I've received my renewal quotes and they seem to have increased the buildings and contents values by 7% on last years. Is this normal practice? Should I go with this or just keep the values as I had them last year?
I just got mine...They increased my premium by 18,5%.
I didn't make any claim at all and based on their no claim discount policy I should get -15% now. (so altogether it went up by 33,5%)
I called them and asked to review my policy because this can be a mistake.
Don't let them get away with the increase. Ask them what's the best they can do for you.
(What's happen if we allow them to do this every year?!!)
You can also look around for the best quote in the internet. Just "google" home insurance and you may use online quotes as a leverage against them.
Tell them if they don't match you will take your business to another company.
Regards,
Tiberium
P.s.: based on previous threads on this forum it's worth to try to negotiate
Think you're confusing an increase in premium with indexation Tiberium. Most insurers will increase the rebuilding figures in line with inflation to keep rebuidling costs current. So to answer the original question, yes it is standard practice to do this - but it won't stop you from shopping around, just make sure any new insurer gives you quotations based on the new, higher rebuilding costs.
Well, the cost of the premium hasn't changed at all, just the values of what is being insured. Last year was for 130,000 building and 20,000 contents. This year is 139,100 buildings and 21,400 contents. Value for money is great on it, just wondering was that standard practice.
Will still shop around though as may get even better value!