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Home insurance premiums fall to five year low

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30/06/2015
Home insurance premiums for new customers have tumbled to a five year low, according to data from MoneySuperMarket.com.

Analysis of more than 2.6 million home insurance quotes revealed that in Spring this year (March to May), premium prices were £116 on average, compared to £159 during the same period in 2014. Overall, premiums have fallen by a quarter (27 per cent) – or £44 – in the five years since Spring 2010.

Regional winners and losers

Despite an overall drop in premium prices, residents in Bolton postcode BL have seen the only price hike, with £10 a year added to the cost of cover since Spring 2014. However, home insurance costs in the town have decreased at above average levels since 2010, falling £54 over the five year period, compared to £44 nationally.

Those living in Kingston-upon-Thames (KT) have benefitted from the largest price drop, with premiums falling by £19 in a year. However, premiums in this ‘postal town’ are among the highest nationally at £135 – 16 per cent more expensive than the national average.

Harrow homes (HA) are paying the most costly premiums nationally, at £182 a year on average; that’s 58 per cent above the national average of £116. It’s good news for those living in Norwich, however, who can boast the lowest premiums countrywide, with the average policy just £101.

Kevin Pratt, insurance expert at MoneySuperMarket.com said: “Five years of price cuts to home insurance premiums is certainly something to celebrate. Anyone who has never switched, and just auto-renews their home insurance policy every year, could be in line for significant savings. Insurers use their best prices to grab the attention of new customers, so it’s essential to take advantage of this and make yourself ‘new’ by shopping around each year before renewal.”

Falling burglary rates in most areas, and the fairly mild winter of 2014/15 have contributed to the steady falling prices.

Pratt added: “Increased competition in the market is also driving prices down, so now is the time for people to take control and shop around for a better deal. No matter where you live there it is always worth checking to see if there is money to be saved by switching providers.”

 

Top ten cheapest regional home insurance premiums:

Postal Town Postal area Spring 2010 Spring 2011 Spring 2012 Spring 2013 Spring 2014 Spring 2015 Difference from last year Difference from last year (%)
Norwich NR £145.47 £125.67 £118.31 £113.27 £109.65 £100.70 -£8.95 -8.2%
Salisbury SP £150.39 £132.63 £133.93 £123.86 £112.36 £100.70 -£11.66 -10.4%
Dorchester DT £167.75 £134.44 £133.83 £124.61 £109.78 £101.16 -£8.62 -7.9%
Dumfries DG £135.80 £133.70 £131.63 £119.31 £113.97 £101.24 -£12.73 -11.2%
Bath BA £136.50 £137.17 £133.31 £123.11 £114.62 £101.48 -£13.14 -11.5%
Newcastle upon Tyne NE £163.74 £144.19 £134.01 £123.63 £112.88 £103.75 -£9.13 -8.1%
Worcester WR £167.65 £137.36 £131.44 £124.49 £113.65 £103.82 -£9.83 -8.6%
Truro TR £139.39 £132.73 £134.48 £124.02 £111.58 £104.36 -£7.22 -6.5%
Ipswich IP £140.48 £138.44 £132.21 £120.20 £112.92 £104.54 -£8.38 -7.4%
Harrogate HG £139.85 £145.64 £138.82 £122.31 £118.03 £104.59 -£13.44 -11.4%

 

Top ten most expensive regional home insurance premiums:

Postal Town Postal area Spring 2010 Spring 2011 Spring 2012 Spring 2013 Spring 2014 Spring 2015 Difference from last year Difference from last year (%)
Southend-on-Sea SS £186.93 £181.22 £165.90 £157.05 £152.21 £134.62 -£17.59 -11.6%
London West W £208.05 £168.60 £182.34 £160.09 £152.46 £136.97 -£15.49 -10.2%
Enfield EN £197.80 £186.61 £176.32 £163.10 £154.98 £137.78 -£17.20 -11.1%
Bromley BR £159.63 £181.29 £186.50 £157.87 £148.40 £138.86 -£9.54 -6.4%
Slough SL £195.06 £173.29 £178.08 £158.83 £152.95 £141.78 -£11.17 -7.3%
Southall UB £196.81 £182.59 £181.28 £163.72 £152.71 £144.39 -£8.32 -5.4%
London North N £212.10 £183.77 £198.03 £171.20 £162.89 £145.74 -£17.15 -10.5%
London North West NW £235.20 £190.62 £205.45 £176.74 £175.68 £155.72 -£19.96 -11.4%
Ilford IG £191.10 £195.42 £202.04 £176.58 £161.56 £158.21 -£3.35 -2.1%
Harrow HA £213.51 £232.92 £218.79 £205.90 £193.28 £182.32 -£10.96 -5.7%

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