The premium you pay can be influenced by a range of factors, including your location and the likelihood of a weather related or natural hazard event claim, the materials used to construct your home, your sum insured, when your home was built, the number and types of claims we receive or the type of car you own, and more. We’ve also recently introduced new third-party data sets to help estimate the probability and impact of a natural hazard event. You may have heard of this referred to as “technical” or “risk-based” pricing.
As data changes over time, along with other pricing factors such as reinsurance costs and changes to the cost of running our business, premiums may adjust over time to account for these factors. This means that each year your premium can change, even if your personal circumstances haven’t.
You can find out more about what influences your insurance premium here. We also have more information available on how you can look at reducing your home premium here or contents premium here, if needed.
Rest assured, you’ll receive your renewal documents around four weeks before your policy renewal date to allow you time to read your renewal schedule and confirm you’re happy with your renewal offer. If you’d like to discuss your renewal further or want to make changes to your cover, please get in touch and our team will be happy to help.