House Insurance

Treasury written question – answered on 28th June 2021.

Alert me about debates like this

Photo of Diana R. Johnson Diana R. Johnson Labour, Kingston upon Hull North

To ask the Chancellor of the Exchequer, what assessment his Department has made of the effect of increased insurance premiums on home owners as a result of damage to their property resulting from a neighbouring property being in disrepair.

Photo of Diana R. Johnson Diana R. Johnson Labour, Kingston upon Hull North

To ask the Chancellor of the Exchequer, what steps his Department will take to support home owners whose insurance premiums are increasing as a result of damage to their property caused by a neighbouring property being in disrepair.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

Insurers must treat customers fairly and firms are required to do so under the Financial Conduct Authority’s rules.

Insurers make decisions about the terms on which they will offer cover following an assessment of the relevant risks. The Government does not intend to intervene in these commercial decisions by insurers as this could damage competition in the market. This competition is important and leads to better products and lower prices for consumers.

It is worth noting that different insurers may take a different view and customers are encouraged to shop around for the most suitable cover at the best price.

Does this answer the above question?

Yes1 person thinks so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.