The cost of home insurance has surged significantly over the last year, according to the latest findings from the Consumer Intelligence Home Insurance Price Index. From April of the previous year to April of this year, the average quoted price for home insurance increased by a staggering 41.6%.
The most recent quarterly data is equally alarming, showing a 10.3% rise in quoted premiums for both buildings and contents insurance over the past three months alone. This marks the largest quarterly increase in a decade. A substantial portion of quoted premiums, 24%, fell within the range of £150 to £199.
The increase in premiums varied depending on the type of claim. Customers who filed buildings claims experienced a notable 50.3% rise, while those with water-related damage claims saw their premiums increase by 49.8%. Increases were also significant for theft claims (43.7%) and damage-related claims (46.4%). Even policyholders without any claims witnessed a substantial rise of 40.9% in their premiums.
The upward trend in premiums was observed across all regions of the UK. London saw the highest increase at 49.9%, while the North West experienced a 37.6% rise.
Regionally, over the past three months, premium increases ranged from 7.4% in the West Midlands to 14.5% in London.
Matthew McMaster, Senior Insight Analyst at Consumer Intelligence, commented on the persistent inflation in the home insurance market, noting that prices have consistently risen over the past 12 months.
The sharp rise in home insurance premiums reflects ongoing challenges within the industry, impacting consumers across various regions and claim types. As households continue to navigate these increases, attention remains focused on future trends in insurance pricing and consumer affordability.
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