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UK home insurance costs slump

UK home insurance costs slump | Insurance Business UK

UK home insurance costs slump

New research by price comparison website MoneySuperMarket has found that home insurance premiums in the UK are currently at their lowest level – at £141.12, on average, for an annual policy – since the second quarter of 2019.

Based on the median cheapest on-screen price for the given period that MoneySuperMarket customers see when running a quote, here are the average combined home insurance (building and contents) costs per region in the first quarter of 2021:

Region

Average combined home insurance cost

London

£201.09

Northern Ireland

£189.23

North East

£117.38

South East

£147.65

Scotland

£136.18

Yorkshire and the Humber

£133.02

East

£150.84

North West

£129.29

East Midlands

£132.14

West Midlands

£129.63

South West

£129.63

Wales

£126.25

UK average

£141.12

 

“Consumers will be glad to see that prices are coming down, and this decline may well continue over the coming months,” said MoneySuperMarket home insurance head Kate Devine. “Lockdown has led to fewer claims and extra competition for customers, and both generally mean lower premiums.

“Prices remain high, however, and the easing of restrictions may see more claims, which could push prices in the other direction. It’s therefore crucial for consumers to take matters into their own hands and shop around to make sure they get the level of cover they need at the best possible price.”