The cost of home insurance continued to rise between April and June this year, data from Compare the Market has found.
The research revealed that home insurance premiums increased most significantly in Northern Ireland, rising by 62% from £268 in the second quarter of 2023, to £433 this year, the highest in the UK.
Yorkshire and the Humber recorded the second highest premiums at £387, but prices have risen at a relatively slower annual rate of 25%.
Homeowners in Greater London experienced the second-largest jump in insurance premiums after Northern Ireland.
The cost of home insurance climbed by 39%, from £262 between April and June in 2023, to £363 during the same period in 2024.
Home insurance premiums were at their third highest in Greater London, behind Northern Ireland and Yorkshire and the Humber.
The South East saw the third most significant jump, with premiums increasing by over a third (36%) from £185 to £251.
Considerable increases were also seen in East Anglia (35%) and Scotland (35%).
The cost of insuring ground floor flats increased the most of any property type, with premiums climbing by 42% from £178 to £252.
Insurance premiums rose by 38% to £234 from £169 for detached bungalows, the second-largest increase.
This was followed by detached houses and mid-level floor flats, both of which saw increases of 34% from £203 to £272 for the former, and £177 to £237 for the latter.
Insurance premiums were highest for bedsits at £515 on average, although premiums for this property type rose at a relatively slower rate of 26%.
In addition, the cost of insuring a property that previously flooded increased by 27% from £373 in the second quarter of last year to £473 this year.
Similarly, the price of home insurance for homes located near bodies of water rose by nearly a third (31%) from £180 to £235.
The difference between insuring a property that had previously flooded and one that had not also increased year-on-year, from £203 to £249, a jump of almost a quarter (23%).
Helen Phipps, director at Compare the Market, said: “Home insurance premiums have continued to rise between April and June this year, with the increases likely to put pressure on many homeowners already contending with a host of other rising costs.
“Many different factors could in part be influencing the price of home insurance, such as the cost of rebuilding a home and the wet weather that the UK faced in Spring 2024.
“We would encourage homeowners to compare different policies online to see which deals are available and right for your circumstances.”
