Home insurance costs below inflation

The average cost of buildings and contents insurance rose by less than inflation in the past year, the ABI’s Home Insurance Premium Tracker shows.

In total, the average price paid for home insurance in Q1 2023 was up 6% on the same quarter last year. This is significantly below inflation in the past year.

Average premiums for a combined buildings and contents policy were up 3% on the previous quarter and 6% over the year. Likewise, the average buildings only policy was up 1% on the previous quarter and 5% in the year. Finally, for contents only cover, the average price paid fell by almost 1% on the previous quarter and rose by 1% in a year.

Meanwhile, home insurers paid out £2.5bn in claims, up 6% on 2021.

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7 August, 2023

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