The cost of insuring a home has fallen slightly for the first time since 2022, averaging £212 in Q1 of 2024, Go.Compare home insurance has revealed.
The latest Home Insurance Index showed that the cost of insuring a home stabilised in Q1 2024, but was still 31% higher than the same time last year, when the average home insurance policy cost £162.
While the average cost of buildings only policies rose in the first quarter of 2024, from £160 to £167, contents only policies reduced slightly, from £67 to £63.
On a regional level, combined home insurance policies were the most expensive in Northern Ireland at a cost of £369, although Greater London was only £42 less at an average of £317.
The area with the lowest home insurance cost was the North East of England, with the average premium sitting below average at £175, having seen a slight drop from £179 in the last Home Insurance Index.
Nathan Blackler, home insurance spokesperson at Go.Compare, said: “While it’s good news that this latest Index shows home insurance prices stabilising, the average cost is still up 31% year on year, and up 40% since 2022.
“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.”
