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Massive increases in home insurance premiums for households in the Newry area has been labeled as completely scandalous by MLA Justin McNulty.
Some local residents have reported their insurance costs rising by more than 400%. Many have been informed these increases are due to a broad reclassification of the area as ‘high risk’ by insurers – a move that appears to have been applied indiscriminately and without consideration for individual property circumstances or mitigation measures.
The Newry and Armagh MLA has submitted a series of questions to the Minister of Finance to uncover the extent of the issue and what powers the Executive has to protect working people from punitive premiums.
Mr McNulty said: “It is completely unacceptable for insurance providers to implement blanket hikes across entire postcode areas without transparency, fairness, or regard for the lived reality of homeowners.
“Residents across the BT34 and BT35 postcode areas are being punished simply for where they live, with no opportunity to challenge or appeal the classifications being used to justify these soaring costs.
“These price rises are completely scandalous, and people deserve a government that is willing to stand up to big insurers when they overstep. I will be fighting for greater transparency and consumer protection in this space."
Mr McNulty is calling on the Department of Finance and the Financial Conduct Authority to urgently investigate how insurance companies are operating in the North and to bring forward measures to support affected households "many of whom are now struggling to afford basic coverage for their homes.”
