An important update about your insurance policy.
In recent years, we’ve seen a significant increase in the volume and cost of insurance claims.
This is due to a higher frequency of extreme weather events such as storms Babet, Ciaran and Debi which generated 36,000 home insurance claims and cost around £352million1.
Weather-related claims have been coupled with a substantial rise in the cost of building materials, labour and replacement contents, with the Association of British Insurers reporting a rise of 20% for water leak claims, 15% for theft claims and 11% for accidental damage claims2.
These events have impacted the whole market, causing a 64% increase in the cost of the average home insurance claim3.
Despite these trends, we have done everything possible to keep premiums stable over the past few years. However, it is now necessary that we adjust our prices so we can maintain the level of service you expect from us.
From 1 August, we’ve made the difficult decision to increase home insurance premiums. The change will impact customers at their next renewal, even if you haven’t made a claim.
We still believe our premiums offer fair value reflecting the quality of our products, specialist expertise and the service we provide to you.
As always, our purpose is to contribute to the greater good of society – all of our available profits go to good causes. So when you insure with us, you are also helping support important causes across society.
Please do not hesitate to get in touch if you would like to discuss your policy or premium.
Thank you for your continued support and understanding.
