Home insurers paid out £2.5 billion to help customers cope with unexpected events in 2022.
New figures published by the Association of British Insurers indicate that the average price paid for home insurance in the first quarter of 2023 was £315, up by six per cent on the same quarter last year. The average price paid for cover in the first quarter of 2022 was £298.
The tracker looks at the prices that customers pay for their cover, rather than the prices they are quoted. At £315, the average combined buildings and contents policy was up by £10, or three per cent, compared with the previous quarter. Financial Conduct Authority rules on the pricing of home and motor insurance introduced on January 1, 2022 ensure that the price paid by renewing customers for motor and home insurance is no greater than the price charged to an equivalent new customer for the equivalent policy bought through the same distribution channel, such as insurer, broker, or price comparison website.
Laura Hughes, the ABI's manager, general insurance, said: "Insurers appreciate these continue to be tough times for many households coping with the rising cost of living.
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