Home insurance prices still below 2014 levels
Home insurance customers are benefiting from increased competition for their business, with the average bill dropping 0.4% to £137 over the past year. However, prices have been edging higher in the past three months, according to new analysis from insurance data analytics group Consumer Intelligence.
Since the summer, prices have increased 1.2% as claim costs from last winter feed through to prices.
Customers in Wales and the North East are paying the lowest annual bills at £124 and seeing the biggest price falls. Premiums have dropped 4.3% in Wales over the past year.
However, Londoners are seeing price rises and already have the higher annual bills. They pay an average of £183, up 2.8% in a year. Londoners are paying 48% more a year than in Wales and the North East.
New-builds (after 2000) pay the lowest bills at £121 and any homes built after 1970 see average bills of £130. Those with houses built before 1895 see the highest prices, with an average bill of £162.
John Blevins, Consumer Intelligence pricing expert said: “Over the past 12 months claims costs have been the largest driver of rates and they have been dictated by the weather and the increases in escape of water claims.
“London continues to see the highest rate increases with crime rates and specifically burglary generally having a larger impact in urban areas. These crimes however are reducing as home security technology is getting better and more accessible.
Customers are now paying around 1.9% less for home insurance than in February 2014 when Consumer Intelligence first began collecting prices.
The table below shows average premiums and price rises around Great Britain.
|REGION||CHANGE IN YEAR TO OCTOBER||AVERAGE PREMIUM (FIVE CHEAPEST)|
|Yorkshire & Humberside||-0.8%||£138|