The Association of British Insurers has found that combined home buildings and contents premiums averaged £315 in Q1 2023. This was up by 3% on the previous quarter and by 6% over the year. The ABI said home insurers paid out £2.5bn in 2022.

Laura Hughes (pictured), manager, general insurance at the ABI, said: “The rise in the average combined buildings and contents premium over the last year remains under the inflation rate, despite the above inflation rises in the cost of many building materials.

“Last year’s storms and the surge in subsidence claims following the summer heatwave were a dramatic reminder of the importance of home insurance.”

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