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Home insurance premiums up 6%
The average cost of home insurance has increased by 6% since the start of last year, according to moneysupermarket.com, taking the typical premium for buildings and contents cover up from £142 to £151.
Compared with premium inflation for car insurance (up 31% on 2010 levels) the rise seems minimal, however, insurers need to recoup the cost of last year’s freezing winter weather and with severe weather occurrences in the UK becoming a trend, the cost of insuring homes could be steadily on the increase.
According to the price comparison website, another factor hitting policyholders hard is the rise in fraudulent claims, which add around £44 to every premium, data from Legal & General suggests.
Moneysupermarket’s head of home insurance, Julie Owens, comments: “Things look set to get worse with the increase in prices unlikely to slow down in the coming years.”
According to Ms Owens, double digit percentage increases are on the cards.
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