Insurers paid out £352m to cover property damage caused by the three storms in October and November 2023. That’s not including the damage caused to vehicles and businesses – the full cost of which is not yet known. As a result, the average premium for a buildings and contents insurance policy increased to £364 in the last quarter of the year – £14 more than in Q3.
Despite the rising figures, the average cost of insuring a home has fallen in the last ten years (when adjusted for inflation), as many insurers continue to price their cover competitively.
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