Home insurance warning to people due to renew buildings and contents cover before end of year

dailyrecord.co.uk:

Anyone planning to renew their home insurance before the end of the year could be in for a shock as the average quoted price for buildings and contents cover has surged by around a quarter (25.7%) annually.

New research conducted by data analytics firm Consumer Intelligence, said this is the biggest jump it has seen in records going back to 2014.The average premium quoted for a buildings and contents policy for people in Scotland is up by 25 per cent and will set you back an average of £194 for a year’s worth of cover.

The most expensive area across the country is in London, which saw the average annual price rise to £316 - a jump of 27.8 per cent.Consumer Intelligence looked at prices quoted on price comparison websites when carrying out its research.

Georgia Day, senior insight analyst at the firm, said: "People who have made claims are likely to feel the pinch even more as our data shows the highest increases for customers who have made an 'escape of water' claim."Older householders have seen lower quotes for their home insurance, with average quoted premiums for over-50s at £199, compared with £222 for under-50s, researchers found.Quoted prices rose slightly faster for the under-50s in the previous 12 months, at 26.3 per cent, compared with 25.0 per cent for the over-50s.Older properties continue to attract the highest quoted premiums with Victorian-era homes built between 1850 and 1895 seeing average quoted costs of £279 for joint home and contents policies.Average quoted premiums for homes built between 1940 and 1955 are the lowest, at £194.A spokesperson for the Association of British Insurers (ABI) said: "Insurers appreciate these continue to be tough times for many households coping with the rising cost of