The cost of home insurance has risen sharply across the UK, with Northern Ireland emerging as the most expensive region, according to a report by CompareNI.com, comfortably ahead of London and other regions. The findings reveal a 29% increase in average premiums across the UK, from £210 in the third quarter of 2023 to £271 in the same period of 2024.
Northern Ireland stands out with an average premium of £487, 65% higher than London, the UK’s second most expensive region at £295. In stark contrast, North East England recorded the lowest average premium at £166, making it 66% cheaper than Northern Ireland.
Within Northern Ireland, Newry, Mourne, and Down reported the highest costs, with premiums averaging £616, while Mid and East Antrim was the least expensive area at £420.
Several factors have driven these rising costs, particularly in Northern Ireland, according to a news release. Recent extreme weather events, including flooding in late 2023, have significantly impacted premiums. The report highlighted severe flooding in County Down, where 600 properties, including 210 homes, were inundated. These events have heightened awareness of flood risks, with 45,000 properties in Northern Ireland now considered vulnerable to flooding from rivers, sea, or surface water, according to the Department for Infrastructure.
Ian Wilson (pictured), managing director of CompareNI.com, attributed the rise to the growing volume and cost of claims. “A combination of factors including an increase in the volume and price of claims brought on by extreme weather conditions and the soaring cost of repairs, energy and materials from inflation fluctuations, are causing home insurance prices to surge,” Wilson explained. “In addition to this, there has been a reduction in the number of insurance providers that cater to Northern Ireland, making costs less competitive.”
The report provided a breakdown of insurance costs across the UK. Other regions also saw increases, though none match the scale in Northern Ireland:
Within Northern Ireland, some areas experienced percentage increases surpassing 50%, such as Fermanagh and Omagh, where premiums rose 65% from £332 to £547.
Wilson emphasised the importance of thorough policy reviews for homeowners, particularly in high-risk flood zones. “Flooding is normally included as standard in a home insurance policy but there are exclusions, and some providers won’t cover flooding if it’s a high-risk area,” he said. He noted homeowners should verify coverage details and consider specialist flood insurance if necessary.
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