Your Home Insurance renewal explained

Why are prices going up?

We know that, for some of our customers, the cost of home insurance has increased a lot this year. We want to explain why this has happened. Let’s start by looking at the main factors behind it:

The weather over the last year has caused a lot of damage. We’ve seen an increase in severe storms (like Babette and Ciaran), freezes in the winter, and an increase in subsidence due to heatwaves in the summer. These types of claims are complex and usually more expensive to process.The weather over the last year has caused a lot of damage. We’ve seen an increase in severe storms (like Babette and Ciaran), freezes in the winter, and an increase in subsidence due to heatwaves in the summer. These types of claims are complex and usually more expensive to process.
The cost of repairs is a lot higher. This is due to low availability of building materials after Covid and higher labour costs.The cost of repairs is a lot higher. This is due to low availability of building materials after Covid and higher labour costs.
The cost of manufacturing items needed for a repair is a lot higher because of inflation and increasing energy costs.The cost of manufacturing items needed for a repair is a lot higher because of inflation and increasing energy costs.

What about my renewal price?

On average this means that home insurance premiums in the UK are expected to increase by a third (36%) over the next two years¹. You might have received a renewal offer from us that is higher or lower than you paid previously. We regularly review a number of individual factors that influence how much a premium should be, and this can sometimes lead to a bigger change to a renewal price.

What are we doing to help?

We ensure our prices are as competitive as possible. When you renew, your price will never be more than you would pay as a new customer with us taking out like-for-like cover. Clubcard members will also get a 5% discount, which is automatically applied to your renewal price.

What else should I do?

It’s always a good idea to check your renewal invite and documents closely when you receive them, to ensure that your policy with us still meets your needs, and that the information provided is accurate and up to date. Follow these three steps to check and renew your insurance:

Carefully check all the information you've provided – any out-of-date or inaccurate information could result in claims being declined or your policy being invalid. You can check by logging in to Your Insurance Account or contacting our Home Insurance team for helpCarefully check all the information you've provided – any out-of-date or inaccurate information could result in claims being declined or your policy being invalid. You can check by logging in to Your Insurance Account or contacting our Home Insurance team for help.
Check what other insurance you have – if you have similar cover elsewhere the policy benefits may overlap with optional extras you’ve selected. Avoiding this could help you save on your renewal price Check what other insurance you have – if you have similar cover elsewhere the policy benefits may overlap with optional extras you’ve selected. Avoiding this could help you save on your renewal price.
Check your policy is still right for you – You may want to compare other insurance policies available with us or in the market to see if you can lower your price and letus know if you find a cheaper deal.Check your policy is still right for you – you may want to compare other insurance policies we have available or check the market to see if you can lower your price. You can always let us know if you find a cheaper deal elsewhere.

When comparing your renewal quote with other insurers, pay close attention to what's included in your current policy. Things like the voluntary excess, rebuild costs, security features and optional extras can change both the price and the value of your cover. It’s important to check them thoroughly when you're shopping around.

Your Home Insurance renewal explained

Why are prices going up?

What about my renewal price?

What are we doing to help?

What else should I do?

We're here to help