Home quote prices jump 9.3% in three months

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The average quoted price for home insurance rose by 6.7% in the past year to April – the highest annual increase since 2018, the latest Consumer Intelligence Home Insurance Price Index has revealed.

The annual jump is in line with the 6% rise in the average price paid for a combined buildings and contents home insurance policy reported by the Association of British Insurers earlier this month.

However, both figures have come in below the Office for National Statistics’ Consumer Price Index measure of inflation, which rose by 8.7% in the 12 months to April 2023.

Market losses

The below-inflation increase in the home insurance market stands in stark contrast to the motor market, where

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NSM Insurance has signed up to buy InsurEvo Group, including AllClear Insurance, InsureandGo and JustCover, from Synova.

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