Home insurance premiums across the UK have risen by nearly a third in two and a half years, according to SNP-commissioned analysis.
The research – carried out by the House of Commons library – found that home insurance premiums rose by a combined average of 31 per cent between January 2022 and August 2024.
This was much less than other major European countries during the same period. Premiums in France rose by 15.4 per cent and in Germany it rose by a tiny 0.25 per cent.
The SNP said soaring insurance costs “have been one of the biggest factors” in the cost of living crisis. The party urged Labour Chancellor Rachel Reeves to “put money back in people’s pockets by cutting the cost of insurance” and announce a “crack down” in the Budget next week.
It comes after separate SNP research last week showed car insurance had skyrocketed over the past three years.
SNP Economy spokesperson Dave Doogan said: “With the UK budget now just days away, it is clear that a key test for the Labour Chancellor will be cutting the crippling cost of insurance in Brexit Britain. It’s finally time to crack down on insurance costs which have been one of the biggest factors in a cost of living crisis that is far from over.
“This SNP research on home insurance and car insurance, gives official confirmation of what we all already know – insurance costs have gone through the roof in recent years. Household insurance bills have risen far and above the rate of inflation and those inflated prices are in danger of being locked in permanently.
“In recent years we have been constantly told by Westminster parties that higher bills and higher inflation is the sole result of global factors.
“However, this SNP research offers proof that other EU countries haven’t suffered from the same soaring costs, it proves that the UK is being hardest hit. It proves that Scotland is paying the price for being stuck in broken, Brexit Britain.
“People in Scotland were promised change at the election but all we have seen so far is Labour ministers lining their pockets with freebies while imposing austerity cuts on the rest of us. It’s time to put money back in people’s pockets by cutting the cost of insurance.”
The Record revealed last week that UK car insurance costs rose by a total of 82 per cent between May 2021 and July 2024. This was much higher than in neighbouring EU countries, where premiums only rose by 19 per cent.
Insurance bodies met with UK Government ministers and consumer groups on Wednesday as the Government committed to crack down on “spiralling” costs of motor insurance.
The UK Government was approached for comment.
To sign up to the Daily Record Politics newsletter, click here