straddling any tectonic plates, etc.

Building costs haven't gone up that much - so why.....?

 

[Howard]

Probably because no one has any money any more , they are claiming more and more on their insurance to get stuff done that they would have paid for themselves previously.

 

[Deleted member 37751]

It is because of the floods 3 years ago. Now that all claims are settled, it is time to get their money back. People underestimate how much it cost the industry. Here's an example- 3 bed semi completely flooded- how much to put right? Minimum 30k.
I know because I had a big contract on them. Hardest bit was getting paid.

 

[crockers]

Friends of ours had their cottage flooded - cost to repair - £45k....cost for accommodation 10% max of repair cost total therefore just under £50k...

 

[Deleted member 37751]

Friends of ours had their cottage flooded - cost to repair - £45k....cost for accommodation 10% max of repair cost total therefore just under £50k...

We had roughly 100 flood damaged properties on our books at any given time over the period 3 years ago and the sums involved at times was just unbelieveable. In fact, if I had not been working 14 hour days and arranged the finances better, I could have probably retired early.
You live and learn though..

 

[dinoy]

do tescocompare.com i used to change gas and electric suppliers and got it down by 33% other compare sites only got it down by 25%

 

[Palfrem]

I live at the top of a hill - when I spot Noah, then I will be flooded

 

[nickcc101]

Just paid £118 to IAM insurers for contents and building for 3 bed detached bungalow. Was £180 last year but IAM gave enormous discount to gain the business.

 

[crockers]

Buildings and contents policies need to be read carefully. Often you are not comparing like for like. Just like car insurance. You never know how good it is until you need to claim and then the small print looms large.

 

[Beetnik]

Got my renewal through from TESCO yesterday - massive hike from £393 last year to £640 this time around. They tried it on last year and started at about £600 and knocked £200 off when I rang them.

Put my details into the TESCO website and the quote was £350.70 - absolutely the same cover!

Paid £336.00 at Direct Line for better cover and TESCO can jump. Ethical business practice it's not.

 

[Meldrew2]

Just paid £178 to Halifax for 4 bed detached house - and got £50 cashback so cost is really £128.

Cashback deal is £50 every year subject to no claim....

Cheap as chips!





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