Premium hike!

By Homeprotect

Written on: 27/07/2015

Hi,

Thank you for taking the time to post your review regarding your home insurance renewal. We take all comments seriously and value all customer feedback.

As you may know from the renewal documentation received there has been a change in the way flood risks are assessed by our underwriters.

Premiums for insurance policies are based on the risk presented and assessing the probability of that risk materialising. Underwriters use all available tools and data to assist with this complex assessment to arrive at a premium. The tools used for this risk assessment include government and industry statistics, claims and underwriting experience. Data sources include (but are not limited to) the Environment Agency, British Geological Survey Data and Ordnance Survey historical flood mapping. HomeProtect also uses data supplied by ‘Terrasure’, as this data offers more granular detail down to property level rather than just postcode area.

The process of ‘accumulation’ is also utilised by underwriters in the risk assessment. This means that one insurance provider will limit the number of properties it will insure within the same flood risk area.

I hope the information I have provided has helped you to understand where we gather data from to establish premiums going forward. I understand the premium increase must have been a surprise to you; this is unavoidable from a company perspective.

Kind regards,
Elisabeth
Digital Marketing Manager
HomeProtect