The average quoted price of home insurance jumped by 40.6% in the 12 months to January, according to an index.
It was the highest annual increase since financial services insights firm Consumer Intelligence started tracking prices in 2014.
Premiums were most commonly quoted in the £150 to £199 bracket.
But it added there are signs that price rises could be slowing.
In the three months to January 2024, quoted premiums rose by 7.6%, which was lower than the rises of 8.5% and 9.9% recorded in the previous two quarters.
Part of the reason for the slowdown is the launch of new, more competitive policies – although customers who have made claims could see additional increases in the coming months following the recent storm damage, Consumer Intelligence cautioned.
Matthew McMaster, senior insight analyst at Consumer Intelligence said: “Over the last 12 months, new business quoted premiums for buildings and contents insurance have increased by 40.6%.
“This is the largest yearly increase we have seen since our tracking began in 2014.”
Looking at householder age groups, quoted premiums for households containing the under-50s rose slightly faster than for over-50s households, at 41.2% compared with 39.7%.
And looking at the age of properties being insured, homes built between 1970 and 1985 attracted the highest typical annual increase in quoted premiums at 43.7%. Properties built between 1940 and 1955 had the lowest annual increase in quoted premiums, at 38.3%.
Consumer Intelligence analyses quotes on price comparison websites to compile the data, using averages taken from the cheapest premiums for common risks.
A spokesperson for the Association of British Insurers (ABI) said: “A succession of storms have swept across the UK in recent months causing widespread property damage, with £352 million being paid out to support customers whose homes were damaged by storms Babet, Ciaran and Debi alone.
“Despite rising cost pressures, including above inflation rate rises in the cost of many building materials, insurers are totally committed to continuing to offer competitively priced home insurance.
“Our latest data – which is the only collection based on prices paid rather than quotes – shows that the average combined home and buildings insurance premium for 2023 was £341, a 13% increase on 2022.”
Here are the annual rises in home insurance quotes across Britain, according to the index:
– Wales, 43.2%
– South East, 42.6%
– London, 42.2%
– Scotland, 40.7%
– Yorkshire and the Humber, 40.5%
– North West, 40.3%
– West Midlands, 40.0%
– South West, 39.7%
– North East, 39.4%
– East Midlands, 39.0%
– Eastern England, 38.9%