Bad weather this winter has been blamed for news that home insurance premiums have risen by almost 50% in the last year as Britain suffered from one of its harshest winters in a long time. Increased fraud added to the problems and have caused the inflation busting increases in premiums.
Geographical location also has a large bearing on home insurance costs with Glasgow in Scotland seeing a 36% rise from £111 a year on average, to £151 a year. Dorking in Surrey saw the biggest individual increase with a 46% rise in premiums.
Greater London saw the worse regional increase, although customers in Dorking will feel the pinch the most. With last year’s average of £119 increasing to £174 this year, many customers will be tempted to go without home insurance, a huge risk.
Insurance insiders believe the huge increases are down to the poor weather, with the cold leading to large bills for repair work and an increase in fraud leading to increases in all forms of insurance.
Industry experts expect the cost of home insurance to continue rising year on year.