House insurance

[yazzyfooty]

So Norwich Union have announced they are raising the price of house insurance to cover the costs of the recent floodings. I have no idea of the costs of the flood damage so will not hazard a guess but I have just thought of the 1000's of people that pay insurance every month to these insurance companies and never claim. So what do the insurers do with the income, surely its put aside just incase of claims which are made following incidents like the flooding?

No these robbing barstewards just increase premiums as we as householders have no choice but to pay it if we want to cover ourselves.

[Gram43]

Originally Posted by yazzyfooty

So Norwich Union have announced they are raising the price of house insurance to cover the costs of the recent floodings. I have no idea of the costs of the flood damage so will not hazard a guess but I have just thought of the 1000's of people that pay insurance every month to these insurance companies and never claim. So what do the insurers do with the income, surely its put aside just incase of claims which are made following incidents like the flooding?

No these robbing barstewards just increase premiums as we as householders have no choice but to pay it if we want to cover ourselves.

Sadly the same goes for car insurance, all the low life's who never pay for it and cause accidents create the basis for increase. Its a no-win situation!

Unfortunately you never know when any of the above will happen, but its devastating when it does. Thankfully I hope I'll never be in their situation.

No-claims bonus should apply to house insurance as well.

[nigelH]

Originally Posted by yazzyfooty

So Norwich Union have announced they are raising the price of house insurance to cover the costs of the recent floodings.

Do I need flood cover?
It's down hill from me to the cliffs and thence to the sea.

Will I pay?
'spose I have to.

[CatB]

Originally Posted by Gram43

No-claims bonus should apply to house insurance as well.

It does (at least they ask about it and list it on the renewal document - I haven't actually seen how a quote where I don't have it, compares).