House & Contents Insurance Renewal Increase
Discussion
We’ve insured our house & contents with Hiscox for some years. It’s expensive as we’re in a listed building and we have to add 2 x very valuable watches and Mrs BC’s jewellery. The premiums were high but Hiscox are well regarded and we felt comfortable with that.
In December 2017 a car skidded on ice and collided with our house. The driver didn’t stop so we made a claim. It took a few weeks but we traced the driver so Hiscox were able to recover all of the money.
Our renewal this time last year saw an increase of 21%. The explanation was the outstanding claim which obviously made it very difficult to go elsewhere. We had lost our no claims bonus.
This year’s renewal has just arrived and guess what, they want another 24% increase. Apparently they’ve had to pay lots of water claims somewhere.
I’m a bit peed off over the increases. Any suggestions for high value insurance?
In December 2017 a car skidded on ice and collided with our house. The driver didn’t stop so we made a claim. It took a few weeks but we traced the driver so Hiscox were able to recover all of the money.
Our renewal this time last year saw an increase of 21%. The explanation was the outstanding claim which obviously made it very difficult to go elsewhere. We had lost our no claims bonus.
This year’s renewal has just arrived and guess what, they want another 24% increase. Apparently they’ve had to pay lots of water claims somewhere.
I’m a bit peed off over the increases. Any suggestions for high value insurance?
bad company said:
We’ve insured our house & contents with Hiscox for some years. It’s expensive as we’re in a listed building and we have to add 2 x very valuable watches and Mrs BC’s jewellery. The premiums were high but Hiscox are well regarded and we felt comfortable with that.
In December 2017 a car skidded on ice and collided with our house. The driver didn’t stop so we made a claim. It took a few weeks but we traced the driver so Hiscox were able to recover all of the money.
Our renewal this time last year saw an increase of 21%. The explanation was the outstanding claim which obviously made it very difficult to go elsewhere. We had lost our no claims bonus.
This year’s renewal has just arrived and guess what, they want another 24% increase. Apparently they’ve had to pay lots of water claims somewhere.
I’m a bit peed off over the increases. Any suggestions for high value insurance?
I am in a broadly similar position, not a listed building but do have various high value watches etc to add. We are insured through Hiscox and a few years ago had one claim for which Hiscox were absolutely exemplary and a pleasure to deal with. However, they were already significantly more expensive than more mainstream insurers and each year for the last few years has seen a significant increase in premium.In December 2017 a car skidded on ice and collided with our house. The driver didn’t stop so we made a claim. It took a few weeks but we traced the driver so Hiscox were able to recover all of the money.
Our renewal this time last year saw an increase of 21%. The explanation was the outstanding claim which obviously made it very difficult to go elsewhere. We had lost our no claims bonus.
This year’s renewal has just arrived and guess what, they want another 24% increase. Apparently they’ve had to pay lots of water claims somewhere.
I’m a bit peed off over the increases. Any suggestions for high value insurance?
I think I will be forced to move next time.
Hi there,
We have a panel of what we call “high net worth” insurers, which includes hiscox, but also extends to chubb, Aviva distinct, Zurich private clients and home and legacy.
Hiscox are the priciest of the bunch at the minute.
If you want my HNW team to have a look at it I’m more than happy to facilitate.
Just drop me a PM
We have a panel of what we call “high net worth” insurers, which includes hiscox, but also extends to chubb, Aviva distinct, Zurich private clients and home and legacy.
Hiscox are the priciest of the bunch at the minute.
If you want my HNW team to have a look at it I’m more than happy to facilitate.
Just drop me a PM
Insurancejon said:
Hi there,
We have a panel of what we call “high net worth” insurers, which includes hiscox, but also extends to chubb, Aviva distinct, Zurich private clients and home and legacy.
Hiscox are the priciest of the bunch at the minute.
If you want my HNW team to have a look at it I’m more than happy to facilitate.
Just drop me a PM
Funny that. I PM’d you a few minutes ago.We have a panel of what we call “high net worth” insurers, which includes hiscox, but also extends to chubb, Aviva distinct, Zurich private clients and home and legacy.
