Home insurance warning as premiums surge by 53 in just one year | Personal Finance | Finance [Video]

Home insurance premiums increased by almost a third (31 percent) year-on-year between January and March this year, according to new research.

The cost of insuring all property types has increased significantly, including bedsits (41 percent), bungalows (34 percent), flats (36 percent), houses (31 percent) and maisonettes (31 percent), according to new research from Compare the Market.

The average cost of insuring a home in the UK rose from £159 in 2023 to £209 this year, an increase of £53.

Homeowners in Northern Ireland saw the largest increases (53 percent) with Greater London (36 percent) and East Anglia (36 percent) also seeing significant jumps.

Insurance premiums for homes that have previously been flooded have risen by 29 percent to £454 on average, making them 117 percent more expensive to insure than properties that have not been previously flooded.

Property type

Bedsits were the most expensive property type to insure, costing £423 on average, and also …