In the past 12 months combined buildings and contents home insurance premiums rose by 26% according to pricing specialist Pearson Ham Group. The consultancy said the monthly increase for July of 4% signalled a likely slowing in the rate of increase for home insurance premiums going forward.

Stephen Kennedy, director insurance pricing at Pearson Ham Group, said: “Home insurers have had a to address many challenges. Not least inflationary pressures, increasing claims and the impact of regulation to pricing. All of which have resulted in home insurance premiums reaching an all-time high.

“The unprecedented rise in home insurance premiums over the past 12 months will be felt by consumers but relief may be in sight. The lower monthly rate seen in July signals a change, and perhaps a return to normalisation in pricing. If not that, it at least suggests a reduction in the level of premium increases expected in the coming months.”

Share Story: