The average quoted price of home insurance increased by 36.1% in the 12 months to October or the highest annual increase in records, beating the previous high increase by 25.7% only three months earlier, the latest price index of user intelligence of domestic home intelligence for home intelligence for users of users of users of users of users, of users, of users ¹ shows.
The average cited premiums for buildings and content are expected to rise even higher as the damage from storms Babet and Kiara will probably mean additional quoted prices.
The average of the five most expensive quotes for building and content policy now amounts to £ 227 compared to £ 163 in October 2022. However, in October 2023 The quotes fall within the range.
In October 2022, 83% of users received at least one buildings and content insurance premium below £ 150 within the first five quotes on the price comparison websites. Twelve months later, only 41% of users have been able to make quoted bonuses under this threshold.
Consumer intelligence data from three months to October showed a delay in prices – 8.5% compared to records 9.9% in the previous three months – but now insurers are likely to appear to reimburse the cost of claims from the latest storms.
In the 12th months to October, customers claiming water -related damage is observed, quoted prices increased by 42.8%, while those with buildings have observed an increase of 40.7%and those with claims, related With damage, 39.5%. For comparison
Londoners continue to face the highest quoted premiums for construction and content policies, northeast being the cheapest region.
“With the storms of Babet and Siaran, causing significant damage to thousands of homes in the UK, we plan to increase the premiums in the coming months.
“Housing owners with previous claims may see additional increases in the coming months after the recent damage from the storm, although insurers can distribute the cost of requesting all the owners of policies moving more market inflation,” ” Says Laura you, Senior Insight Analyst at Consumer IntelligenceS
Long -term look
Overall, the premiums cited have already increased by 42.2%since consumer intelligence first began to collect data in February 2014. About 33.8% of the total increase happened in 2023.
In the regions
The quoted prices for Londoners to guarantee their property and their contents are 36% higher than the UK average. By comparison, the quoted premiums in the Northeast, the less expensive region of the United Kingdom, are 20% lower than the UK average for the annual home and content content.
All regions are observed increases in quoted premiums in the last 12 months of over 30%, ranging from the northeast to 32.1%southeast to 38.5%.
The increase in quoted prices in the last three months ranges from 6.8% in the northeast to 9.5% in Yorkshire and Humber with the eastern region and the West Midlands, which experience the second highest increase by 9.1%.
Age differences
Households under the 50s continue to see slightly higher offers for their home insurance than over the 1950s.
However, over the 1950s have been observed slightly greater increases of quoted bonuses in the last three months at 9.3% compared to 8% in the 50s, while the cited premiums in the last 12 months have been similar as 36 , 2% in the 1950s, were similar by 36.2% for under the 50s and 36% for over 50s.
Ownership
Properties from the Victorian era, built between 1850-1895, attract the highest average quoted premiums. The premiums cited are 21% higher than the next highest for houses built between 1910 and 1925.
The lowst quoted premiums are for Homes Built This Century, Just Marginally Less Than Quoted For Houses Built Between 1940 and 1955. ASES FOR THOSE Build Since 2000 at 33.9%. The largest annual increases are for homes built between 1925 and 1940 at 39.3%.
|
Region |
Pricing index |
Pricing index |
|
London |
+35.5% |
+8.1% |
|
Southeast |
+38.5% |
+8.4% |
|
East |
+36.4% |
+9.1% |
|
Wales |
+36.6% |
+8.8% |
|
Scotland |
+35.4% |
+8.2% |
|
Yorkshire and Humber |
+38.1% |
+9.5% |
|
Southwest |
+37% |
+8.6% |
|
West Midlands |
+35.1% |
+9.1% |
|
Northwest |
+34.5% |
+7.6% |
|
East Midlands |
+35.1% |
+8.7% |
|
Northeast |
+32.1% |
+6.8% |
Data from the prices index of the home intelligence of the home is used by the service for national statistics, regulators and insurance suppliers as the final indicator of how the price changes to the users.