They’ve decided to cancel our buildings insurance I assume because they didn’t care much for the quotes put in for the work we need doing. Although they’ve approved the quotes so the work can go ahead we got a registered letter this morning to say the insurance is being cancelled mid-May. Only the 2nd claim in 13 years. Just hoping the work can be started and done before that happens.
You were gonna cancel the insurance too after this as you’re leaving?
Or will you keep the house and rent it out?
Plan to sell it, but obviously wouldn’t cancel the insurance until the sale has gone through.
What is the costs of each claim v the premiums received in 13 years. Insurers hope to on average be in profit, however with some clients it becomes clear they will always want more than they pay.
I have had 1 claim in 43 years for a break in, cost to the insurers 4.5 years premium.
Don’t know. Never saw what the previous one cost and don’t have figures for this one yet. But we pay nearly CHF500 each year for 12 years.
The question is: how easy is it going to be to get building cover with another insurer? We have Allianz for the car and liability so could just add building on to that I guess, but I assume they’re going to ask questions about why we need it/are switching.
We have had one claim in 15 years and it was for around 50 years of premiums but they didn’t terminate the contract.
For 1 claim, they take it on the chin.
Clearly their back of the envelope calculation tells them it’s likely to be bad business inviting renewal.