Home insurance costs 'on the increase'

Wednesday, 23 March 2011 01:49

Average home insurance costs have increased by six per cent, according to data from January 2010 to March 2011.

This is an increase of 2.5 pence per day and takes the typical cost for buildings and contents cover from £142 to £151, Moneysupermarket.com revealed.

It found that although the price of home insurance is not yet rising at the same rate as car insurance, which is up by 31 per cent on 2010 levels, insurers are taking account of last year's huge repair bills for the freezing winter weather.

Julie Owens, head of home insurance at moneysupermarket.com, stated things seem likely to get worse for consumers in the coming years with the increase in prices unlikely to slow down.

She said: "Although it's doubtful the percentage rise in home insurance premiums will match that of car premiums, it wouldn't be a surprise if we got to 'double digit' percentage increases."

Use the Myfinances.co.uk comparison tables to find the best deal on home insurance  

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