Rising Cost of Home Insurance
Why has it gone up?
We would like to share some industry updates to give you an insight into the main reasons why you may be seeing your home insurance premiums rising, and what you can do to ensure your details are up to date, and that you are paying the correct premium.
Home insurance is calculated on a number of factors. Some are specific to you and your home, and some relate to wider market, weather and economic conditions.
Customers pay into a central pot, and when a claim is made, the insurance company will take the money from the pot, so if lots of claims are made, more money will be needed to fill the pot back up. This will result in an overall increase to the customer's premium.
Factors such as adverse weather claims will have a big impact on the insurance costs, and with the UK suffering more extreme weather events this has had a big impact on the amount being paid out in claims.
In addition to this, claims costs increase as a result of rising energy costs, rising labour costs, increased material costs and shortage of labour and parts.
These increased costs are then reflected in the premiums being paid by customers to ensure there is sufficient money In the common ‘pot’ to settle incoming claims.
What you can do:
It is important to ensure that we hold accurate data, as the construction, year of build and your security will often be a rating factor with most insurers. Claims made are considered when calculating the next year's premium, so please ensure you check your excess and weigh up the impact of making a claim for some of those smaller claims. Checking you have the right levels of cover, and the cover is still up to date is also important. Have you left items on cover that you no longer have or are you paying for additional cover that you may not need. You can also choose to review your excess (the amount you pay towards a claim) as often the higher the excess, the lower the premium.
Please do give us a call if you would like to discuss your level of cover to see if there is anything we can do to ensure that you are not paying more than you need to.
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