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Home insurance premiums 'continue to rise'

Home insurance premiums 'continue to rise'

Category: Home insurance

Updated: 27/11/2012
First Published: 30/04/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The cost of home insurance premiums continued to rise in the first three months of the year, fresh figures have indicated.

According to the AA, both buildings and contents policies have increased, the former reaching its highest ever level of £218.53.

The 50p increase marked the eighth successive quarter in which a rise was recorded, while the cost is up eight per cent compared to the same period in 2008.

Contents cover, meanwhile, rose by more than £3 to reach an average of £126.34 - having declined in each of the previous six months.

Director of AA Insurance noted that homeowners are increasingly beginning to shop around rather than rely on mortgage providers for insurance.

However, he noted that the typical quoted price is still increasing, as "even though house prices have been falling, the cost of rebuilding and repairing homes to the higher standards required by building regulations has been steadily rising".

Recent figures from Halifax Home Insurance indicated that 14 per cent of people feel that they are at greater risk of being burgled than ever before, due to the effects of the recession.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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