Home Insurance frequently asked questions

There could be a number of different reasons, including, but not limited to, the new regulations which affect all home insurance providers.

Your insurance provider Aviva is one of the UK's largest insurers and this gives them a huge amount of knowledge and data, painting a detailed picture of what the risks are and how these change from year to year, and from area to area. This means you may see differences in your price as these risks change.

Find out more about how your premium is calculated

Prices don’t always change because of something you’ve done. For example, more overall claims in your postcode during the last year could mean that your price goes up if the risk is perceived to be greater. There are also external factors that might mean your insurance costs are more or less, including rising repair costs and recent changes to regulations.

The new regulations mean M&S Bank and Aviva have had to change the way prices are calculated, which may result in some customers seeing a higher price at renewal, while others could have a lower price.

Find out more about how your premium is calculated

It's possible, as the rules mean the price to renew your cover will be the same as, or lower than, the equivalent price for a new customer. As a result of the new rules, we expect prices for new customers to rise across the whole industry, and renewal prices to come down overall. That doesn't guarantee you'll see a drop in your price, partly because Aviva have already taken steps to limit price differences between new customers and those who are renewing their policy.

Also, prices are created individually for each customer based on a whole range of factors. Aviva can use the information they've built up to match each customer's price to their specific circumstances.

Find out more about how your premium is calculated

No, it doesn't. Your insurance provider Aviva is one of the largest insurers in the UK, that means they have a lot of information to help them price accurately by painting a detailed picture of the changing risks for every customer's requirements, which they use in line with the current regulations.

You are offered the best price M&S Bank and Aviva can offer for the product cover you select. It's also worth remembering that not all insurance is the same, and cheaper is not always better. Your price may be different because of the level of cover you have. with us, and you should always check that any quote meets your needs. If you're already insured with us, you can review and make changes to your existing cover at any time.

Find out more about your current cover

The changes in regulations, that came into force from 1 January 2022, affect insurance providers. In short, they mean that:

• if you're already a customer, your renewal price will be the same as or lower than an equivalent price for a new customer
• for your home insurance, you'll have the ability to opt out of auto-renewal at any point during your cover term. Should you wish to do this please complete this form.

The new regulations mean that insurers and intermediaries have had to change how prices are calculated.

As a result, prices are expected to rise for new customers across the whole industry, and renewal prices to come down overall. The biggest difference is likely to be in the first renewal after the change of regulations. This doesn't necessarily mean that your renewal price will be lower even if you haven't made changes to your policy. There are other factors at work, such as recent claims you may have made, more expensive repairs, severe weather and changes in law.

No. Your renewal price will be the same as or lower than an equivalent price for a new customer, in line with the latest rules. A loyalty penalty would mean that your renewal price would be higher than an equivalent price for a new customer.

No. Price walking would be where your premium goes up at renewal rather than in line with changes to your risk. The new regulations mean that your renewal price will be the same as, or lower than, the equivalent price for a new customer, which helps prevent price walking.

If there's a sizeable difference between your renewal price and the new customer quote price you received from us online, it's worth checking that your new quote includes all the same cover as your current policy. For example, prices differ depending whether you bought it online or over the phone.

You must make sure any quote meets your needs. If you're already insured with us, you can review and make changes to your existing cover at any time.

There are other factors that could result in different prices. For example, the day your renewal price is calculated which is approximately 30-40 days before your policy ends. It is checked against the equivalent price for a new customer. If you get a new customer price at a later date, prices may have changed since the original calculation date.

Find out more about your current cover

No. Your rights haven't been affected by this decision. If your complaint is still ongoing, there shouldn't be any difference to how it's handled. If it's already been closed, there's more about this in the letter that was sent to you after your complaint was closed.

You can always get a quote from other insurance providers. Just make sure you check that any quote meets your needs. If you're already insured with us, you can review and make changes to your existing cover at any time.

As your renewal price, with us, will be the same as or lower than an equivalent price for a new customer, you won't pay more for staying with us for the year ahead.

Find out more about your current cover