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06 Sept 2025

Derry City one of the most expensive places for home insurance, report finds

In Northern Ireland, Newry, Mourne, and Down are the most expensive areas for home insurance , holding an average of £616.

Derry City one of the most expensive places for home insurance, report finds.

Managing Director of ComapreNI.com, Ian Wilson.

Reporter:

Ellie McCarthy

18 Nov 2024 1:00 PM

Northern Ireland (NI) has been declared the most expensive place for home insurance in the UK, with it being 65% more expensive than Great Britain's priciest location. 
The average home insurance premium in Northern Ireland now stands at £487 a year, with London coming in second at £295.
Derry City was revealed as the second highest spot in NI for home insurance, tying places with Strabane, Co Down.
Their home insurances prices stand at £589.04 on average. This is up 59% from last year's figure of £370.72. 
Within Northern Ireland, Newry, Mourne, and Down are the most expensive areas for home insurance this year, holding an average of £616. 
Extreme weather conditions and flooding in areas of NI, in particular, Newry and Downpatrick, which occurred in late 2023, have been cited as likely causes of these surging premium costs.
 
Currently, according to the Department for Infrastructure, 45,000 properties in Northern Ireland are at risk of flooding from rivers, sea or surface water. 
 
The Department, on behalf of the NI Government, has worked closely with the Association of British Insurers to help ensure that flood insurance remains widely available to the vast majority of homes and businesses in flood risk areas.
 
Commenting on the figures, Ian Wilson, Managing Director of CompareNI.com said, “Data from CompareNI shows average home insurance costs have increased by 52% across Northern Ireland in the last year. A combination of factors including an increase in the volume and price of claims brought on by extreme weather conditions and the soaring cost of repairs, energy and materials from inflation fluctuations, are causing home insurance prices to surge,
 
He continued. “In addition to this, there has been a reduction in the number of insurance providers that cater to Northern Ireland, making costs less competitive. If people find their property included in the flood map hotspots or know of historical flooding in their area, they can still find competitive insurance, but they may need a specialist flood insurance policy,
 
“Flooding is normally included as standard in a home insurance policy but there are exclusions, and some providers won’t cover flooding if it’s a high-risk area, homeowners need to check all the details carefully with their provider and ensure the policy covers everything they need it to." he added. 
 
The average price for home insurance in the UK has risen in the third quarter of 2024 to £271, this is a 29% increase from the third quarter in 2023, when prices were at £210.
 
The cheapest region in the UK is North East England at £166, which is 66% less than Northern Ireland.
In Northern Ireland, Mid and East Antrim were revealed as the cheapest areas for home insurance, with prices being around £420.26 on average. This figure is up 40% from last year's £301.04. 
 

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