Home insurance premiums continue to fall - Home insurance - News - Moneyfacts

News

Home insurance premiums continue to fall

Home insurance premiums continue to fall

Category: Home insurance

Updated: 24/10/2013
First Published: 24/10/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

According to research from the AA, the price of home insurance premiums has continued to fall during the third quarter of 2013 – continuing the downward trend that started in 2012.

The latest British Insurance Premium Index, the benchmark for the industry, has found that average buildings insurance premiums have fallen by 0.8% over the last quarter and by 5.8% since October last year, whilst contents cover has dropped by 1.8% and 3.8% over the same periods.

For those that have combined buildings and contents cover, the average householder can expect to pay £172.86 – down 6.6% in 12 months.

The drop in rates is thought to be down to the relatively good weather we've had over the last year, meaning there hasn't been an influx of major claims to push up premiums, whilst the increase in competition only adds to the value for money that can be found.

Simon Douglas, director of AA insurance, is encouraged by the news and said it would "take a very severe winter to reverse the downward trend in the short term [as we're] in a competitive market and rate reductions are still being made."

What next?

Compare home insurance premiums

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Home insurance cost rises by 3.5%

New data from Consumer Intelligence has revealed that the annual cost of home insurance has raced ahead of inflation, having risen by 3.5% year-on-year to stand at an average annual premium of £123.

Get your home winter-ready

We hate to say it, but winter is well and truly setting in. So, if you haven't yet made sure that your home is ready for the colder months ahead, now's the time to get started.

Bargains for burglars on Black Friday

Many are looking forward to Black Friday next week, not to mention the following Cyber Monday (28 November), but did you know burglars are also looking forward to those days of deals? Don’t let them take you by surprise!
 
Close