Talk Morgan Forums Community The Malvern Arms House Ins. 29% up!

I've always understood that during periods of economic hard times or recession, the number of insurance claims rises, no surprise there then.

The recent widespread and extensive floods will be hiking claims upwards, and these companies are not charities and are here to make an economic return so premiums are bound to rise in general to pay for it all. More worrying is the increasingly more restrictive covenants and exclusions entering into insurance contracts reducing the true level of cover provided. The less insurers in the market place does reduce competition but also increases the risk profile of those that do remain as they bear a proportionately greater % of the risk so unless they can reinsure and offset some of the risk, they finish up with a bigger slice of the insurance losses,

I arrange insurance for a small block of 4 flats, and post the Grenfell fire and the storm damage to roofs across the UK a few years . our premium has nearly doubled within a few years and in addition we are required to have a roof inspection every 2 years and undertake all resultant repairs within 30 days as a precondition of continued insurance. Try getting a decent roofer or builder within 30 days of being made aware of something to have the area fixed..