Home insurance races ahead of inflation

November 23, 2016 | 6years | Insurance News

Home insurance costs are racing ahead of inflation with annual prices climbing 3.5% in the year to October.

The average annual home insurance premium now stands at £123, according to analysis by market research firm Consumer Intelligence.

Londoners pay the highest annual premium at £154 but prices are rising fastest in Eastern England at 6.6%. The lowest premium of £113 is paid in the South West.

The data found the price increases were driven by hikes to insurance premium tax.

Over 50s are seeing prices rise quicker than younger homeowners and pay higher premiums than under 50s at £131 compared with £119.

However, tough competition means annual premiums are still 9% lower than in February 2014.

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