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Cost of home cover creeping up

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29/11/2018
Over the last year there has been a overall fall in home insurance, but prices have risen in recent months
Cost of home cover creeping up

Average home insurance premiums dropped 0.4% to £137 in the year to October, according to Consumer Intelligence.

But the insurance data business warned that, despite the fall, the last three months have actually seen increases of 1.2% as claim costs from last winter feed through to prices. And further rises could be on their way.

Lowest bills

Customers in Wales and the North East are paying the lowest annual bills at £124 and seeing the biggest price falls with premiums in Wales slipping 4.3% in a year while in the North East they fell 2.6%.

The highest annual bills are seen in London at £183 after prices rose 2.8% in a year while in the East Midlands prices increased 1.7% to £130.

New build bonus

Customers with properties built after 2000 pay the lowest bills at £121 and any homes built after 1970 see average bills of £130. But in older homes customers pay the highest bills with houses built before 1895 costing £162 and those built before 1910 costing £156.

John Blevins, Consumer Intelligence pricing expert said: “Over the past 12 months claims costs have been the largest driver of rates and they have been dictated by the weather and the increases in escape of water claims.

“London continues to see the highest rate increases with crime rates and specifically burglary generally having a larger impact in urban areas. These crimes however are reducing as home security technology is getting better and more accessible.

“The last three months have seen an overall slight rise in premiums as claims costs from earlier in the year come through but generally pricing for buildings and contents combined policies remain fairly static as this is still a very competitive marketplace.”

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