Average quoted price of home insurance premiums increased by 40.6% in January

458     0
Insurance premiums have increased in the last year although the rises are beginning to slow down. However, if you
Insurance premiums have increased in the last year although the rises are beginning to slow down. However, if you've recently made a claim, especially because of storm damage, you might see your price go up even more (Image: PA Wire/PA Images)

Home insurance prices have shot up by 40.6% over the past year, says an index.

This is the biggest yearly rise since Consumer Intelligence began keeping records in 2014. Most people are getting quotes for home insurance between £150 and £199.

But there are indications that price increases are slowing down. In the last three months, prices went up by 7.6%, which is less than the rises in the previous two quarters., Consumer Intelligence thinks this could be because there are new, cheaper insurance deals out there.

However, if you've recently made a claim, especially because of storm damage, you might see your price go up even more. Matthew McMaster from Consumer Intelligence explained: "Over the last 12 months, new business quoted premiums for buildings and contents insurance have increased by 40.6%. This is the largest yearly increase we have seen since our tracking began in 2014."

He also said that prices for homes with people under 50 went up a little bit more than for those with people over 50. Homes built from 1970 to 1985 saw the biggest yearly jump in insurance quotes, with a 43.7% increase. The smallest rise was for homes made between 1940 and 1955, which went up by 38.3%.

Europe's worst pickpocketing hotspot named as street in Spain loved by tourists qhiqqxihuikzinvEurope's worst pickpocketing hotspot named as street in Spain loved by tourists

Consumer Intelligence looks at price comparison websites to get this information. They use the average of the cheapest prices for usual risks. The Association of British Insurers (ABI) spokesperson said: "A succession of storms have swept across the UK in recent months causing widespread property damage, with £352 million being paid out to support customers whose homes were damaged by storms Babet, Ciaran and Debi alone."

"Despite rising cost pressures, including above inflation rate rises in the cost of many building materials, insurers are totally committed to continuing to offer competitively priced home insurance. Our latest data which is the only collection based on prices paid rather than quotes shows that the average combined home and buildings insurance premium for 2023 was £341, a 13% increase on 2022."

Here's how much home insurance quotes have gone up across Britain:.

Wales, 43.2%.

South East, 42.6%.

London, 42.2%.

Scotland, 40.7%.

Yorkshire and the Humber, 40.5%.

North West, 40.3%.

West Midlands, 40.0%.

8 bills you need to check now to save money - from broadband to council tax8 bills you need to check now to save money - from broadband to council tax

South West, 39.7%.

North East, 39.4%.

East Midlands, 39.0%.

Eastern England, 38.9%.

Lawrence Matheson

Print page

Comments:

comments powered by Disqus