Pandemic results in fall in home insurance prices – Aberdeen Night Categorical
Home insurance costs have dipped by 0.9% since April, with a typical building and contents policy now priced at £150, analysis has found.
With people spending more time in their homes during the coronavirus pandemic, the general risks around domestic break-ins are perceived to be lower, according to data insights firm Consumer Intelligence, which compiled the research.
The Office for National Statistics (ONS) has previously highlighted significant falls in some crimes, including domestic burglary and theft of personal property, earlier this year across England and Wales.
John Blevins, pricing expert at Consumer Intelligence, said that with more people staying at home, claims have reduced.
He said: “This is reflected in reduced premiums.”
- London, £198
- South West England, £133
Overall, premiums have increased just 1.4% since Consumer Intelligence first started collecting data in February 2014.
People in London pay nearly £50 more for an average policy, at £198. In the South East of England, costs are also higher than average, at £161.
The South West of England remains the cheapest place typically to buy a policy, at £133.
Home owners in the North East (£136) and East Midlands (£138) also benefit from relatively cheap policies, the analysis found.
Researchers said the biggest jumps in premiums over the past year have been for Victorian-era properties.
Home insurance premiums for properties built between 1850 and 1895 have jumped by 3.4%. A typical annual policy now costs £192.
Twenty-first century homes attract the cheapest home insurance prices typically, at £139, despite a slight increase to premiums of 0.8% over the past 12 months.
The analysis involved comparing the prices offered for more than 2,000 people by major comparison websites as well as direct insurers.
Averages taken from the top five cheapest prices for each person were used to produce the index.
Here are the percentage increases or decreases in the year to October for home insurance premium prices and the average home insurance premiums across Britain, according to Consumer Intelligence:
– London, 4.6%, £198
– Scotland, 1.8%, £142
– South East, 1.6%, £161
– West Midlands, 1.6%, £142
– South West, 0.5%, £133
– East Midlands, minus 0.4%, £138
– Eastern England, minus 0.6%, £150
– Wales, minus 0.8%, £144
– Yorkshire and the Humber, minus 0.8%, £144
– North West, minus 1.7%, £150
– North East, minus 2.6%, £136