Despite the dip, premiums are still 13% higher than they were a year ago.
The average cost of a combined building and contents policy has fallen 5% in the last quarter to now standing at £228.
The comparison site also said that contents-only insurance has fallen 8% to £66 and buildings-only policies have fallen 1% to £204.
Regional split
When it comes to prices across the regions, those in Northern Ireland pay the most to insure their homes (£416), which is more than double the average for those in the North East, who see the cheapest averages at £186.
The cost of home insurance increases as the size of the property increases – and the report reveals that currently, the average cost for a two-bedroom home is £172, £202 for a three-bedroom home and £283 annually for a four-bedroom property.
Your Mortgage Awards 2024/25: winners revealed
Sponsored by Your Mortgage Awards
Nathan Blackler, spokesperson for Go.Compare home insurance commented on the report: “It’s a really good sign that the cost of premiums are beginning to fall – it’s been a really tough few years financially for so many people, so news that one of their household bills is starting to fall will be welcome news.
“But with premiums still higher than they were a year ago, customers will still be looking for ways to get the best deal on their home insurance at the right price. There are lots of different factors which will affect the cost of your policy, and knowing these could help you save some money.
“For example, paying annually for your premium rather than monthly is one thing you can do to save some money – insurers often view monthly payments as a loan and so are likely to charge interest making it a more expensive option. You could also save some money by opting for a combined building and contents home policy rather than purchasing them separately as most insurers will offer you a discount for purchasing both.”
