New year, new home insurance renewal law 2022

By Abode Insurance

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This year sees insurers banned from quoting existing customers a higher price for their home insurance, compared to quotes for new customers.

On 1^st January, new insurance regulations came into force which affect all home insurance renewals. The new rules, brought in by the Financial Conduct Authority, are to stop insurers quoting higher premiums for loyal customers and to ensure all customers are treated fairly.

Whilst this is great news in the long term, don’t be surprised to see your renewal premium rise this year as insurers adjust to the change. Auto-renewing with your existing provider may seem the easiest option, but this doesn’t always mean your listed property is covered as well as it could be.

When your listed property insurance is due for renewal, it’s a great time to check you are properly insured, and that your characterful home has the protection it needs. Things may have changed throughout the year, or your needs may differ from the initial purchase of your cover.

Whilst your current insurer will provide an updated quote, and a comparison website can show you multiple cover options, a specialist listed property broker will truly understand your requirements and obtain competitive quotes from a panel of specially selected insurers.

At Abode we do the work for you. After taking the time to understand your individual needs, we approach only the most reputable insurers, including Aviva, Munich Re, Ecclesiastical and Hiscox.

If you’d like to speak to one of our experienced advisors, please don’t hesitate to get in touch, we’d love to speak to you.

You can call us on 01622 476433, or fill in a contact form here.

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Abode is a trading name of Howden UK Brokers Limited, which is authorised and regulated by the Financial Conduct Authority No. 307663. Registered in England and Wales under company registration number 02831010. Registered Office: One Creechurch Place, London, EC3A 5AF. Calls may be monitored and recorded for quality assurance purposes.