Wed. Dec 8th, 2021

Owner-Insurance-BTL-Renewal-Budget

Here we go again, gentlemen!

I was recently reunited with a very familiar paralyzing rage and so help me God, I have no bloody intention to take a break from relapse until everyone gets that note, or the evil minds behind it. ‘this ploy to be killed in oblivion. Whatever comes first, I’m easy.

Yes, I mean the famous and blatant BTL building insurance renovation scam, a frightening situation that only seems to get worse as these garbage bags increase their advantage. It’s an unpleasant situation we all face, whether we want to realize it or not, and it’s an itchy scalp that I’ve been publicly scratching for years.

This melodramatic rage lies behind a recent experience, which was a total reminder why we should NEVER blindly accept insurance renewal quotes from our current provider, despite what may seem tempting the offer on the table, because the odds are heavily stacked against us to receive an offer that resembles even a reasonable distance.

Like the clock, last week I received two “BTL building insurance renewal reminders” in my inbox last week. Interestingly, I dived in, wondering how silly my policy provider thought I was this year. The barometer is the amount by which they have increased my premium for no reason [other than diabolical gluttony].

* check renewal budgets *

Yes, of course they think I’m monstrously more incompetent than I was 12 months ago.

I’m sure I would suffer a severe stroke if an insurance provider, either a broker or the underwriters themselves, made the reasonable decision to reward loyal customers with a cheaper renewal budget than the previous year (or, as at least in line with inflation). Imagine that!

The situation is so depressing that I think most of us automatically expect one [unjustified] increase of a certain degree and any other scenario would lead to unknown and inconvenience.

I just received the renovation budget and it’s cheaper than the year before. What kind of mental game do you play SICK & TWISTED, wizard?

Is this policy worth even the document in which it is written? Send me a real shit quote or I’ll take my business somewhere else.

They have made us get where they want us to go.

Viously, obviously, this is not an exclusive issue of homeowners insurance, but most services based on renovation (e.g., broadband, car insurance, utilities, etc.). However, presumably, we are all gentlemen as well.

The sad reality is that most people continue to blindly accept, no doubt, exorbitant renewal budgets for convenience. Ultimately, our negligence has created a market for insurers to shake us greedily, as if we were drug mules, with cocaine bullets hit in the ass.

It has to stop! We must all fight this fight!

Unfortunately, I am an advocate of defending myself against pure evil until my whole life is exhausted, so I will not stop until they do NOT.

I will never stop, then.

Don’t get me wrong, I’m guilty of giving up every now and then … I allow them to tilt their head back and force the swallow – but only when the increase is so minimal that it will take more time and effort to find an alternative. Unfortunately, this time it certainly wasn’t like that …

The BTL building insurance figure in figures

BTL building insurance renewal budgets
Property
1
Policy details

  • 2 bedrooms, half terrace
  • Reconstruction cost: £ 200,000
  • Legal expenses: included
  • Public liability: £ 5,000,000
Cost 2020
136.44 pounds sterling
Renewal budget 2021
179.11 pounds sterling
Increase (in 1 year)
31%
Property
2
Policy details

  • 2 bedrooms, half terrace
  • Reconstruction cost: £ 200,000
  • Legal expenses: included
  • Public liability: £ 5,000,000
Cost 2020
136.44 pounds sterling
Renewal budget 2021
199.70 GBP
Increase (in 1 year)
46%

* blows through the air * I can’t breathe !!

It’s worse than I ever imagined it could be.

How the hell can these fools justify an annual increase of 31%, and much less an unfathomable 46%, when I made no claim?

In addition, it is worth noting that the properties are located in the same neighborhood and share very similar characteristics, which is why in 2020 the policies cost exactly the same. But this year, the same supplier made the strategic decision to increase one of them by 15% more * blank look *

The crime rate on the road increased by 15%?

Obviously, there is no logical explanation for the quotes I have received, and that is precisely why I have no hesitation in calling all this pantomime a blatant scam on anabolic horse steroids.

I mean, go, 46% increase !! Are they out of their rocker? [rhetorical question]

Even though there was less than a zero percent chance, I was going to get in my pocket and renew my policy with these shysters: to me they were dead – I was still forced to get in touch with them and participate in the haggling ritual, to determine to what extent they would lower the appointment, which is actually what the bastard thieves should have cited in the first place.

