Homeowners living in Bolton and Brighton are benefitting the most from home insurance premium deflation, according to the latest Home Insurance Monitor from MoneySuperMarket.
The comparison site analysed 12.4 million home insurance quotes run on the site over four years to reveal the cost of cover across the UK. It found homeowners in the north west town of Bolton have benefitted the most from falling premiums, which have dropped by almost a quarter in the past year (a saving of 23%, or over £33). Brighton and Southampton, on the south coast, also top the table for savings, both having seen 14% shaved from the cost.
The cost of home insurance has fallen in all 121 postal areas over the past 12 months, and is also at its lowest in over four years, meaning shopping around for cover will lead to paying even less for home insurance this year. The analysis of quotes from 1 March 2010 to 31 May 2014 reveals overall home insurance premiums have fallen by 22%, with average annual premiums now £124, their lowest since the analysis began in Spring 2010.
Kevin Pratt, insurance spokesperson at MoneySuperMarket.com, said: “The trend of home insurance deflation continues apace – welcome news all round to homeowners across the country. As well as intense competition among insurers prices are also falling to reflect a decline in the number of burglaries, which have been reducing in number since 2011.
“Sticking with an existing insurer is unlikely to net the best deal. Even though a renewal quote might be cheaper than the price paid last year, chances are homeowners will be able to save even more by switching to a different insurer so it is really important to shop around to maximise the savings available.”
The Home Insurance Monitor also analysed the value of contents Brits are insuring in their homes as ‘single items’ named on their policy – items of jewellery, art or antiques for example. The results show this has reached it’s the highest point since analysis began in March 2010 – increasing from £2,694 in Spring 2010 to £3,494 in Spring 2014 a 30 per cent increase.