The Lemon Fool

Just got the annual time-to-renew letter from LV for my home insurance (contents only) and it's up a stonking 63% from last year for what, at first glance, looks like identical cover (and no, I haven't made any claims in the interim).

So, just wondering, before I start trudging through comparison sites, if it's the general trend and if others are seeing similarly (very!) large increases?

Mind you, the buildings insurance for my block of flats went up 40% this year over last too earlier in the year.

According to: https://www.moneysavingexpert.com/insur ... insurance/

Home insurance costs for 2023 are expected to rise 30%, due to rises in claim costs.

I've just renewed with LV with a similar increase on last year's premium. But when I looked back a few years I noted that for some reason, last year's premium was quite a bit lower than the previous few years. Taken over several years, this year's renewal premium was a little more reasonable than it first appeared.

Just got a quote from Nationwide for contents only, Devon postcode. £50,000 cover. £108. This is a new policy not a renewal. I was amazed how cheap it was.

staffordian wrote:I've just renewed with LV with a similar increase on last year's premium. But when I looked back a few years I noted that for some reason, last year's premium was quite a bit lower than the previous few years. Taken over several years, this year's renewal premium was a little more reasonable than it first appeared.

Not so for me, it's gone up steadily for several years. 14%, 12%, 7%, and 5% last year. Although all except last year were with L&G before LV bought up their general insurance business. (Well, Allianz bought both but folded L&G's general insurance into LV's)

its no help to you really but AVIVA screwed me with a 40% increase after one year back in March
thats with 30 years no claims...which naturally is not recognised by insurers,,,they prefer to limit at about 5 years

so 60% is a lot but the media keep warning of increases...and insurance companies will not want to disappoint the media...just in case!

Coincidentally my renewal quote has just come in. ~£150 vs ~£120 last year. But fairly easily found a quote with a different company for £120, plus (hopefully) £30 cashback. So no complaints here.

I tend to follow the moneysavingexpert site's advice for stuff like this.

Insurance companies seem to make a big point of saying they don't hike existing customers premiums at renewal time, seems to be BS.

Just received renewal from Halifax and premium down 4% after having been zero change the previous year.

Maybe this is because the policy is primarily a contents insurance plus internal cover for water damage etc and we live in flat where whole house is externally and common parts insured separately for a variety of reasons. Benefit from the fall in burglaries?

T7