Huge Excess, house insurance.

N

NDynamite

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Hi there, We are with our house insurers for 10 years, and made 2 claims in the last 2 years (not large). They have got back to us with an ammendment to the policy (for next year) of increasing our excess to €5k! on any water related damage to the house. I am in discussions with them now. The irish insurance federation say they can do this. Citizen's information say that I have the basis for complaint if it is not stipulated in the T&C's of the existing policy that they can increase the excess by such an amount? The financial Services Ombudsman offered no advice as they will only deal with it as a complaint?
Any advice/experience appreciated? and thank you.
N
 
NDynamite said:
The financial Services Ombudsman offered no advice as they will only deal with it as a complaint?
Click to expand...
That is correct. They will only deal with specific complaints once you have exhausted the financial company's own complaints process. They don't dispense advice per se.
 
2 claims, one was for 6k and the other for 2.5k,
Both were leaks in the plumbing system.
 
Given the lenght of time that you have been with your insurer, it appears a bit harsh, I would try and bargain the excess level down, I think that you are going to find it difficult to get terms from another insurer. Your current insurer is afraid that if 2 claims have arisen in a short period (2 Years) there could be an inherent fault with your plumbing system and is facing into more potential claims.

Bear in mind that there has been a savage price war between Insurers for Household Business and this is coming or has come to an end, Insurer have been losing money on Household business and the rock bottom premiums were unsustainable. I would also press the issue with your current insurer, that you have been with them 10 years and does loyalty not count for anything ?

Best of luck.
 
Hi, do you mind letting us know who your insurers are and how old is your house. Were the pipes underfloor and/or gunmetal?
 
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