The average cost of buildings and contents insurance rose by less than
inflation in the past year, the ABI’s Home Insurance Premium Tracker
shows.
In total, the average price paid for home insurance in Q1 2023 was up 6% on
the same quarter last year. This is significantly below inflation in the past year.
Average premiums for a combined buildings and contents policy were up 3% on
the previous quarter and 6% over the year. Likewise, the average buildings only
policy was up 1% on the previous quarter and 5% in the year. Finally, for
contents only cover, the average price paid fell by almost 1% on the previous
quarter and rose by 1% in a year.
Meanwhile, home insurers paid out £2.5bn in claims, up 6% on 2021.
As with all insurance policies, conditions and exclusions will apply
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