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Cost of home insurance falls as result of pandemic

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02/12/2020
With more people working from home and staying in, the number of burglaries has fallen
Cost of home insurance falls as result of pandemic

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.

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.”

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