Home Insurance Premiums on the Rise

Market research carried out by UK-based comparison website Moneysupermarket, revealed that property insurance premiums in Great Britain rose by 6% from January 2010.

However, regional differences were more than significant. Residents of Greater London, Dorking, Edinburgh and Milngavie saw house insurance prices rise by 40-46% over the 14 month period.

According to experts at Moneysupermarket, such sharp increases in the cost of house insurance are due to a rise in fraudulent claims, crime levels and the cost of repairs from weather damage.

Commenting on the findings, Ms. Julie Owens of Moneyspermarket, said that "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." She also highlighted that some areas are being hit harder than others simply because of the location and it has nothing to do with the properties themselves.

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