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Revealed: The UK postcode with the priciest home insurance

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10/08/2017
 
Revealed: The UK postcode with the priciest home insurance

Homeowners in South West London (SW) pay the most for buildings and contents cover, according to Moneysupermarket.

The average combined home cover for UK homeowners is £119 a year, but those in South West London (SW) pay £198 a year, almost £80 more, said the price comparison site.

At the other end of the scale Durham is the cheapest place for home insurance, at an average cost of just £98 a year.

High costs in the South

Southern postcodes dominate the top five most expensive areas for home cover, with premiums in North London (N), Harrow (HA) and East London (E) hitting £197, £181 and £172 respectively in July, despite some of these premiums having fallen in the last year.

Outside the capital, the most expensive area is Slough (SL, £166), followed by Bromley (BR, £157) and Southend-on-Sea (SS, £141). Those in Glasgow are also at the higher end of the scale (G, £131), as well as Belfast (BT, £131) and Leeds (LS, £128).

Cheap in the North

After Durham, the cheapest premiums are found in Newcastle (NE, £100), Norwich (NR, £101), Stoke-on-Trent (ST, £101) and Dudley (DY, £103).

Dan Plant, editor-in-chief at Moneysupermarket, said: “The cost of home insurance has been steadily falling over the last five years. However, with Insurance Premium Tax (IPT) having increased from 10% – 12% on the 1st June, it is not surprising that we have seen the average combined contents and building cover start to creep up once again.

“With this in mind, those languishing on old policies could make savings by shopping around and switching providers. Whether the area you live in has seen the cost of cover rise or fall, it’s worth having a look at what else is available. Insurers reserve their best prices for new customers, making shopping around at renewal a must. There are savings of up to £724 to be made, and it only takes 10 minutes.”

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