The average quoted price of home insurance has surged by around a quarter (25.7%) annually, according to an index.
Data analytics firm Consumer Intelligence, which compiled the report, said this is the biggest jump it has seen in records going back to 2014.
The average premium quoted for a buildings and contents policy was £212 in July, it found, up from £168 in July 2022. The figures have been rounded off.
Across Britain, people in London continue to face the highest typical quoted premiums at £316 for building and contents policies, with the North East the cheapest region with an average quoted price of £184.
People who have made claims are likely to feel the pinch even more
Georgia Day, Consumer Intelligence
The firm looks at prices quoted on price comparison websites when carrying out its research.
Georgia Day, senior insight analyst at Consumer Intelligence, said: “People who have made claims are likely to feel the pinch even more as our data shows the highest increases for customers who have made an ‘escape of water’ claim.”
Older householders have seen lower quotes for their home insurance, with average quoted premiums for over-50s at £199, compared with £222 for under-50s, researchers found.
Quoted prices rose slightly faster for the under-50s in the previous 12 months, at 26.3%, compared with 25.0% for the over-50s.
Older properties continue to attract the highest quoted premiums with Victorian-era homes built between 1850 and 1895 seeing average quoted costs of £279 for joint home and contents policies.
Average quoted premiums for homes built between 1940 and 1955 are the lowest, at £194.
Here are price rises for quotes over the past year, according to Consumer Intelligence, followed by the average premium. The firm takes an average of the cheapest premiums to indicate the prices people may be likely to pay:
London, 27.8%, £316
South East, 28.4%, £227
Eastern England, 26.4%, £209
Yorkshire and the Humber, 26.2%, £202
South West, 24.8%, £195
Scotland, 25.0%, £194
West Midlands, 22.2%, £194
Wales, 26.5%, £193
East Midlands, 24.4%, £191
North West, 25.3%, £190
North East, 24.3%, £184
