What you need to know about pricing comparison

When your policy is due for renewal, we will send you a Certificate of Insurance which contains your new renewal information. This is sent to you at least 14 days before your policy is due to expire. This renewal offer will include the premium we are offering you for your upcoming insurance period along with a comparison to the premium for your previous policy period.

The last period premium includes any premium adjustments or policy changes that were made during your policy period. It does not reflect any adjustments or changes that will apply to your current period after your renewal is issued.

Any adjustments or changes to your policy during the last period that increased or decreased your premium have been included based on the date they were effective. This may not be the total cost you would have paid for a 12-month period.

If any adjustments or changes were made during your last policy period, the premium amounts shown may not accurately reflect a like for like comparison.

For example, if you made a change to your sum insured 3 months into your policy term, the total premium for last year will reflect 3 months of cover for your previous sum insured and 9 months of cover for your updated sum insured. Your premium offer for this year will reflect 12 months of cover for your updated sum insured.

Please note that when you make any changes to your policy, a policy change Certificate of Insurance will be sent to you which outlines the changes to your policy and premium.

What causes premiums to change?

Even if your individual circumstances have not changed, your premium is likely to change every year. Your premium is based on a number of factors including:

  • new and updated data (e.g. flood modelling)
  • the cost of claims we have paid and expect to pay in the future
  • third party data, market adjustments and other commercial considerations
  • living in an area prone to severe weather, such as flood (Household only)
  • changes in government statutory charges
  • changes to the cost of running our business  

Who can I contact for further information?

Please call us on 13 1905 if you need further information.