Hi, just wondering what the consensus is out there regarding my home insurance renewal I received in the post last week.
After only two years in my first house I unfortunately had to make a claim after a nasty oil spill in the boiler house which deposited oil into the foundation at the corner of the house. A nice bit of work was carried out by a professional outfit appointed by the insurance company to the tune of 34k.
The renewal premium of 2k, a 500% increase on origional 400euro, came as a bit of a shock.
Am I wrong to be shocked at this figure? Any one else experience similar?
On approaching the insurance provider they informed me there was nothing I could do and no one else in their institution that would discuss the matter further(past the operator) I was told the new price reflected the loss of no claims bonus (think it was 30% which would make the new premium around 600euro?) and that my house was now in a high flood risk area.(It wasn't 2 years ago when I enquired prior to buying the house.)
I have rang around and engaged a broker who tried tirelessly to get me another provider but no one will touch me unless I have 3 years no claims! And don't you know of course my provider knows this!
The broker was shocked themselves at the price of the renewal hence my asking on this forum. They expected probably double the premium would be the norm (and the 'approx' figure I was told by the assessor when I enquired in conversation during the claim) and that the flood risk shouldn't effect the premium but would be reflected in the excess on a flood damage claim.
I have a week to figure this out so any insight or help will be much appreciated.
After only two years in my first house I unfortunately had to make a claim after a nasty oil spill in the boiler house which deposited oil into the foundation at the corner of the house. A nice bit of work was carried out by a professional outfit appointed by the insurance company to the tune of 34k.
The renewal premium of 2k, a 500% increase on origional 400euro, came as a bit of a shock.
Am I wrong to be shocked at this figure? Any one else experience similar?
On approaching the insurance provider they informed me there was nothing I could do and no one else in their institution that would discuss the matter further(past the operator) I was told the new price reflected the loss of no claims bonus (think it was 30% which would make the new premium around 600euro?) and that my house was now in a high flood risk area.(It wasn't 2 years ago when I enquired prior to buying the house.)
I have rang around and engaged a broker who tried tirelessly to get me another provider but no one will touch me unless I have 3 years no claims! And don't you know of course my provider knows this!
The broker was shocked themselves at the price of the renewal hence my asking on this forum. They expected probably double the premium would be the norm (and the 'approx' figure I was told by the assessor when I enquired in conversation during the claim) and that the flood risk shouldn't effect the premium but would be reflected in the excess on a flood damage claim.
I have a week to figure this out so any insight or help will be much appreciated.