Following a post on this blog last month in which AA Insurance claimed that premiums for Buildings Insurance had increased by 10%, there is now a claim from Defaqto that many insurers are also raising the excess on policies to £100.
According to Defaqto 7% of insurers have raised the excess on their home and buildings insurance policies to £100 over the past twelve months. In fact some insurers have increased the figure to £200.
Although clients have the opportunity to decrease the excess, this would then be reflected in an increased premium. Either way they win it seems. But that may not be strictly true.
The current financial crisis has seen an increase in insurance fraud as desperate times mean desperate measures, but another thing that should be taken into consideration is that in bouyant times many of us would not bother to make a claim for much less than a hundred pounds, but with less income in UK households that situation is likely to be reversed.
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