Expect to pay a higher home insurance premium in 2023. In fact, every year insurance companies review the prices of their contracts, and generally they tend to increase. Especially since this year has been marked by inflation and several natural disasters linked to global warming. We take stock.
An increase in home insurance of up to 8%
After the increase in car insurance premiums, we also have to expect to pay a little more for home insurance. This increase in the price of home insurance is mainly due to two reasons: inflation and global warming.
In fact, the past year was marked by one explosion in the price of raw materials after the war in Ukraine and inflation as well asimportant severe weather (floods, storms, hail, drought, fires, etc.).
According to the company Facts & Figures, which specializes in insurance and social protection, housing contracts may thus increase up to 8% with in particular:
- An increase of approx €10 for natural disaster guarantee ;
- An increase of 3% to compensate for the increased costs of materials and labor ;
- An added cost between 3 and 5% for people who have properties highly exposed to climate risks.
Why are home insurance rates rising?
In addition to inflation and global warming, More criterias explain the increase in home insurance.
- The increase in home damage (water damage, natural disasters, fires, floods, burglaries, etc.);
- The increase in the cost of building houses. The home insurance premium may increase according to the French Building Federation (FFB) index. This index is based on the development of the costs of building materials and labour;
- The tax increase ;
- A change in the insured’s situation (personal and professional situation, new geographical location of the home, addition of new housing guarantees in the contract, etc.).