New insurance pricing rules from the FCA

Since 1 January 2022, if you renew your home insurance, you won’t pay more than if you were to take out a new policy for the same level of cover.

We welcome the new rules. They apply to all home insurance providers, so make it fairer for all customers across the market.

These new rules might mean the price you pay for your policy has changed. But there are other reasons why our insurance provider, Royal & Sun Alliance Insurance Ltd (RSA), might need to adjust the price we offer you.

Don’t worry if your renewal price has gone down. Nothing has changed on your cover unless you’ve told us to change anything.

It’s possible you’ve been given a lower price to match what we would offer if you were taking out a new policy for the same level of cover.

But you might have also been given a lower price if, for example, there have been changes to how RSA calculate risk, their pricing structure or the cost of claims.

No, you won’t get a refund.

The price you were paying was right at the time, but now you're benefitting from a lower price.

There are a few reasons why your renewal price might have gone up.

There might have been more claims in your area than usual, or the cost of repairs has increased. Or you might have made a claim, or changed some details about your property that means the level of cover we’re providing has changed.

RSA might have also updated their pricing structure or changed how they calculate risk.

We always recommend checking your insurance documents to make sure your details are correct and the level of cover is still right for you.

If you have any questions about the new rules and what it means for your insurance policy, you can contact us by online chat or phone.

You can also review or make changes to your insurance policy online by logging into your home insurance account.