{"id":3473,"date":"2024-06-12T08:11:12","date_gmt":"2024-06-12T06:11:12","guid":{"rendered":"https:\/\/pfadvisors.co.uk\/?p=3473"},"modified":"2024-06-11T21:12:35","modified_gmt":"2024-06-11T19:12:35","slug":"why-is-the-cost-of-home-insurance-rising","status":"publish","type":"post","link":"https:\/\/pfadvisors.co.uk\/en\/why-is-the-cost-of-home-insurance-rising\/","title":{"rendered":"Why is the cost of home insurance rising?"},"content":{"rendered":"

Homeowners and insurers alike are feeling the impact of the winter storms, as the average home insurance premium increased by 4% in the final quarter of 2023 [1].<\/em><\/p>\n

A stormy winter<\/strong><\/p>\n

The last three months of the year saw six storms officially recorded by the Met Office, with the first three alone causing 36,000 home insurance claims to be made. As a result of Storms Babet, Ciaran, and Debi, \u00a3352m was paid out by insurers. The average premium for combined building and contents insurance therefore went up by 4% to \u00a3364.<\/p>\n

Higher cost of rebuilding<\/strong><\/p>\n

Storms are not the only factor affecting the price of cover \u2013 labour costs and raw materials are also becoming increasingly expensive. Compiled by the Building Cost Information Service, the House Rebuilding Cost Index (HRCI), which measures changes in the price of rebuilding costs, shows that in the two years to January 2024, the Index increased by 21%.<\/p>\n

Cover still competitively priced<\/strong><\/p>\n

Despite the higher figures, insurers are doing their best to keep home insurance at a competitive price. In fact, statistics show that the average premium fell between 2014 and 2023, once inflation has been taken into account.<\/p>\n

ABI call for preventative measures<\/strong><\/p>\n

As we look to the future, property damage due to extreme weather is unfortunately going to be more common due to climate change. Louise Clark, ABI\u2019s Policy Adviser, has said more action needs to be taken to protect homes. She commented, \u201cFlooding caused by extreme weather is devastating when it strikes people\u2019s homes. That\u2019s why it is vital more is done to increase investment in flood risk management that better protects communities which are at risk, alongside a zero-tolerance approach to building properties in areas of high flood risk.\u201d<\/p>\n

[1] ABI, 2024<\/p>\n

\ud83d\udea8 Data accurate as of the date of publication \u2013 12.06.2024<\/p>\n

\ud83d\udea8Information within this blog is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed.<\/p>\n

\ud83d\udea8 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.<\/p>\n

 <\/p>\n

Source: Quilter Financial Planning \u2013 Essentially Mortgages Q2 2024<\/p>\n","protected":false},"excerpt":{"rendered":"

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