Home Insurance Premiums On The Rise

With inflation up to 4.4%, petrol prices rising, home insurance premiums clearly don’t want to be left out and have risen 6% this year alone.

The typical cost for buildings and contents insurance cover has risen from £142 to £151 between January and March this year, equivalent to 2.5p per day.

It’s true to say that car insurance premiums are rising faster, however, insurers are facing the cost of last years huge winter repair bills for the freezing winter weather and the costly clean up from incidents of flooding.

These severe weather occurrences now appear to be a trend rather than a one off event, which all add to the cost of premiums for consumers.

Julie Owens, head of home insurance at moneysupermarket.com said: “The cost of insuring homes in the UK is steadily on the increase. Unfortunately for consumers, things look set to get worse with the increase in prices unlikely to slow down in the coming years.”

“The amount of fraudulent home insurance claims is really shocking; there are now around 170 per day. It is a shame that dishonest consumers are forcing up costs for everyone. This has resulted in many insurers no longer promoting incentives or offering a discount on their products.

The only way for consumers to ensure they get a good deal is to compare prices and ensure that they get the right level of cover they need at the lowest possible price.”

MoneyHighStreet.com comment: Home insurance is a key requirement for homeowners, covering both buildings and contents insurance. But how to buy home insurance?

If you have a standard set of home insurance requirements and therefore you meet certain assumptions that insurers set out, you are likely to get a number of quotes from these comparison sites and could well get some good deals.

Be careful though that you make sure you get the insurance cover you really need – the cheapest premium may not necessarily be the best for you.

If your requirements are not standard, it is unlikely you’ll get automatic online quotes provided.

So an option is to buy High Net Worth home insurance via an Insurance Broker

MoneyHighStreet has partnered with a leading insurance broker, W B Baxter Insurance Brokers Ltd, to offer High Net Worth home insurance advice and products via a top quality service.

Contact Baxters and get Free advice about your high net worth home insurance, understand what your best options are and as appropriate buy home insurance.