Following on from our recent news story covering the Buildings Insurance Renewal 2024, recent data from Consumer Intelligence has reported the biggest increase in the cost of home insurance since the tracking of prices first took place in 2014. The average quoted price for home insurance saw an increase of around 40% in the last 12 months to April according to one index. Consumer Intelligence analyses figures from price comparison websites to compile data, using averages taken for the most competitive premiums for common risks.
The Association of British Insurers have also reported that Insurers appreciate the strain many household budgets are currently facing and, despite the rising cost of raw building materials and labour, insurance providers remain committed to continuing to offer competitively priced and appropriate insurance products.
Further research, which is based on prices paid rather than quotes, indicates that the average increase for a standard buildings insurance policy is around 19%.
Insurance providers have reported that while the country has seen a succession of storms sweep across the UK, with insurers having recently paid out nearly £360 million to support their customers whose homes were directly affected, they remain committed to offering cover that meets the needs of the homeowner. As such weather events are becoming more frequent, it is vital that homeowners take steps to ensure that they maintain and protect their property and the people around them.
As we touched upon in our recent story, having HPMS place insurance cover on our customers’ behalf can offer comfort to homeowners living in properties which benefit from having a communal policy in place. This avoids homeowners making separate individual arrangements, unaware if cover is in place elsewhere in the property, the need for payment of multiple excesses (in the event of a common claim) or in some cases avoiding the complications of insufficient cover being in place.
Equally important is considering proactive maintenance of property, which will help to ensure that there are no unexpected surprises around the corner, often leading to unanticipated major works which require significant funding.
If you are interested in finding out more about the benefits of communal insurance or proactive maintenance, please feel free to contact your Factoring Team who are on hand to assist you.
