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07

Home insurance prices down by more than a quarter since 2010

Open-access content 13th July 2015

Premiums for home insurance have fallen 27% in the past five years, according to analysis by moneysupermarket.com.

2

The price comparison website looked at 2.6 million quotes on the website and found an average bill was £116 a year, compared with £159 at the same point in 2014. Since spring, 2010 premiums have fallen by £44 overall.

The company attributed the price drop to lower burglary rates, fewer claims for flood and storm damage following the mild winter of 2014-15 and increased competition in the market.

Residents of Norwich have the UK's lowest premiums of just £101. Harrow in London was home to the highest, at £182 a year.

And it is bad news if you live in Bolton, the only location where premiums have risen in the past 12 months, by £10.

Those living in Kingston upon Thames saw the biggest fall of £19, although premiums here of £135 were among the highest in the UK to begin with.

The UK government's decision to increase insurance premium tax, announced in the budget last week, will see bills for home cover rise by £10-£12 a year according to the industry.

This article appeared in our July 2015 issue of The Actuary.
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Topics:
General Insurance
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