Insurer does not want renew my home cover
Discussion
This is the first time this has happened to me, not that it's a big deal because there are plenty of others to choose from.
My insurer emailed me advising me that the policy was about to expire adding "Unfortunately we are unable to renew your policy for the coming year due to changes in our underwriting criteria". I thought they would just jack up the price as opposed to deciding not renew. There is nothing unusual about my property or the area or us! I've had cover for 35 years continuously obviously on different properties and different insurers as I always shop around.
Anyone else experienced this?
My insurer emailed me advising me that the policy was about to expire adding "Unfortunately we are unable to renew your policy for the coming year due to changes in our underwriting criteria". I thought they would just jack up the price as opposed to deciding not renew. There is nothing unusual about my property or the area or us! I've had cover for 35 years continuously obviously on different properties and different insurers as I always shop around.
Anyone else experienced this?
Imagine that with your car insurance!Not to my knowledge though I might check whether the neighbours have any issues with their insurers. Many moved in around the same time as it was a new development so they should be getting renewal quotes through too.
I had a pleasant car insurance renewal experience once. It fell by over 10% even though I had two teenagers as named drivers. When I called to check it was because I had passed an age milestone. What a difference a year makes!
I had a pleasant car insurance renewal experience once. It fell by over 10% even though I had two teenagers as named drivers. When I called to check it was because I had passed an age milestone. What a difference a year makes!
Inkyfingers said:
Out of interest, would you now have to declare that when they ask you the "have you ever had insurance declined" question?
Might see your premiums go up.
I did think about that but it's not as though I applied and was declined. I would probably have switched anyway because the price was incredibly low to attract new business so I expected it to go up. Might see your premiums go up.
I had a similar incident with car insurance when they raised the minimum age for named drivers to 21 and my youngest was 19 so I could not renew.
Its not be declined, they've just refused to quote because you don't meet their criteria.
'declined cover' is a term used frequently but is something insurers rarely use. it is mainly used when it becomes apparent to the insurer that lies have been told etc, to gain insurance fraudulently or such
'declined cover' is a term used frequently but is something insurers rarely use. it is mainly used when it becomes apparent to the insurer that lies have been told etc, to gain insurance fraudulently or such
ikarl said:
Its not be declined, they've just refused to quote because you don't meet their criteria.
'declined cover' is a term used frequently but is something insurers rarely use. it is mainly used when it becomes apparent to the insurer that lies have been told etc, to gain insurance fraudulently or such
Correct as I have just discovered. Called another insurer for a quote and they said that it's not the same as being refused. They said they have the same situation when their own criteria change. It appears it's about protecting themselves from fraudsters etc.'declined cover' is a term used frequently but is something insurers rarely use. it is mainly used when it becomes apparent to the insurer that lies have been told etc, to gain insurance fraudulently or such
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