New figures published by the Association of British Insurers (ABI) 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.
Despite surges in weather-related claims and more expensive building materials, the average price of combined home buildings and contents insurance has increased by less than the rate of inflation over the past year, the ABI's insurance premium tracker said. During 2022, home insurers paid out £2.5 billion to help customers cope with unexpected events, such as storm damage.
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.
