Quoted home insurance prices jump by 10.5% annually but have started to fall
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The average quoted price of home insurance jumped by 10.5% last year – but prices have been edging down in recent months, according to an index.
Consumer Intelligence recorded a 2.2% fall in the price of quotes for buildings and contents insurance between September and December 2024, with its analysis indicating that the bulk of last year’s increase happened in the early months of 2024.
The West Midlands recorded the biggest quarterly drop at 3.3%, followed by the South West and North East, both at 3.1%. Scotland saw the smallest decrease at 0.7%.
Across 2024, quoted premiums rose generally across Britain, ranging from a 14.9% increase in Scotland to a 4.0% rise in the West Midlands.
Premiums have most commonly been quoted between £150 and £199, according to Consumer Intelligence’s data.
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
Matthew McMaster, Consumer Intelligence
Quoted premiums for over-50s households rose faster – by 13.6% – across 2024 – than the 8.0% increase recorded for the under-50s.
Matthew McMaster, senior insight analyst at Consumer Intelligence, said: “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.”
Properties of all ages experienced increases in quoted premiums across 2024, researchers said, ranging from 13.3% for homes built between 1910 and 1925 to 8.9% for homes built between 1940 and 1955.
Overall, quoted premiums have risen by 65.1% since Consumer Intelligence started collecting data in February 2014.
The Consumer Intelligence home insurance price index takes averages of the five cheapest premiums on price comparison websites and takes common risk factors into account.
Here are the average increases in quoted premiums from December 2023 to December 2024 by nation and region, according to Consumer Intelligence:
Scotland, 14.9%
South East, 14.4%
London, 14.0%
South West, 11.5%
Eastern England, 11.1%
Wales, 10.0%
East Midlands, 9.8%
Yorkshire and the Humber, 9.0%
North West, 8.1%
North East, 5.8%
West Midlands, 4.0%