Whenever I receive a renewal quote (which has always been higher than the previous year), regardless of whether it is reasonable or not, I always contact the provider to determine if it is the best they can offer.

99% of the time they chisel a significant amount.

One thing to keep in mind is that the biggest cost for most insurance companies is acquiring customers, so it is more beneficial for them to reduce their rate to keep your personalization instead of replacing it. the.

In short, my provider said they could not reduce the cost of policy no. 1, but were willing to reduce policy no. 2 to match the cost of policy no. 1.

Thank you, friend, but policy no. 1 and no. 2 should have always been the same and the only reason the rate has been reviewed is that your algorithm expected you to try a total twit without gorm.

Either way, it still represents a scandalous 30% increase per property and of course it had to be questioned.

I spent half listening “Trust me, brother, it’s a solid deal”. I stated that my expectations were not entirely far away, I quote:

… prices have risen by 30% across the industry

Dear Sir, My biggest fear right now is that you look as stupid as the load of old shoemakers trying to feed me.

Apparently, BTL insurance policies became precious metals overnight.

It is curious enough, but not surprisingly, that the rebuttals to justify price increases are almost always the same, or it is erased as “inflation“O”at the industrial level

Is it like that May about benefits.

Why Many Homeowners End Up Paying Insurance Odds (and Other Garbage)

  1. The most obvious (and as discussed), is easier for us to die and accept renewals. That’s why they set the trap, it’s easy money for them.
  2. Failure to comply with the reference of the renewal appointment with the cost of previous years.
  3. From a purely visual perspective, we are talking about relatively small numbers; it may be that an increase from £ 136.44 to £ 179.11 doesn’t seem like that discrepant on paper (because all the owners are rich and dirty). What are the quid among the barons of the property?).

    However, when comparing the difference in a percentage, the brutal sweep is unmistakable.

How much did I end up paying

Spoiler alert: I just needed a quote from a different vendor to confirm my suspicions, that the only thing that has increased by 30% overall is my contempt for these clowns, who I didn’t really think was humanly possible.

It is absolutely so.

BTL building insurance renewal costs
Property
1
Policy details

    Policy details

  • Supplier: AXA
  • 2 bedrooms, half terrace
  • Reconstruction cost: £ 200,000
  • Legal expenses: included
  • Public liability: £ 5,000,000
Cost 2020
136.44
Renovation cost 2021
139 GBP
1.8%
Property
2
Policy details

  • Supplier: AXA
  • 2 bedrooms, half terrace
  • Reconstruction cost: £ 200,000
  • Legal expenses: included
  • Public liability: £ 5,000,000
Cost 2020
136.44
Renovation cost 2021
139 GBP
1.8%

Better!

In fact, it is cheaper than last year if you take into account the current inflation rate of 2%.

I used QuoteSearcher to connect with an insurance broker to provide quotes. I have been using them for years and have successfully partnered with them, which is why I have no hesitation in recommending them.

However, I don’t particularly care how or on collect your contributions as long as you are connected to a reputable insurer (do the usual due diligence) at make sure you are charged fairly, and this is really what my recurring merger consists of.

Will you always get a better budget? No.

But it’s always worth finding out if you can.

Is it worth the hassle?

Yes.

It is definitely from both a financial and ethical standpoint.

First of all, it didn’t really bother me much, if at all. At least I didn’t think it was for me. To be honest, I think we all like to create reasons to justify negligence, and in this case the work is often overly exaggerated and unfairly promoted to “complete pain in the gonads‘.

I was able to pivot and rearrange my position in about 25 minutes, which included the following steps:

  • 6 minutes: He contacted the former insurance broker to check his comical renewal rates
  • 4 minutes: Complete the quote form to retrieve an agent’s quotes
  • 18 minutes: After filling out the form, with 5 minutes, an Academy Insurance insurance advisor (I have no affiliation with these people) contacted me to discuss and organize the new policies.

I ended up saving approx. 80 pounds of insurance in 25 minutes. This equates to an hourly rate of £ 192.

Totally worth it!

Now, be a cupcake and tell your mummy to wear her prom dress; we are going to have dinner tonight at some fantastic place.

Morality of the story: don’t be the fool they WANT you to be. Be the fool I want you to be.

I look forward to hearing your stories and experiences with insurance. Do it!

Owner out xoxo



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