Residents In Surrey Face 46% Home Insurance Rise

At the moment it seems like every thing is going up in price, petrol, food, car insurance, energy bills etc. With many hard pressed families struggling to make ends meet, rises in the home insurance market are set to squeeze some home owners even further.

Research by the price comparison site Moneysupermarket.com has shown the top twenty areas in the UK which have suffered the worst of the home insurance rise.

Dorking in Surrey tops the list, as a typical buildings and contents insurance policy will now cost on average £174 per annum. This is up by 46 per cent, or 15 pence per day from last years figure of just £119.

In fact, looking at the table below it seems as though the South East of England has been hit particularly hardest with twelve from the top twenty most affected areas.

Top 20 most affected postcodes in the UK for rising home insurance premiums:

home insurance - 4everything property

Scotland Also Hit Hard

Up North our neighbours in Scotland have also been hit hard. Over the last 14 months, Edinburgh has seen a 45 per cent increase in premiums, Glasgow a 40 per cent increase and Dunblane a 31 per cent increase.

Julie Owens, head of the moneysupermarket house insurance team explained why certain areas had been hit hardest “Postcodes can dramatically affect how much people pay for their home insurance premium. If your property is classified as being in a ‘high-risk' area – whether for crime, flooding or even fraudulent claims – it will be reflected in your insurance premiums. Living in a more affluent area will also increase premiums as property and contents values will generally be higher.”

Unfortunately, apart from moving house there is little that residents of the affected areas can do about the postcode in which they live. With a rise of six per cent in the national average of home insurance premiums, things look set to get worse as rising premiums are unlikely to slow down over the coming years.

 

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