Home and contents insurance. Massive renewal premium hike

[55palfers]

Just had a renewal quote from Lloyds Bank insurance who have covered us for donkey's years.

It's up by 71%

We had one claim last year for £350 freezer contents.

Anyone in the same boat?

[Cats_pyjamas]

They clearly don't want your custom, change insurer.

[Eatpies99]

We're with NFU. Our travel insurance is always rolled into it. Not the cheapest but they don't really quibble paying out (work vans are with NFU as well).
As I say not cheap, but never really goes up more then a few %. Even after a £3000 claim for a snapped mountain bike.

[CMTMB]

55palfers said:

We had one claim last year for £350 freezer contents.

That's a lot of sausages.

I've just had my renewal through and it's gone up over 50%. Time to shop around again.

[scot_aln]

It's like car insurance you pay for it but you find yourself having to weigh up the cost of making a low value claim as you end up paying for it (and some) over the next 3-5 years in increased premiums.

[forest172]

Yep it`s the claim happened to me for 5 years after. I easily paid the claim back in premiums

[the-norseman]

Loyalty doesn't mean anything these days, every year shop around whether it be car, house, pet insurance.

[craig1912]

I’m with Halifax- part of Lloyds and mine didn’t go up. I did get a quote from Lloyds and it was more expensive for worse cover!

[bogie]

We are with Halifax via Lloyds too. Been with Lloyds for about 18 yrs other than 2 years when they put the renewal up by 30% for no reason at all, never had a claim.
When they put it up, shopped around, got it for a similar price as the previous year so changed provider. Next year Lloyds quote came through a few quid cheaper, went back to them. Few years later, same thing, repeat. In recent years Lloyds has not gone up much at all, maybe £20 or so.

Insurance and how they work out the risk/premium makes no sense sometimes, all you can do is have a shop around via the comparison sites.

[alscar]

55palfers said:

Just had a renewal quote from Lloyds Bank insurance who have covered us for donkey's years.

It's up by 71%

We had one claim last year for £350 freezer contents.

Anyone in the same boat?

Percentage is obviously huge but in £ terms what is the increase ?

[Imasurv]

We’re with Admiral this year after a few years with Halifax. Admiral have just sent our renewal and it’s gone from £553 to £830, which has come as a bit of a surprise. Will be shopping around again….

[mikeiow]

Always worth shopping round. Go via TooCashBack for more bonus pounds
As an aside, I don t think I would ever consider claiming for £350 of freezer items. Now you have to declare a claim for 3-5 years in each renewal
I don t think I would claim for anything under £1-2k .

[Fer]

I had a saga with my policy - they upped it by an unfair percentage, and couldn't get close to the quotes on the comparison sites. Deffo requote every time.

[The Leaper]

Imasurv said:

We re with Admiral this year after a few years with Halifax. Admiral have just sent our renewal and it s gone from £553 to £830, which has come as a bit of a surprise. Will be shopping around again .

Ours was with Axa until 2022 when they upped the premium substantially with no reasons given, so after some research we switched to Admiral. All seems OK with them so far, but not needed to claim. Renews February 2027 so it'll be interesting to see what they propose for the new year's premium.

R.

[55palfers]

alscar said:

55palfers said:

Just had a renewal quote from Lloyds Bank insurance who have covered us for donkey's years.

It's up by 71%

We had one claim last year for £350 freezer contents.

Anyone in the same boat?

Percentage is obviously huge but in £ terms what is the increase ?

It's gone from £583 to £999


Thanks to everyone for your responses.

[alscar]

In both terms then with that relatively modest claim in mind that’s still pretty painful.
In addition to shopping for an alternative I’d also consider going to a higher deductible perhaps ,as assume your current one is circa £100 ?

[towser44]

My renewal last week was £179, got comparable for £109 with another provider.

[Panamax]

55palfers said:

We had one claim last year for £350 freezer contents.

I made a household claim about 15 years ago. They simply raked the payout back in increased premiums. Outrageous really.

[_Rodders_]

I wouldn't even contemplate claiming for such a low value claim. I've had water leaks where I've just got on and fixed it myself.

It's there if my house burns downs or if we're burgled.

I'd imagine it puts your risk profile up significantly as they'll assume you will claim for everything.

[chip*]

Panamax said:

55palfers said:

We had one claim last year for £350 freezer contents.

I made a household claim about 15 years ago. They simply raked the payout back in increased premiums. Outrageous really.

I was claim free for over 20 years with Nationwide house & content insurance who was fairly competitive, then over the last 6 years I had two claims 1) minor subsidence (still incurred £22k of cost) 2) new bathroom due to a water leak.
Unsurprisingly, my renewal price have rocketed!