Home insurance premiums 'expected to rise'

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Home insurance premiums 'expected to rise'

A steady rise is expected in UK home insurance premiums over the coming months as insurers attempt to cover any potential increase in fraudulent claims.

John Portwood, personal lines insurance broker at Portwood & Co, said the ongoing financial difficulties being faced by many Brits coupled with high inflation and low pay increases, means that fraud could be seen as a more attractive option.

He commented: "Insurers are no doubt also trying to recover from the bad winter last year. With the recession there are probably more fraudulent insurance applications - especially over the internet - and claims.

According to figures compiled by the AA, buildings insurance has risen by 3.1 per cent on average over the last three months to £156.95, with an annual increase of 9.5 per cent witnessed in 2011.

Furthermore, home contents premiums rose by 4.4 per cent to £80.58 in the last quarter and were up by 11.2 per cent for the year.

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