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Home insurance premiums reach new highs

Friday, 20 January 2012 11:14 AM

Home insurance premiums rose 11 per cent in 2011 to reach new highs, according to AA Insurance.

The company's Shoparound Index, based on an average of the cheapest three quotes returned from a range of insurers, shows that the rise in the average quote for annual buildings, contents and combined policies.

An annual buildings insurance premium rose 9.5 per cent to £143.36, contents premiums were up 11.2 per cent at £72.43 and combined policies were up 5.6 per cent at £200.25.

The increase was even more marked over the final three months of the year, with buildings up 3.1 per cent, contents up 4.4 per cent and combined up 2.9 per cent.

Simon Douglas, director of AA Insurance: "Storm damage, flooding and burst pipes are top of insurers' list of worries, following two harsh winters and increasingly frequent severe weather.

"In addition, economic pressures result in more theft claims. According to the British Crime Survey, domestic burglary in England and Wales grew by 10 per cent over the 12 months to the end of June 2011.

"The premium increases we have seen over 2011 reflect both past losses and concern about future claims."

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