Hiscox are the priciest of the bunch at the minute.
If you want my HNW team to have a look at it I’m more than happy to facilitate.
Just drop me a PM
anonymous said:
[redacted]
That’s the situation I was in last year, I had an outstanding claim. As I said earlier in the thread the claim was for impact damage from a car which skidded on ice and didn’t stop. I traced the driver and Hiscox successfully reclaimed all the money they paid out. I therefore naively expected some discount this year.anonymous said:
[redacted]
If one of those fell on your house, then unless you could prove the tree owners were negligent, then they wouldn't be liable and your insurers would still be stuck with the bill. They now know you live in a location where trees fall down. It might have been a one off, or it could be your location is vulnerable to higher than normal winds, or it could be a soil problem, or a disease of the local trees. I would say you are a higher risk than someone who have never had a tree fall on their house. My insurance premium went up about 25% this year. I called John Lewis Finance to ask why and they also gave me some generic gumpf about water damage claim (I haven;t made any claims and am not in a flood prone area).
I was going to look around for another insurer but I also have a period property and all the comparison websites show a great price and then, when you try and take up the policy, there is a final box about the quality of locks on doors and windows - and the sort of locks they are after couldn't be fitted to the old Crittal draught creators I have.
I was going to look around for another insurer but I also have a period property and all the comparison websites show a great price and then, when you try and take up the policy, there is a final box about the quality of locks on doors and windows - and the sort of locks they are after couldn't be fitted to the old Crittal draught creators I have.
Were with the NFU They are good, I have some high value hifi/studio equipment that can't easily be replaced on the policy.
We put a claim in 2 years ago when a TV became damaged, paid out £400. Policy increase was £4.00
I appreciate it was a small claim but it was settled in 1 day. Great service.
We put a claim in 2 years ago when a TV became damaged, paid out £400. Policy increase was £4.00
I appreciate it was a small claim but it was settled in 1 day. Great service.
anonymous said:
[redacted]
1) A core principle of Insurance - 'the premiums of the many pay for the claims of the few'. I don't at all blame you for not being ecstatic at that, but then again if everyone just had to fund their own claims, as opposed to the whole thing being subsidised by non-claimants, then the entire system would fall down, with nobody able to afford cover after a claim. For instance, I bet your next premium after the tree claim didn't equate to: last year's price + £27k. On a wider note, the insurance industry is to some extent being forced to pick-up slack from the Government's inadequate spending on flood defences. 2) The risk may be marginally reduced by lack of a single tree, but Insurers are a business like any other - you would expect them to eat that £27k claim and then keep your premium exactly the same forever after? My Parents-In-Law moaned about their House insurance price going up, somehow ignoring the £125k+ Insurers spent the year before on them after a house fire.
anonymous said:
[redacted]
It may well be due to the Council's negligence (though that is not a cast-iron certainty), but unless you plan on housing your family in a caravan / Travelodge / ford fiesta / cardboard box during the time it takes to commence legal proceedings (to some stage at least) against the Council for compensation for your obliterated home, you'd probably be better-off claiming in the first instance against your own Home Policy for an immediate interim & later full repair payments, plus comparable alternative accommodation, leaving them to chase the Council for recompense in their own time/expense.I'm not singling you out for comment, by the way - your queries are valid & reasonable - but it's just that I thought they presented some (mildly!) interesting discussion points as regards the general thread topic.
bad company said:
Care to elaborate on that?
I'm just saying that we were both with the same insurer (and using the same local office);they were both for building reinstatement, yet one claim was dealt with smoothly and efficiently, whilst the other was a long drawn out battle at every stage.
The (un)common factor were the different firms of loss adjusters that NFU assigned.
Miocene said:
The mention of additional premium due to water damage is possibly related to the Flood Re levy all home insurers have to pay into, based on their share the market. It came about a couple of years ago but I've no idea how companies have treated the additional cost.
Hiscox started charging that across the board 2 years ago. The latest increase is in addition.Gassing Station | Finance | Top of Page | What's New | My Stuff