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Home insurance costs falling significantly

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The cost of home insurance has fallen over the last year, according to the Association of British Insurers.

Every quarter, the Association releases the Average Household Premium Tracker report, collating information provided by ABI members on the price paid for household buildings, contents and combined insurance. ABI’s membership comprises 90 per cent of the UK home insurance market.

During Q4 last year, the average annual premium paid for building insurance was £230 (£4.43 per week). This figure represents a fall of 4 per cent on the previous quarter, and 6 per cent on Q4 the year previous.

The average annual premium paid for contents insurance was £124 (£2.38 per week). This figure again represents a fall of 4 per cent on the previous quarter (and a 5 per cent fall over Q4 in 2013).

The average annual premium paid for combined buildings and contents policies was £291 (£5.60 a week), down 1 per cent on the previous quarter, and 3 per cent over the year.

“There is no substitute for home insurance,” Mark Shepherd, the ABI’s general insurance manager said. “With the average domestic theft claim of £1,600, and average cost of dealing with subsidence running at £6,900 home insurance is outstanding value for money.”


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