Home Insurance

[Giggsie]

Posted in here as think most people see it if wrong please move. Has anyone else got their shock home insurance increase? 
We were £439.00 last year renewal this year £1,959 😳😳. Any recommendations to another company this is with Saga. Tried phoning them but did not reduce by much. Looking to change company. We live out in the sticks so no high risks really. 

[davebro3]

I was with Saga before the recent switch & found them OK. The insurance world is very strange. I guess there are so many variables that you can end up with a good, bad or simply outrageous quote from almost any company.

Some seem quite happy to lose business by requiring ridiculously large premiums.

[Peter Pedant]

.I guess there are so ...... or simply outrageous quote from almost any company.,  

no it should behave as a market, if there is a demand for it, a supply should grow up.

Insurance has this extra principle - utmost faith ( har har har) in Latin uberrima fidei - but this skews the market - as one side may know more than the other ( info asymmetry)

and THIS leads to 

https://en.wikipedia.org/wiki/The_Market_for_Lemons

I hadnt realised that Stiglitz got a Nobel for exactly this. It is alsos connected with Gresham ( bad money drives out good) - here - the bad insurance risks make the good risks ( = no  claims) go elsewhere.

(neighbour had one write off and they refused to continue insurance  ( blacklisting is difft)

 

 

 

https://en.wikipedia.org/wiki/The_Market_for_Lemons

[davebro3]

PP - when I do a comparison for car insurance quotes I get figures from £500 to £2000 pounds. Some companies are just taking the pee or simply don't want you business.

PS. please continue with your more readable contributions that you seemed capable of on other threads.

[Peter Pedant]

thank you Dave Bro - I hardly ever get fan-posts

This is a sore subject for me as I have just had insurance renewal declined ( NOT blacklisting) after one write off ( car) and the insurance ombudsman has declared "they can do that"

[Peter Pedant]

I knew Stiglitz and Nobel wd stick in his throat - a bit of synaesthesia there, reader!