Home insurance premiums increased by nearly a third (32%) in the final three months of 2023 compared with the same period in 2022, according to Compare the Market.
Average premiums jumped by £47, from £146 in the fourth quarter of 2022 to £193 in 2023.
All regions in the UK were affected by rising home insurance premiums, but those in Northern Ireland paid the highest premiums in the fourth quarter of 2023 (£340), with the largest annual increase of 47%, from £231 the previous year.
Scotland saw the second-largest increase, with prices rising by over a third (36%) year-on-year from £145 in 2022 to £197 last year.
East Anglia (34%), Greater London (33%), Southeast England (33%), Southwest England (34%), and Wales (33%) all experienced an increase of around a third.
Greater London was the second most expensive region for home insurance after Northern Ireland, with premiums rising to £302 in the fourth quarter of 2023, up from £227 the same period last year.
Southeast England and East Anglia also ranked among the more expensive regions in the UK, at £213 and £210 respectively.
Northeast England was the most affordable region for home insurance in Q4 last year, at £157 on average, with the region also experiencing the smallest annual increase, at 26%.
Helen Phipps, director at Compare the Market, said: “Home insurance premiums increased across the country in the past year.
“Prices may have been affected by high inflation driving up the cost of building materials, as well as an increase in home insurance payouts.
“While the impact of rising premiums was seen across all regions, Northern Ireland and Greater London stand out as the most expensive and Northern Ireland and Scotland as the regions with the fastest-rising prices.
“The threat of turbulent weather also appears to have impacted premiums, as seen by the growing price gap between homes located near tall trees in comparison to those not.
“As premiums rise, it is important that homeowners consider the actions they might be able to take to make savings.
“By comparing policies online, you can form a better understanding of the different options available to you and potentially find a deal that is more affordable or a better fit for your circumstances.”
