Home insurance prices increased by 10.5% annually but have started to fall Last year saw a 10.5% increase in the average quoted home insurance prices, but recent months have delivered a downward trend, according to an index by Consumer Intelligence.
Matthew McMaster, senior insight analyst at Consumer Intelligence, commented: "Most of the inflation in quoted premiums happened in the first four months of last year with rest of the year seeing relative stability and decreases.".
Throughout 2024, the rise in quoted premiums proved universal across Britain, raning from a 14.9% climb in Scotland to a 4.0% uplift in the West Midlands.
The company noted a 2.2% dip in buildings and contents insurance quotes between September and December 2024, spotlighting that the majority of 2024’s increase took place in the early part of the year.
The research indicated that properties across all ages faced higher quoted premiums in 2024, with increments ranging from 13.3% for homes built between 1910 and 1925 to 8.9% for those constructed between 1940 and 1955.
