Home insurance study shows 12 per cent running cost hikes

People looking to maintain their homes have to spend 12 per cent more nowadays than they did three years ago, a home insurance company has claimed.

The rising cost of services such as building upkeep, property alterations and sewerage maintenance means that the average home now costs £11,035 per year to run, according to the home insurance branch of banking institution Sainsbury's Bank .

By way of comparison, the home insurance provider points out that the figure stood at £9,836 in 2004.

Bucking the trend, however, it has been revealed that the average home insurance policy fell by two per cent to £255.

Commenting on the figures, Sainsbury's Bank's home insurance manager Robert O'May urged people to shop around to make sure they are getting the very best deals available.

This is not only for their mortgages and utility supplies but also their home insurance.

In March 2007, Abbey Home Insurance warned homeowners to be wary of paying extra for the privilege of making direct debit payments.

Following a study into the practice, the home insurance specialist claimed that the average homeowner was being asked to pay 19.16 per cent more than normal if they chose to conduct transactions via direct debit.