Home insurance premiums tick up by less than inflation at 6%

money-houses

The average price paid for a combined buildings and contents home insurance policy in the first quarter of 2023 was £315, according to the Association of British Insurers.

Its latest Home Insurance Premium Tracker detailed a 6% increase on Q1 2022 and a 3% rise on the final quarter of 2022.

The average buildings-only policy was £236, up 1% on the previous quarter and 5% year-on year, the ABI listed.

For contents-only cover, the average price paid fell slightly – by less than 1% – to £117, compared with the previous quarter, reducing the annual increase to 1%.

Inflation

The insurer trade body noted the muted price hikes were less than the rate of inflation and

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