New data reveals average home insurance costs have increased by 52% across Northern Ireland in the last year

The average home insurance premium in Northern Ireland is now at £487 a year, making it the most expensive region in the UK – 65% more expensive than the dearest spot in GB, with London coming in second, at £295.

The overall UK average price for home insurance has risen in the third quarter of 2024 to £271, a 29% increase from the third quarter in 2023, when prices were at £210.

The cheapest region in the UK is North East England at £166 – 66% less than Northern Ireland.

Within Northern Ireland, Newry, Mourne and Down is the most expensive area for home insurance this year, with an average of £616. Surprisingly Belfast is the sixth most expensive council area at £485 – with Mid and East Antrim council area the cheapest at £420.

Extreme weather conditions and flooding in areas of Northern Ireland, in particular Newry and Downpatrick in late 2023, have been cited as likely causes of these surging premium costs.

Research shows the flooding in County Down in the autumn of 2023 inundated some 600 properties, of which 210 were homes.

According to the Department for Infrastructure, 45,000 properties in Northern Ireland are at risk of flooding from rivers, sea or surface water.

Department for Infrastructure Rivers, on behalf of the Northern Ireland Government, has worked closely with the Association of British Insurers (ABI) to help ensure that flood insurance remains widely available to the vast majority of homes and businesses in flood risk areas.

Ian Wilson, managing director of CompareNI.com, said: “Data from CompareNI shows average home insurance costs have increased by 52% across Northern Ireland in the last year.

“A combination of factors including an increase in the volume and price of claims brought on by extreme weather conditions and the soaring cost of repairs, energy and materials from inflation fluctuations, are causing home insurance prices to surge.

“In addition to this, there has been a reduction in the number of insurance providers that cater to Northern Ireland, making costs less competitive.

“Stormy weather and the risk of flooding has created a dramatic 12 months for insurance in Northern Ireland, but there are ways to find savings.

“If people find their property included in the flood map hotspots or know of historical flooding in their area, they can still find competitive insurance, but they may need a specialist flood insurance policy.

“Flooding is normally included as standard in a home insurance policy but there are exclusions, and some providers won’t cover flooding if it’s a high-risk area – homeowners need to check all the details carefully with their provider and ensure the policy covers everything they need it to.

“It’s also vital that all details given are accurate, the quote form will ask if the home is within a certain distance from water, it’s important to do the research and check where the nearest rivers are, incorrect information could void the insurance policy altogether.”

CompareNI.com can help people in Northern Ireland find savings on all sorts of household bills and essentials, including flood risk home insurance.

Newry, Mourne and Down £390.77 (2023 Q3 average price) and £616.58 (2024 Q3 average price) up by 58%

Derry City and Strabane £370.72 (2023) and £589.04 (2024) up 59%

Fermanagh and Omagh £331.82 (2023) £546.98 (2024) up 65%

Mid Ulster £337.17 (2023) £516.76 (2024) up 53%

Causeway Coast and Glens £329.24 (2023) £491.14 (2024) up 49%

Belfast City Council £326.93 (2023) £485.40 (2024) up 49%

Lisburn and Castlereagh £304.45 (2023) £484.84 (2024) up 59%

Armagh, Banbridge and Craigavon £318.46 (2023) £484.60 (2024) up 52%

Antrim and Newtownabbey £301.65 (2023) £431.89 (2024) up 43%

Ards and North Down £283.37 (2023) £421.10 (2024) up 49%

Mid and East Antrim £301.04 (2023) £420.26 (2024) up 40%