7% hike in home cover to average cost of £131
The cost of home insurance is increasing at an inflation-busting rate of 7%, according to analysis.
Average home insurance costs across the UK, including buildings and contents insurance, increased by 7% in the year to July to reach £131 annually, research from Consumer Intelligence found.
This is more than double the Consumer Price Index rate of inflation at 2.6%.
Brexit, tax hikes, new extensions and home owners doing a bodge job on their own plumbing are thought to be factors pushing up costs.
The 7% increase is the fastest seen in more than three years, since Consumer Intelligence started its research in February 2014.
Recent hikes to insurance premium tax are helping to push costs upwards, the research suggested.