Home Insurance Premiums Continue to Rise
There is no let up for trouble homeowners and AA British Insurance Premium Index shows that home insurance premiums have increased for the eighth consecutive quarter. This time the buildings insurance premiums have risen by an average of 50p to take a new high of £ 218.53. This means that in the past 12 months, the average cost of buildings insurance rose by eight percent – the biggest jump since the beginning in 1994. There are several reasons why the premiums are still on the upward trend. Although house prices have fallen, the cost of housing reconstruction and repair has increased. This is escalated by a severe winter, a sharp increase in applications for buildings that were damaged by snow and ice. Average premiums rose even more content – increase by more than 3 pounds to 126.34 pounds. Much of this increase is attributed to the rise in domestic burglary since the recession – home thefts are reported to have increased by about four percent. There are also a record number of fraudulent claims to the industry tracking of 55,000 last year. Despite the increase remains relatively cheap home insurance until you know where to look. Many consumers fall into the trap of renewing their policies with the same insurer year after year, regardless of the renewal quote increases. This is a costly mistake, since most of the home insurance providers offer their cheapest deals only to new customers with discounts for online shopping. So at renewal time, property owners need to shop around for home insurance. The AA British Insurance Premium Index, the average quoted premium for buildings insurance falls by more than 90 pounds to 127.82 pounds, while the average quoted premium content decreases by more than 50 pounds to 70.40 pounds compared to those who least three quotations.
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