New Home Insurance Renewal Transparency Rules
Is Your Home Insurance due for renewal?
Under new insurance renewal transparency rules which came into effect earlier this month when an insurance company contacts you to renew a home insurance policy, it must now disclose the previous year’s premium*
In the past, insurers have been able to raise the premium in the hope that the policyholder will not take the trouble to check if it has increased, or assume that there will be some reward to staying loyal to the company.
Contact The Mortgage Clinic now for a Home Insurance quote
Existing policyholders should however be aware that the insurance industry does not always reward loyalty. In reality policyholders who do not shop around are in many cases in effect subsidising the discounted premiums available to new policyholders. Following these new transparency rules it will be easier to shop around and compare home insurance deals.
Home Owners must be aware however comparison sites do not tell the whole story. Many cheap and attractive policies available on price comparison sites are stripped down versions of comprehensive policies, with high excess levels. This means that for some claims you may be paying most of the costs yourself that you are trying to claim for, and some key options may be missing from your policy for example trace and access.
Contact the Mortgage Clinic today.
We can arrange a review of your home insurance needs and the most cost effective ways in which they can be met. We are independent providers of home insurance and will find a suitable policy for you whilst also explaining the options and detail of the policy.
*The Times Money Section 1st April 2017