The changes were designed to remove the penalty for customers who remained loyal to one company.
Many homeowners are seeing insurance premiums for their properties rise this year.
The unwelcome increase is being attributed to a number of factors including the rising cost of materials and labour used in rectifying properties subject to insurance claims.
Another contributory factor dates back to January last year when a new law came into force in the UK which ensured that existing customers renewing their home or motor insurance paid no more than new customers
The changes, brought in by UK Financial Conduct Authority, were designed to remove the penalty for customers who remained loyal to one company.
There are ways of minimising the increases though. The industry is highly competitive and it's always worth shopping around. If you currently spread the cost of your insurance premiums over the year, it's worth noting that rising interest rates have pushed up the cost of borrowing. If you can pay the full cost in one go, it can represent a significant saving.
It's also advisable to combine your home and contents into a single policy. Separating the two can be more expensive.
The rising insurance premiums come on the back of soaring costs for energy, food, many services and travel.
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