Homeowners pay 6% more for home insurance in Q1 2023

The average price paid for a combined buildings and contents home insurance policy in the first quarter of 2023 was £315, according to the Association of British Insurers (ABI). This is an increase of 6% from the same period in 2022, but is lower than the rate of inflation, which was 7% in April 2023.

The ABI said that the increase in premiums was due to several factors, including:

  • The rising cost of building materials and labour
  • The increasing frequency and severity of weather-related claims
  • The growing threat of cyber crime

However, the ABI also said that insurers were taking steps to help customers manage the cost of their home insurance, such as offering discounts for things like security measures and flood-proofing.

“Insurers appreciate these continue to be tough times for many households coping with the rising cost of living,” said Laura Hughes, general insurance manager at the ABI. “That’s why we’re working hard to keep premiums as affordable as possible, while still providing the cover our customers need.”

If you are looking for a new home insurance policy, it is important to shop around and compare quotes from several different insurers. You should also make sure that you understand the level of cover that you are buying and that you are happy with the terms and conditions.

Here are some tips for finding the best home insurance deal:

  • Get quotes from at least three different insurers.
  • Compare the level of cover, the price, and the terms and conditions.
  • Make sure you understand what is covered and what is not.
  • Ask about any discounts that may be available.
  • Consider taking out a multi-policy discount if you also have other insurance policies, such as car insurance or life insurance.

By following these tips, you can find the best home insurance deal for your needs and budget.

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