The typical quoted price of home insurance jumped by more than a third (36.1%) in the 12 months to October, according to an index.
The average of the five cheapest quotes for a buildings and contents policy now stands at £227, financial services insights provider Consumer Intelligence said.
Consumer Intelligence’s data for the three months to October indicated a slowdown in quoted price rises, at 8.5% compared with 9.9% in the previous three months.
Homeowners with prior claims may see additional increases in coming months— Laura Vas, Consumer Intelligence
But the firm suggested that insurers may look to recover the cost of claims from the recent storms.
Laura Vas, senior insight analyst at Consumer Intelligence, said: “Homeowners with prior claims may see additional increases in coming months following recent storm damage, although insurers could spread the claim costs across all policy holders driving further market inflation.”
The research used price comparison websites and the calculations involve taking an average from the five cheapest premiums.
A spokesperson for the Association of British Insurers said: “Home insurers continue to support their customers after a year of turbulent weather with storms Babet, Ciaran and Debi and surges in both subsidence and burst pipe damage claims.
“Despite our increasingly unpredictable weather, insurers remain committed to offering competitively priced home insurance. It may still pay to shop around for the policy that best meets your needs.”
