Insurance
Cheapest and most expensive places for home cover revealed
Home insurance premiums have fallen due to fewer claims as a result of lockdown, but some regions are still far more expensive than others
The average home insurance policy has fallen 0.3% in the last three months, according to Consumer Intelligence.
The insurance research business said the fall in cost is because of fewer claims due to people staying at home more during the coronavirus crisis. A steep drop in recorded crime since the start of the coronavirus lockdown has contributed to the downward shift in home insurance premiums.
John Blevins, product manager at Consumer Intelligence, said: “It’s perhaps no coincidence that this period takes us through the recent lockdown where the vast majority of people were spending much more time at home.
“Crime rates and home claims have both declined in recent months, which is the most likely reason for this small deflation in premiums.”
Cost difference
But there’s still a stark difference in the cost of home cover, depending on where you live in the country.
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Homeowners in the East Midlands pay an average £136 a year for their policy, for example, compared to £195 for those who live in London.
Here’s how the regions stack up in terms of annual cost:
London – £195
Scotland – £147
South East – £160
South West – £136
West Midlands – £143
Eastern – £143
East Midlands – £136
North West – £148
Yorkshire and The Humber – £147
North East – £141
Wales – £145
GREAT BRITAIN – £150
Older homeowners save more
This recent reduction to home insurance premiums is good news, but it hasn’t been felt by all age groups, said Consumer Intelligence.
Premiums for the under-50s have remained flat in the last three months. It’s only the over-50s who have benefitted, with their annual policies now 0.9% cheaper than three months ago.