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Find out more'My home insurer trebled my premium'
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I received my home insurance renewal and was stunned to see that the premium had almost trebled.
I rang LV to make sure it wasn’t a mistake and it confirmed it was genuine.
What’s going on?
Gerry from Brentwood
'Don't put up with this outrageous price hike'
Simon Dicey, Which? Money expert, says...
I’m not surprised you thought it was a mistake.
This is an outrageous hike in your premium, especially as you haven’t made any claims for more than five years. Unfortunately many of our members have contacted us about similar experiences.
You told me that you have been a loyal customer of LV over several decades and that its attitude towards you has left you feeling very let down, prompting you to submit a formal complaint.
Use an insurance broker if your home has unusual features, for instance a thatched roof
The insurance industry has blamed several factors for rising home insurance premiums.
This includes big increases in the cost of labour and materials when repairing and rebuilding damaged homes, plus a 36% increase in claims for extreme weather-related damage in 2023, compared with the year before.
Our advice to anyone hit by an eye-watering increase such as this is to shop around well in advance of your renewal date and never agree to automatically renew.
Try to get quotes from several comparison sites, pay annually rather than monthly, and use an insurance broker if your home has unusual features, for instance a thatched roof.
It’s also a good time to review your policy to make sure it’s suitable for your current needs and that you’re happy with the level of cover and excess.
- Find out more: How to find cheap home insurance
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