House contents insurance premiums fall barely final 12 months – insurance business
"The home market is already a very competitive market, largely keeping premium increases in check," said Harriet Devonald, product manager at Consumer Intelligence.
Younger homeowners still pay slightly more for household items than their elders, but the gap is narrowing. A homeowner under 50 pays an average of £ 151 for annual home and contents insurance, while those over 50 pay £ 134.
Across all regions, London has the most expensive average home insurance premium at £ 202. Only two other areas – South East (£ 154) and Yorkshire and the Humber (£ 150) – have premiums above the national average of £ 144.
The North East (£ 113) remains the region with the cheapest premiums, followed by the East Midlands (£ 124) and the South West (£ 130). Premiums fell across all regions, with the largest decreases in Yorkshire and the Humber (-7.9%).
Older properties have remained more expensive to insure than newer ones due to the higher cost of claims from their owners. Roofs, plumbing, and wiring of older properties are more likely to fail, and replacement materials can be expensive to source.
19th century / Victorian era houses were the most expensive, typically costing £ 169 a year. On the flip side, properties built since the turn of the century were the cheapest at £ 133.
Cuts were seen across all age segments of real estate, and Consumer Intelligence saw the sharpest decreases in premiums for real estate built between 1940 and 1955 (-7.4%) and between 1910 and 1925 (-7.0%).