Published on: 16 December 2021

What's changed

From 1 January 2022, existing customers who want to renew their home insurance with us won’t pay more than a new customer for the same level of cover.

We welcome these new pricing rules, which make it fairer for all customers.

If your price has reduced

Don’t worry if your price has reduced. Nothing has been changed on your insurance cover unless you’ve asked us to change anything.

The impact of the new FCA pricing rules may mean that you end up paying less than before.

The new rules will change the way insurers work prices out, which may result in your insurance price reducing.

Will you get a refund for paying a higher price previously?

You won’t get a refund. The prices you were paying before were correct, but they were worked out differently and you have benefitted from the new way of pricing. As these are new rules, there’s no expectation from the FCA to look back at pricing practices in the past.

If your price has increased

The new FCA pricing rules may increase your insurance price because of the new way insurers work out prices to make sure it’s fair for all customers.

Other reasons may have increased your price like the cost of repairs, or if you have made any claims, or changed any of your information. This may mean there's been an increase in the level of cover, or the risk with insuring your home has increased.

If you’re worried about the price increase to your insurance policy, we recommend checking your insurance documents to check the level of cover is still right for you.

Contact us

If you have any questions about the new FCA 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 in to your home insurance account.