Surge in storm claims pushes up home insurance costs

Home insurance premiums have gone up by nearly a third over the last year, partly because of an increase in the number of storm damage claims. 

According to comparison site Go.Compare, the average price of combined home insurance is now £241. 

That’s 32% higher than it was a year ago, and 56% more than it cost in 2022. 

So why is home insurance getting so much more expensive? 
 
Well, extreme weather becoming more common seems to be a big factor, as the number of storm damage claims from homeowners has gone up by 55% this year. 

At the same time, the rising cost of labour and materials has pushed up the cost of dealing with a claim. 

While many of the factors driving the rise in home insurance premiums are out of your control, there are still some ways to keep costs down. Go.Compare recommends: 

Improving home security – Insurers will consider a home safer if it’s equipped with approved locks and alarms. 

Maintaining your home and garden – Making sure your home is in the best possible condition, both indoors and outdoors, can reduce the chances of you needing to make a claim. That can, in turn, help you keep your no-claims discount intact. 

Making sure estimates are accurate - Go.Compare suggests taking care when calculating rebuild costs and the value of your home’s contents, as inaccurate estimates could push up the cost of your policy. 

Only paying for what you need – Take a look at your policy details and see whether you really need everything you’re paying for. You could be better off switching to another policy without unnecessary extras. 

Paying annually – Making an upfront payment for a year can sometimes be cheaper than paying monthly instalments, which can carry extra interest and service fees.