Common residence insurance coverage premiums for buildings and contents cowl rose by 3% to £375 within the first quarter of this yr, pushing the year-on-year rise as much as 19%, in accordance with the Affiliation of British Insurers.
The quarterly enhance was barely lower than the 4% recorded within the last three months of 2023.
The commerce physique, which measures costs paid moderately than quotes, calculated buildings-only cowl rose 5% to £298 within the interval whereas contents-only insurance coverage remained static at £132.
Storms
The commerce physique flagged the affect of extreme climate winter harm arguing 2023 had the worst weather-related residence insurance coverage claims on file at £573m.
Most of this, the ABI detailed, was brought on by the succession of
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