IPT rise drives up home insurance premiums

Row of houses and parked cars

Home insurance premiums are rising at the fastest rate for three years following the increases in insurance premium tax (IPT), according to research by Consumer Intelligence.

The report showed that average home insurance costs rose by 7% in the year to July 2017, while prices were rising fastest for over-50s householders.

Consumer Intelligence noted that most of the increase was due to the rise in IPT, while Brexit was also having an impact with the weak pound driving up the cost of imported

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