Check existing home insurance policies
- TNJ Mortgages
- Jun 23
- 1 min read
According to recent data, the average cost of a combined buildings and contents insurance policy increased 8.5% in the past year. Premiums remain highest in Northern Ireland and London, while they are cheapest in the North East. Property size also affects cost significantly, with policies for larger homes often more than double those for smaller properties.
Rebuild costs
The increase in premiums reflects rising rebuild costs. Material shortages, higher labour costs and inflation have all pushed up the cost of construction. Changes to environmental and building regulations have also added complexity and expense to home repairs and rebuilds. In areas affected by storms or flooding, claims have become more frequent and costly, prompting insurers to raise premiums to cover the increasing risk.
Time to review
It’s worth reviewing your existing policy to check whether it reflects the current cost of rebuilding your home, as the amount covered under an outdated policy may fall short of the true cost of rebuilding today. Why not contact us for an insurance review today.
As with all insurance policies, conditions and exclusions will apply.
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