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.

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.