Home insurance costs still up 31% on last year, despite recent fall

Home insurance costs still up 31% on last year, despite recent fall
Christina Hoghton
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Christina Hoghton

The cost of insuring your home has nudged down slightly for the first time since 2022, averaging £212 in the first quarter of 2024.

Despite the dip, premiums are still up 31% on the previous year, when the average home insurance policy cost £162, said GoCompare.

Digging deeper, the cost of buildings only policies are on the up, but contents only policies have decreased.

The average cost of buildings-only policies have risen from £160 to £167, while contents-only cover fell from £67 to £63 this quarter.

Regional split

Combined home insurance policies are on average the most expensive for those in Northern Ireland at a cost of £369, although Greater London is only £42 less at an average of £317.

The area with the lowest home insurance costs is the North East of England, with average premiums of £175.

Nathan Blackler, GoCompare’s home insurance spokesperson, said: “Some of the reasons why we have seen such significant price rises include increased inflation and the rising costs of materials and labour, which have a knock-on effect to the cost of insurance. In addition, unpredictable weather conditions have made leaks and weather-related claims more common.

“As well as revealing the average price of a home insurance policy, the index also shows there are lots of different factors that will affect your premium, from the size of your property to where you live, which can all impact how much you are likely to pay for your insurance. This is why it’s always so important to shop around when your policy is up for renewal to make sure you’re getting the best product and price for your circumstances.”

Related: Home insurance costs rose by more than a third last year