Property Insurance Price Jumps

We are seeing alarming premium increases of around 17 or 18% from Boswells. This appears to be in line with or lower than other providers and is being applied equally to our homes and rental properties. 'Consumer intelligence' data says "Quoted home insurance prices surge a record 25.7% in a year". The increase in the year to July 2023 in the South East was 28.4%.

Why So Much More Than Inflation?

Insurers say the increase is due to higher than normal claims rates and the cost of repairs going up disproportionally compared to general inflation.

Older properties built between 1850 and 1895 attract the highest quoted premiums.

This is money say "Households have been told to brace for further increases in the coming months with quoted prices rising 9.9 per cent in the three months to September, the highest quarterly increase on record."

Data from the Consumer Intelligence Home Insurance Price Index is used by the Office for National Statistics, regulators, and insurance providers as the definitive benchmark of how price is changing for consumers.

For more on the stats see here.

It is always worth talking to Boswells if you are not happy with your quote whether you are currently with them or not.

If you are thinking of changing supplier do check you are comparing like with like. Boswells policies are more comprehensive than many others and Which (The Consumers Association) rated them highly. Insurers have a habit of undercutting others to get the business and push up premiums in year two. For more thoughts on insurance see BETTER, BEST, BOSWELLS

Some underwriters are sneaking  new clauses into their Terms and Conditions so make sure you read them carefully, even when you are just renewing.