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

More news

15 July, 2024

Before the election, property experts Rightmove carried out a survey to ascertain what this new gove

Speed up housebuilding One of the top recommendations was making improvements to the housebuilding process1. Buyer demand has increased by 15% since 2019, but the number of available homes has not inc

12 July, 2024

Recent research has found that 52% of UK working parents do not have a financial protection policy i

Who is not insured? Interestingly, nearly two thirds (65%) of those without protection are in part-time work, while over half (56%) are self-employed and 39% are on zero-hours employment contracts. H

8 July, 2024

Research has revealed the least and most expensive cities to be a first-time buyer (FTB) in the UK.

Aberdeen came out on top as the cheapest, as a typical home costs £102,6011 (assuming that an FTB property has two bedrooms or fewer). The average monthly mortgage payment is £406 if the borrower ha