The cost of home insurance premiums in the UK has fallen – with Kingston, Halifax and Harrogate benefiting from the biggest reductions.
Properties in Harrogate have seen the fastest falls in the cost of insurance
The cost of home insurance has fallen by 13pc since 2010 due to competition driving costs down, new data has shown.
Analysis of more than 3.5 million home insurance quotes run on price comparison site MoneySupermarket.com shows that average annual premiums are now £136, their lowest since records began in March 2010, in the face of continued inflation.
Home insurance premiums have been becoming more competitive as widespread use of price comparison sites have encouraged consumers to shop around, and made consumers more likely to move from their current providers to better priced competitors.
Hannah Jones, home insurance expert at MoneySupermarket, said: “Competition among providers is continuing to drive down the cost of home insurance policies and it’s important that consumers take advantage of this. Those who become complacent by sticking with existing policies will miss out if they don’t take advantage of shopping around.”
In the 12 months to January 2012, combined buildings and contents insurance premiums fell by 7pc across the UK. Stand-alone buildings cover also fell by 7pc and stand-alone contents cover plummeted by 16pc.
Hannah Jones, home insurance expert at MoneySupermarket, said: “It’s the first time since we began monitoring market pricing in 2010 that we’ve seen home insurance premiums decline in all of the 121 postal regions.”
The cost of home insurance continues to vary widely between postal districts.
Insurance premiums in Kingston upon Thames fell fastest between 2011 and 2012, by 14pc, while those in Halifax and Harrogate fell by 13pc.
Source: The Telegraph