Home insurance prices are going down...

31 March 2015

As the politicians argue over whether living standards have improved or not, it appears UK homeowners should be celebrating the lowest seasonal home insurance premium prices for new customers in four years.

MoneySuperMarket’s analysis of over 14 million home insurance quotes obtained between March 2010 and February 2015 showed that average home insurance premiums for new customers fell in 2014/15 to £115.82 – 22% lower than four years ago (2010/11), when the average winter premium was £148.85, and 27% cheaper than in spring 2010, when prices were as high as £158.93. Annually, premium prices have dropped an average of eight per cent since last winter (2013/14), when the average cost was £125.53.

The analysis also revealed regional winners and losers- for example, new customers in the HR Hereford postcode are now looking at an average cost of just £97.57, the only area coming in under 100. This is £15.85 cheaper than last year, and 35% less than winter 2010/11.

Those in NW London postcodes have experienced the biggest overall reduction (18%) in premium price for new customers year on year, although the rates in this part of the capital are still over £30 above the national average. Similarly, West London postcodes recorded an almost 14% year on year reduction in the price of home cover for new customers this winter, but average premiums are still almost £20 above average. The list of the regions with the top savings over the past year are as follows:

table

Kevin Pratt insurance expert at MoneySuperMarket said: “Not all of the top 10 regional winners are seeing premiums below the national average, but the rate at which prices are falling in these areas for customers who shop around is really promising.”

On the downside, however, homeowners in Northern Ireland have pulled the short straw: their BT postcode is the only one in the UK where an uplift in price has been recorded year on year. Sorry folks.

TOPICS:   Insurance

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