In February, we received our home insurance renewal quote from Co-op Insurance for the coming year, and were shocked to read it would near-triple from £518 to £1,353.
We have had buildings and contents cover with the Co-op since 2012. Our circumstances have not changed and we have not made a claim for many years.
I immediately phoned up to query this and was told the usual: “This is now the price the underwriters have calculated using their prescribed format, blah blah, blah.”
The unfortunate person to take my call politely listened to my rant that this increase was totally unacceptable, as was the lack of explanation. Of course, she had no authority to reduce the quote and could do nothing other than agree to convey the outrage of loyal customers of 13 years and Co-op members to senior management.
Anyway, I send you this information for your views as to the reasonableness or otherwise of this increase, and to keep you informed of the way we customers are being treated.
RD, Ascot
The average price of an annual combined building and contents home insurance policy went up by £55 (16%) in 2024 to £395, according to the Association of British Insurers.
That does not correlate with this huge increase, so I asked the Co-op about your quote. It said it worked with a panel of insurers and that they “update their risk models periodically … and when this occurs, it is usual for prices to fluctuate”.
It added: “On this occasion, RD’s previous insurer had updated their risk model and the findings for that particular geographical location. He was therefore offered a policy with another suitable insurer on our panel that provided the same cover, and the price is correct and reflective of the risks attached to these circumstances.”
While the Co-op’s panel of experts seemingly see dark clouds massing over your home in Ascot, insurer LV= does not. You secured a new policy with LV= for just under £700, and it includes some extra cover for valuables. It pays to shop around.
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