Home insurance premiums have risen by 3.5% in the last 12 months, the latest Consumer Intelligence Home Insurance Price Index shows.
The average of the five cheapest premiums returned across price comparison websites and key direct channels rose to £123 in October.
However, rates have stayed relatively flat in the latest quarter, rising by 0.5% and actually decreasing by 0.1% in October when the 0.5% increase in IPT came into force.
The bulk of the rise from the last year came in November 2015, when the average cheapest quoted premium increased by 2.3% reflecting the rise in insurance premium tax (from 6% to 9.5%).
Prices in the East of England rose almost twice as fast as the national average, up 6.6% year-on-year to £122, and the least in the South East where they rose by 1.8%.
But London homeowners paid the most for their buildings and contents insurance with the average premiums quoted of £154 which is 36% higher than the lowest of £113 charged in the South West.
Over-50s homeowners pay average premiums of £131 compared to £119 for the under-50s. Prices are also rising faster for the over-50s at 4.1% compared with 3% for the under-50s.
There is some relief for all homeowners however – average best-buy prices are still around 9% lower than in February 2014 with customers benefiting from competition among insurers and lower-than- expected claims for flood and storm damage.