Average price paid for home insurance ‘at lowest levels in at least a decade’

A rise in subsidence and frozen pipe claims and the growing costs of building materials and labour costs could put pressure on premiums in 2023.

The average price paid for home insurance has fallen to its lowest levels in at least a decade, according to the Association of British Insurers (Joe Giddens/PA) (PA Archive)

The average price paid for home insurance has fallen to its lowest levels in at least a decade, according to the Association of British Insurers (ABI).

While many other household bills were surging, the average cost of home insurance in 2022 was £300 – the least expensive amount since the ABI started collecting the data in 2012.

The ABI said the home insurance market remained very competitive, despite many homes experiencing weather-related damage last year.