Home insurance prices surge to record high

The average quotes price of home insurance jumped by 41.6% in the 12 months to April 2024, according to new data from Consumer Intelligence.

The financial services insight provider highlighted that this was the highest annual increase on record, beating the previous all-time high of 40.6% recorded in the year to January 2024.

According to the latest figures, the most common premiums were quoted between £150 and £199, with 24% of quotes falling within that range.

This was also on average 10.3% higher than what it was three months ago, meaning prices saw their biggest quarterly increase for 10 years.

Increases in quoted prices over the past three months range from 7.4% in the West Midlands to 14.5% in London.

“The increase in building and contents insurance new business quoted premiums is the largest yearly increase we have seen since tracking began in 2014,” Matthew McMaster, senior insight analyst at Consumer Intelligence, said.

“The market saw inflation during each of the last 12 months and the last three months was the highest recorded in the last 10 years, exceeding the 10% in Q3 2023.”

Theft

Overall, quoted premiums have now risen by 68.8% since Consumer Intelligence first started collecting data in February 2014.

And Consumer Intelligence warned that customers who have made claims could see additional increases in the coming months.

“Those making recent theft claims experienced increases in quoted premiums of 13.8% in the past three months,” the firm said.