I am 92 and live in a fifth-floor flat. The block is very secure, with a concierge and fobs for access to each floor. Last year I insured the contents of my home against fire and flood only, with Saga, for £78 (the building is insured by Islington council for £10 a month). Nothing has changed; but this year my renewal quote is £251.

I’m trying to get to the bottom of this huge rise. I thought Saga was an organisation that cared for elderly people. Apparently not.

HJ, London

The rising cost of insurance has become a hot topic, with motoring premiums, in particular, going through the roof.

Saga has tested your loyalty with this 220% increase (the latest official data shows house insurance costing 1.5% more than a year ago).

The Association of British Insurers’ (ABI) defence is that in 2023 the industry paid home insurance claims totalling £2.55bn, up 10% on 2022, largely because of the storms. The average payout was up 11% at £6,235. When adjusted for inflation, the ABI says average claim costs had risen, while premiums had fallen in real terms.

Saga says it looked into your case and the “price offered was as intended based on the risk details”. It says the inflationary environment “has led to increased cost pressures”, adding: “We always do everything we can to offer competitively priced products and services.”

Confused.com says the average price for the same cover on a two-bed London flat is £101 a year, so you should take your custom elsewhere.

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