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Aston Lark: The cost of living

The cost of living in 2023 continues to affect UK homeowners, and as a result, you may be looking for ways to reduce your living expenses and outgoings.

If you own or rent a home, one of the costs you may be reviewing is your home insurance.

Home insurance premiums are increasing this year, and this is not helped by inflationary pressure. An insurer will set a premium base on the total sum insured and they will index-link the buildings and contents sums insured. We’re seeing index-linking on buildings reaching nearly 20 per cent and contents index-linking at 15 per cent before any insurer-rate increases, so expect 10 per cent + premium increases in 2023.

If you’re looking at a cheaper home insurance policy, do check the cover and understand what you are buying. Your alternative quote may well be a substantial drop in cover, even if your sums insured are the same.

On our website, you can find a section of articles that can help you reduce your costs but still maintain a high level of coverage. 

The cost of living | Aston Lark