According to the Association of British Insurers (ABI), the average cost of home insurance rose by 4% in the final quarter of 2023. This was largely due to storms that raged through parts of the UK causing property damage and resulting in £352 million being paid out in insurance claims.
Factors Influencing Insurance Costs:
- Bad weather and an increase of storms – there were six named storms in the UK in 2023.
- An increase in rebuilding costs – the cost of materials and labour costs shot up by almost 21% between January 2022 and January 2024.
Average Price Increases In 2023
Between 2002 and 2023:
- Combined buildings and contents policies were up 13% from 2022.
- Buildings policies were up 15% from 2022
- Contents only policies were up 7% from 2022
At Mortgage Solutions Belfast we can provide you expert advice on Home Insurance Policies, from Buildings Insurance and Content Insurance to Combined Home Insurance, we have a wide panel of insurers to choose from with new insurers recently coming on board to increase our offering giving us access to competitive rates.
