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