hi, I dont know if there is or not, I got a letter about a month in advance saying if I wanted to renew my insurance or not. The strange thing was I renewed it for the same amount i.e. 170,000 and just as I was about to send the letter of indemnity to my lender they sent me a letter saying it should be insured for a minimum of 181,000?
sorry for hijacking your thread a bit but can the banks do this? I would also look into this if I were you as I'm currently talking to my bank about this. They came up with something like its house insurance is index linked and should be increased by 10%. When I then asked them what is it indexed linked to, I was put on hold. Sounds like a scam to me!