Your home insurance price explained

Prices don’t always change because of something you’ve done. For example, the total cost of all claims made during the last year, more expensive repair costs or severe weather could have made your price go up. There are also external factors that might mean your insurance costs more or less, including changes to regulations and inflation.

Your No Claim Discount rewards you for not making claims, and the longer you go without claiming, the greater your discount — especially in the first few years. After five years, the discount tends to level off.

Once you’ve built up 5 years of NCD, you can choose to protect it with Protected No Claim Discount (PNCD).

From the day you add PNCD, your NCD for a specific section (Buildings or Contents) won’t reduce unless you make two or more claims under that same section (including any optional covers) within a 5-year period.

• If you make two claims under the same section within 5 years, your NCD remains intact, but the protection is removed for any further claims during that period.
• If you make a third or subsequent claim under that section within the same 5-year period, your NCD will be reduced, which may affect your future renewal premium.

Important: NCD and PNCD are applied separately to the Buildings and Contents sections. A claim under one section does not impact the NCD of the other.

It’s likely that what you’ve seen is not an identical policy. The insurance product we offer directly is different to the product we offer through price comparison websites.

We offer our customers the ability to pay for their insurance either annually or monthly.

If you choose to pay monthly, for most of our insurance products, it will be more expensive than paying annually. This is because, essentially, you are taking out a 12-month loan with us. With most loans/credit arrangements an interest rate is applied to the amount borrowed, which will increase the total amount you pay.

We will run a full credit check when we offer you an initial quote. If you go on to take out an insurance policy with us, we will re-run this check for every renewal offered. The interest amount you pay will be variable and may change each year you continue to insure with us and will be calculated based on our view of the risk of lending to you under your credit agreement.