Average quoted price for home insurance rose 6.7% in year to April – index
Consumer Intelligence said older properties continued to have the highest premiums.
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Your support makes all the difference.The average quoted home insurance price increased by 6.7% annually in April, according to an index.
Across Britain, the average quoted premium for a building and contents policy was £162, Consumer Intelligence found.
The 6.7% increase is below the Consumer Prices Index measure of inflation in April, at 8.7%.
Consumer Intelligence said it has seen prices rising particularly sharply in recent months.
Older properties continued to have the highest average quoted premiums, with homes built between 1850 and 1895 seeing average quoted costs of £225 for joint home and contents policies.
Healthy competition in the home insurance market has historically tended to keep prices in check
Quoted premiums for homes built since 2000 were the lowest at £150, while properties built between 1970 and 2000 attracted an average premium of £154.
Georgia Day, a senior insight analyst at Consumer Intelligence, said: “The sharp increases in quoted premiums in the past three months point to continuing rising prices for the rest of the year as insurers keep pace with inflation in the wider economy.
“Healthy competition in the home insurance market has historically tended to keep prices in check.”
The Consumer Intelligence home insurance price index is compiled using quotes from price comparison websites and some direct providers.
The index takes the average of the five cheapest premiums, giving an indication of the price a customer shopping around may select.
Here are the annual increases in quoted premiums in April and the average price, based on the five cheapest quotes, according to Consumer Intelligence:
– London, 6.4%, £217.
– South East, 9.2%, £167.
– Wales, 11.5%, £165.
– Eastern England, 7.5%, £153.
– North West, 10.9%, £157.
– Yorkshire and the Humber, 10.0%, £157.
– South West, 9.9%, £148.
– Scotland, 12.1%, £156.
– West Midlands, 8.2%, £156.
– East Midlands, 9.9%, £153.
– North East, 8.8%, £136.