Home Buildings Premiums Increasing Says AA Insurance

Published: 02/08/08

The latest news from the AA Insurance Index is that the cost of home buildings insurance is on the up.

In the last quarter buildings insurance cover went up by almost 1.5 percent, with the average premium costing just under GBP219. Compared with the previous quarter though this is a good result since the cost of the premiums had gone up by 3 percent. This is the largest single increase recorded by the AA Insurance Index. No doubt driven up by the wide-scale flooding of last Summer, home buildings insurance premiums are at their highest since the index began back in 1994.

The single factor of flooding could lead to premiums going much higher still, and some properties being deemed uninsurable depending on their location. All the insurers, not just AA Insurance, are asking the government to ensure all new properties are made with the ability to withstand flooding and storms inherent within them. This includes location as well as construction.

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