Why your home insurance price might have increased
We know it can be frustrating to pay more to insure the home you already live in – especially at a time when costs are rising across the board. But even if you haven’t moved house or made any significant changes to your home, there are many other factors that can drive up the price of insurance.
Inflation
Rising energy prices, property costs and wage inflation increase the cost of providing insurance. Inflation can also drive up the value of the goods in your home, making them costlier to insure.
Weather damage
Extreme weather is becoming more commonplace in the UK. In 2022, Storm Dudley alone resulted in 177,000 claims, totalling almost £500 million. These payouts, and many more in recent years, have significantly increased costs for insurers.
Rising repair costs
The cost to repair damaged houses is also rising fast, outpacing inflation. Whether driven by material shortages, the lasting impact of the pandemic or global conflicts, the result is a higher price paid by insurers to support their customers.
Rising costs explained
Many reasons, from the cost of living to material costs, can push up the price of home insurance. Insurers must ensure there is always enough money to cover potential payouts. When the cost of claims increases, and more money is needed for claims, this is covered by higher prices.
Without these increases, we may be unable to support our customers when it's most needed.
Worried about rising payments?
We understand that other costs are rising as well, putting pressure on many households. If you are struggling to pay your Co-op Home Insurance, please contact us as soon as possible.
We have specialists on hand who can discuss your circumstances and agree how we can help you.
Existing customers
If you're one of our existing customers we're here to help.