My Hiscox renewal letter arrived. The premium increase from Jan 2024 is 2.7% which seems very reasonable.
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Notsure mortgages are at all complex to deal with. If you had said pensions I might have been inclined to agree.
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@IWCDoppel, could I prompt you please for a response to the question I asked a couple of days ago after you said something to the effect that insurance is best not chosen on the basis of premium cost - something I recognise but most of us have precious little other info:
Sorry for the delay. Usually a good broker will be able to recommend one of the better insurers. The more private client focused insurers usually have a more reasonable and balanced approach. When I was at Davies (loss adjusters) I distinctly remember the reality to the better insurers instructing the loss adjusters to not check premium cover when we had those terrible floods and simply pay what it cost. Whilst others were keen to pay only what the police terms covered and not a penny more, little or no flexibility or room for interpretation
Back then Zurich, NFU, Ecclesiastical and similar brands were names I recall being good. Hiscox have a good reputation too. Itâs the commodity cheaper insurers and overly price competitive oneâs are more risk, at the end of the day you get what you pay for. These are also often very ânarrowâ with what they expect and cover.
The better brands like those mentioned above value the cost of settlement time and customer satisfaction impact in the longer term. Lots of statistics show the longer the time to settle the higher the ultimate cost and one could argue that a 20% saving on the settlement isnât really that when you factor everything in doing the right thing is not a bad policy.
That doesnât mean price should be ignored as some insurers want to spread or narrow there book and exposure risks meaning some will be pricing your profile higher or lower from time to time as well.
If you get a great deal from an unknown insurer, its the risk that they are not properly underwritten and the policy terms mean you havenât got great insurance so when it comes to settlement they want to avoid as much as possible. The description of valuables with say ÂŁ5k maximum total on a super cheap policy will read pretty much anything of valuable moveable is a valuable. Old school policies would have most of things like your Hi-Fi as household items
I usually send a spreadsheet of my âkitâ with values and update and send every year, that way you have made them fully aware of what you have.
You can also say âso for exampleâ or âif this happened then my understanding isâ and make sure you are getting the cover you throught
Get a Caucasian Ovcharka ⌠health and risk insurance is around 200 a year ⌠if you feed it no grains, sticky carbs or artificial foods will last 14-18 years. You will not get burgled or if you do you will get home to find you do not have to feed your dog for a few days. Plus electricity for your private online cameras. The maybe added insurance when you go on holiday that costs 300 extra.
Not sure if I already said but when I was burgled in 2010, they stole my car and a lot of hi-fi and my lovely Pioneer plasma etc. I was terrified I wasnât covered and spoke to someone who said itâs all be in your valuables limit - I was Oh F**** but fortunately the policy as a good one (I canât recall the insurer, possibly NFU) I had everything replaced new for old or cash where easier. Which really softened a terrible time as I was not ultimately worse off
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