Saga House insurance rip off.

[modeller]

During the past 12 months house values have fallen by 25% . Therefore insurance premiums should fall by a similar amount or at least remain as they are but recently I had a renewal notice from Saga which had actually gone up by 20%. Was this unusual ? I decided it was a rip off and looked elsewhere. I settled on the Co-op and saved �100 on a House and Contents insurance which also gave better cover. Has anyone had a similar experience. ?

[sara3]

I've never known any insurance to go down, and it rarely pays to stay with the same insurer. you just have to shop around pre-renewal time.

[FredLeggyott]

insurance is based on the amount of claims not only by the policyholder but alll policyholders

thats why premiums go up due to floods etc and false claims.
and policy will go up by inflation too.

youre very unlikely to save a fortune by changing company but may save some money if theres a deal or offer on.

dont expect it to fall year on year


not on this planet anyway.

[hc4361]

House prices have gone down, but the cost of land and contents hasn't. It would cost more to rebuild your house if it were razed to the ground than it would have 5 years ago; similarly with the cost of replacing the contents, your alternative accomodation whilst you waited for your house to be rebuilt and all the extra expeneses that go with such a calamity,
Next year you will see the Co-Op put its prices up and cheaper deals elsewhere.
All insurance companies offer incentives to new customers in the hope they will be too lazy to change next year.

[modeller]

I accept much of what you say but most of what you mention
is covered by the the amount of inflation which has been under 4% for the past year not the 20% which they tried to charge me. The cost of land in this area has in fact fallen but even if it hadn't the land would not have to be replaced even the house was razed to the ground, therefore the value of the land ( which is a high proportion of the value of the property as a whole ) should not be a factor when considering a rebuild or have I missed something ? Thank you all I'll also shop around when the car insurance is due.

[modeller]

I accept much of what you say but most of what you mention
is covered by the the amount of inflation which has been under 4% for the past year not the 20% which they tried to charge me. The cost of land in this area has in fact fallen but even if it hadn't the land would not have to be replaced even if the house was razed to the ground, therefore the value of the land ( which is a high proportion of the value of the property as a whole ) should not be a factor when considering a rebuild or have I missed something ? I would also query the cost of replacing the contents, the retail price index shows that with the exception of food, which has gone up, most household articles have stabilised or have fallen in price. What hasn't dropped of course is the cost of labour. Thank you all for your comments. I think you are right the important thing is always to shop around.

[jared25]

I saved over �200 by changing from Saga to RIAS and my excess went down by �50 as well

[modeller]

Thats interesting . Who is RIAS ?