Claims for damage to homes from storms, heavy rain and frozen pipes reached £144 million in Q2 of this year, latest figures from the Association of British Insurers reveals.
This is the fifth consecutive quarter that weather-related claims have been above £100 million.
Subsidence payouts for home insurance claims were also up in the second quarter of the year, hitting £60 million – the highest quarterly figure on record and up 12% on the £53 million paid in Q1 2024.
PRICES INCREASE
Nathan Blackler, Home Insurance Expert at Go.Compare home insurance, says: “These latest figures from the ABI won’t be welcome news for homeowners – on the one hand, the ABI tracker has reported that car insurance prices are stabilising, but now we’re seeing home insurance prices increase.
“Our own Go.Compare Home Insurance Index, released earlier this year, revealed that the cost of insuring your home had fallen slightly for the first time since 2022, averaging £212 in Q1 of 2024.
“But even though costs are stabilising, the cost of home insurance is still 31% higher than the same time in 2023, when the average home insurance policy cost £162.”
And he adds: ““Home insurance premiums have escalated in recent years for a number of reasons, including inflation and the rising cost of materials and labour – but it’s increase in adverse weather-related claims that have had the most significant impact on the cost of insurance.
“Despite external factors such as this, there is also a wide range of factors that will affect the cost of your home insurance premiums, from the size of your property to the area where you live. All of which can impact how much you are likely to pay for your insurance, which is why it’s always so important to shop around when your policy is up for renewal, so you’re getting the best product and price for your circumstances.”
