Storms cause home insurance to rise

In Q4 of 2023, the average home insurance premium rose by 4%* due to winter storms hitting the UK.

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.

 

We can help find the appropriate home insurance for you.

 

As with all insurance policies, conditions and exclusions will apply.
* ABI

3 June, 2024

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