Home Insurance Sky Rockets In Newry Mourne and Down

Home insurance in the South Down area has almost doubled in the last year

The Newry, Mourne and Down area has seen the biggest surge in home insurance than elsewhere across Northern Ireland.

Recent data from CompareNI.com has shown home insurance costs across Northern Ireland have nearly doubled in the last year.

And it was revealed that the average premium in Northern Ireland is now at just over £410, in comparison the average home insurance cost in the UK is £185.

The data has also detailed the soaring average home insurance premiums in regions across the country.

The highest costs on average for home insurance was Newry, Mourne and Down with an average cost of £526, up 115% from the same time last year.

Derry City and Strabane had the second highest home insurance premiums with an average cost of £456 up 89% in the last year.

The third highest was Mid Ulster with an average cost of £431, followed by Fermanagh and Omagh (£429), Armagh, Banbridge and Craigavon (£418), Belfast (£413), Causeway Coast and Glens (£404) and Antrim and Newtownabbey (£378).

Other council areas saw a lower rate of home insurance premiums with Mid and East Antrim having the lowest at £360, however this is still a 72% increase from the same period last year.

Similarly, Ards and North Down were the second lowest at £364 with a 71% increase and Lisburn and Castlereagh were the third lowest at £376 with a 77% increase in the last year.

Commenting on the figures, Ian Wilson, Managing Director of CompareNI.com said: “Inflation is most likely responsible for the recent rise in home insurance premiums across Northern Ireland.

“Inflation led to a rise in the cost of repairs, labour and materials and there has also been a reduction in the number of insurance providers that cater to Northern Ireland.

“And rising costs have made it challenging for some smaller insurance businesses to remain open.

“Nobody wants to pay more than they should for home insurance, especially during the current cost-of-living crisis.

“To make sure this doesn’t happen, it’s important that consumers shop around when it comes to home insurance, comparing different products and prices and making sure they have adequate coverage.

“There are now a number of products that have entered the market to help people cope with the rising costs, giving them a more basic product for less.

“Homeowners need to be careful when purchasing these policies and make sure these basic policies cover everything, they need them to.”

CompareNI.com can help people in Northern Ireland find savings on all sorts of household bills and essentials such as home and contents, property and household insurance.