Homeowners in Dorking, Surrey and in Edinburgh and Glasgow have seen the biggest rises in the cost of their home insurance premiums according to the analysis of 3.4 million quotations by moneysupermarket.com.
The analysis reveals the UK's postcode hotspots most affected by rising home insurance premiums. Residents of Dorking, Surrey, have seen an average 46% increase to the cost of their home insurance premiums over 14 months, with cover rising from an average £119 to £174, or by 15 pence per day.
Homeowners in the city centre of Edinburgh and in Milngavie, Glasgow, have experienced similar increases (45% and 40% respectively). This is in comparison to the national average which has seen an increase of 6%, or 2.5 pence per day, to the typical cost for buildings and contents cover. Greater London postcodes have been the most affected, representing five of the top twenty hardest hit areas.
The most likely factors causing an increase in home insurance premium prices include heightened cases of fraudulent claims, the cost of repairs from extreme weather damages and an increase in crime levels.
Julie Owens, head of home insurance at moneysupermarket.com, said: "The cost of insuring homes in the UK is steadily on the increase. Unfortunately for consumers, things look set to get worse with the increase in prices unlikely to slow down in the coming years.
“As our research shows, some areas have been harder hit by rising premiums than others; unfortunately, postcodes can dramatically affect how much people pay for their home insurance premium.
"Additionally, 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.
“Insurers use postcodes as a part of the overall risk factors when calculating premiums. Although there is very little you can do about the postcode in which you live, except move house, there are steps you can take to reduce your premiums, such as, installing a good home security system and security lighting.”
