Home Insurance Reaches Highest Ever Level
The latest AA British Insurance Premium Index has shown that the cost of home insurance has risen to the highest ever levels, probably due to two of the harshest winters on record.
The average UK homeowner with a combined buildings and contents policy is now paying an average of £205.55 which is 14% higher than it was just 12 months ago. The largest increase was seen in buildings cover which rose by an incredible 58% over seven years and 23% in the last two years.
It is expected that if the coming winter is as bad as the previous two, the cost of home insurance could rise even further.
Simon Douglas from the AA has commented that insurers are worried about more frequent and more severe weather events. These may include storms, wind damage, hailstorms, lightning and tornadoes. As well as the usual snow and rain.
The insurance company is offering advice to homeowners to avoid claims which could further push up premiums. These include lagging pipes to prevent water leaks, keeping central heating running during very cold weather and draining the water system if the house is to be left for long periods during the winter.