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Cost of home insurance falls as result of pandemic

Christina Hoghton
Written By:
Posted:
02/12/2020
Updated:
02/12/2020

With more people working from home and staying in, the number of burglaries has fallen

Home insurance premiums have reduced as a result of the coronavirus pandemic, according to Consumer Intelligence.

The data insight expert said that home cover premiums have dipped 0.9% since April, with a typical building and contents policy now costing £150.

Londoners pay the most for their home insurance at £198, over 30% more than the UK average.

The South East (£161) is the only other region where homeowners spend more than £150 for an annual policy.

The cheapest area for home insurance remains the South West (£133), although homeowners in the North East (£136) and East Midlands (£138) also benefit from low cost policies.

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Older Victorian era properties witnessed the biggest increases to their home insurance premiums over the last 12 months. Properties built between 1850 and 1895 saw prices jump 3.4%. These homes are also the most expensive of all our property groups to insure, at £192 for an annual policy.

At the opposite end of the scale, properties built this millennium attract the cheapest annual policies at £139, despite a slight rise of 0.8% over the last 12 months.

John Blevins, pricing expert at Consumer Intelligence, said: “Break-ins are generally less frequent when people are at home more. The most recent Office for National Statistics figures show that domestic burglaries fell by 72% in the first national lockdown.

“With more people than ever staying at home, claims have reduced. This is reflected in reduced premiums.”