We cannot deny the necessity of home insurance and content insurance to protect the home from natural calamities, thefts, damage due to unexpected reasons and more. However, it has become a tad bit expensive last year with an added payable amount equal to £131. These statistics are in accordance with the reports by Consumer Intelligence, market specialist for insurance and banking sector.
Consumer Intelligence blamed the rise in home insurance premiums on the increasing payment to fraudulent cases and increase in cost of claims. Point to note here is that the rise in home insurance premiums is much more than the increase in the rate of inflation, which is 3%. As per reports, UK home owners are reporting maximum claims for water leakage. Moreover, the rising cost of jewellery has resulted in the increase in content insurance premiums.
All of these factors have an overall effect on the home insurance premiums which have soared by 8.5%. When considered based on the age group, it was discovered that home owners above the age of 50 are paying 8.4% more on home insurance premiums i.e. £127 higher than last year. Those under the age of 50 are paying 8.6% increase in home insurance adding the premium amount by £133.
When the rise was monitored in different locations, it was found that average premiums in London were around 41% more than that for home owners living South West England. Londoners paid £168 more while those in South West England paid £119 more as home insurance premiums. While Scotland faces a rise of 5.6%, those in Wales are paying 10.6% more than last year.
Well, industry experts suggest that the prices will still increase. John Blevins from Consumer Intelligence stated that “The home insurance market remains very competitive but customers can expect prices to continue to rise in line with inflation.” The best way to deal with rising home insurance is to shop around. It is best to compare home insurance cost offered by various providers and switch to the cheapest home insurance provider.
If you need assistance to compare home insurance providers then FreePriceCompare is the best resource. You can also check our price comparison tool to get the cheapest home insurance quotes online. Just switch to cheapest home insurer and start saving. To know more about discounted deals offered to new customers and cheap content insurance providers, visit us at https://freepricecompare.com/insurance/home-insurance/ or call our price comparison experts on 02034757476.