The average cost of home insurance has risen to £396, marking a £21 (six percent) increase from the previous quarter, according to the Association of British Insurers (ABI).

Buildings-only policies averaged £321, up £23 (seven percent), while contents-only cover averaged £137, an increase of £5 (four percent).

Property insurance claims reached a record £1.4 billion in the second quarter of the year, including the highest-ever subsidence payments.

This total represents a five percent…