TSB Home Insurance frequently asked questions

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Why is my home insurance renewal price different?

There could be a whole number of different reasons, such as the new regulations which affect all home insurance providers.

Our insurance partner Aviva is one of the UK's largest insurers providing cover for homes, all over the country. 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. We have confidence that our customers' premiums are both accurate and up-to-date and may mean you see differences in your price as these risks change.

Find out more about how your premium is calculated

I didn’t make any changes, why has my premium changed?

Prices don’t always change because of something you’ve done. For example, more overall claims in your postcode during the last year might mean your insurance costs more. There are also external factors such as a changing claims market, more expensive repairs and changes in law that may affect your premium.

The new regulations mean we’ve had to change the way we calculate our prices, 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

Will the new guidelines mean my renewal price will come down?

It's possible, as the guidelines 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 guidelines, we expect overall 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 we'd already taken steps to limit price differences between new customers and those who are renewing their policy.

Also, prices are decided individually for each customer based on a whole range of factors. Our insurance partner Aviva can use the information we've built up to match each customer's price to their specific circumstances so, we're confident that each quote is priced accurately, both for our new customers and those who are renewing with us.

Does this mean you've been overcharging me for years?

No, it doesn't. Our insurance partner 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.

We've been looking at ways to reward our customers' loyalty and we welcome this change in regulation. It means that the price for customers who choose to renew their policy, will be the same as or lower than the equivalent price for new customers.

I found a cheaper premium with another provider; can you beat it?

We offer you our best price for the product cover you select, and we're confident its priced accurately, thanks to the amount of data our insurance partner Aviva hold as one of the UK's largest insurers.

It's also worth remembering that not all insurance is the same, and cheaper is not always better. Our price may be different because of the level of cover you have with us. You should always check that any quote meets your needs.

Find out more about your current cover

What are the new FCA regulations about?

The changes in regulations, that came into force from 1 January 2022, affect insurance providers. In short, if you have your home insurance with us, they mean that:

  • your home insurance renewal price will be the same as or lower than an equivalent price for a new customer
  • 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.

 

Are you, and other providers, increasing premiums to cover the cost of the new rules?

The new regulations mean that insurers, including our insurance partner Aviva, have had to change how prices are calculated. As a result, we expect overall prices for new customers to rise 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, as there are other factors at work - such as recent claims you may have made, more expensive repairs, severe weather and changes in law - even if you haven't made changes to your policy.

Does this renewal have a loyalty penalty on it?

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

We welcome these changes to the regulations, as it should mean better outcomes for our customers who choose to renew their policy with us.

I got a new quote from you online which is cheaper than my renewal price – is this still allowed? Isn't this an example of price walking?

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. 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, on the day we calculate your renewal price, usually 30 days before your policy ends, we check it 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.

Does this affect the complaint I previously raised about my renewal price?

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 we sent to you after we closed your complaint.

Should I shop around for a better quote from other providers?

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 with the same risk, you won't pay more for staying with us for the year ahead.

Find out more about your current cover

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If you still have questions, send us your enquiry online and we'll get back to you as soon as possible.