That’s according to Go.Compare, which said that home insurance premiums are nearly a third higher than this time last year (a 32% increase).
And the cost of home cover is a staggering 56% higher than the same time two years ago.
With homeowners submitting 55% more claims for storm damage this year than in 2023, experts are warning that extreme weather is one factor influencing the rising cost of home insurance.
Regional split
The new data highlighted stark differences in home insurance prices across the UK, with home insurance in the most expensive region costing more than double the cost in other areas.
Northern Ireland has the highest prices on average for combined home insurance at a cost of £416 per year, followed by Greater London at £351.
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Costing less than half than Northern Ireland on average, the area of the UK with the cheapest home insurance is the North East of England, at £206.
Nathan Blackler, Go.Compare’s home insurance spokesperson, said: “The continued rise of home insurance will be unwelcome news for homeowners, particularly as we head towards the winter months, where household bills typically increase.
“There are a number of reasons that can explain the consistent price rises with home insurance. Inflation is still high and this, combined with the rising costs of materials and labour, has a knock-on effect on the cost of insurance.
“Additionally, we have seen a 55% rise in the number of claims submitted for storm damage in the past year – and as insurers factor in the increased risk from adverse weather conditions, this affects prices as well.
“It is worth remembering that besides these factors, there are a wide range of things that will affect your home insurance premium – some we can change, and some we can’t. The size of your property and where you live help determine the price you pay, but so do things like home security measures you have in place.”
Top tips to cut the costs of cover
Blackler went on to suggest tips to keep your home cover costs down:
Paying annually – this will help you avoid any added interest and fees you might see on monthly instalments.
Improving your home security – adding insurer-approved locks and alarms can help lower your premium, as your home is considered safer.
Keeping up with home maintenance – making sure your home and garden are in top condition will lessen the risk of you needing to make a claim and help protect any no-claims discount you have.
Avoid unnecessary add-ons – look closely at your policy details and only pay for the cover you need.
Don’t rely on inaccurate estimates – take care when calculating your rebuild cost and the value of your contents, as this will impact the cost of your policy.
