Home insurance prices continue to rise, with the average cost now £241 – 32% higher than this time last year, according to Go.Compare’s latest Home Insurance Index.
Premiums increased by 8% in Q2 2024, following a 5% rise in the previous quarter.
Homeowners have seen impact from climate-related events; for example, storm damage claims have risen by 55% since last year.
The data revealed significant regional variations in home insurance prices – Northern Ireland had the highest average at £416, followed by Greater London at £351.
In contrast, the cheapest area for home insurance was the North East of England, where the average cost was £206.
Nathan Blackler, spokesperson for Go.Compare on home insurance, 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.”
Blackler added: “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.
“There are a number of ways you can help lower the cost of your home insurance – we recommend: paying annually; improving your home security; keeping up with home maintenance; avoiding unnecessary add-ons; and accurately assessing the rebuild cost and the value of your contents, as these will impact your policy’s cost.”
