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Home insurance premiums fall 21%

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24/04/2013
The cost of home insurance premiums has dropped by 21% in three years as theft claims from British homes continue to decline.

According to analysis of over 5.8 million home insurance quotes by MoneySupermarket.com, there has been a 9% drop in home insurance claims rate for contents theft since spring 2010. During the same period, home contents insurance premiums have fallen from an average of £93.81 in 2010 to £74.20. Similarly, the cost of combined buildings and contents insurance has dropped 11% from £173.70 to £155.14.

The Newport postal area has seen the highest reduction, with the number of claims falling from 7.9 per 1,000 quotes to 4.9 per 1,000 in 2013. Nottingham and Stockport postcodes – most notably NG9-Beeston and SK8-Cheadle – also saw significant reductions in the number of claims since 2010 with them sitting second and third in the top ten respectively.

Birmingham (B26), Wolverhampton (WV14), Huddersfield (HD3), Dudley (DY8), Oldham (OL4), Bradford (BD6) and Reading (RG30) also made the top ten list.

The report reveals a significant spike in claims in summer and autumn compared to winter and spring months, showing that theft from the home increases when the weather gets warmer, rather than when the nights are longer.

Hannah Jones, home insurance expert at MoneySupermarket, said: “It’s really encouraging to see number of home insurance claims relating to theft is falling and that this is being passed on to consumers in the form of lower premiums for contents cover. With many households struggling as a result of the rising cost of living, the ability to protect your property and possessions as a result of cheaper premiums is welcome.”

 

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