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Home insurance prices fall

29/01/2015

Buildings and contents insurance prices have fallen over the last year, according to the Association of British Insurers (ABI).

The ABI tracked the price paid for household buildings, contents and combined insurance, and found that insurance premiums have been driven down by competition over the last year, despite heavy flooding through much of the UK.

For buildings insurance, premiums paid fell by 6% to an average of £230 last year, and contents insurance fell by 5% to £124. The average annual premium paid for a combined buildings and contents policy was £291, which is a 3% fall on last year.

Mark Shepherd, the ABI’s Manager, General Insurance, said:
“There is no substitute for home insurance. Last winter’s floods dramatically highlighted the value of insurance, with insurers dealing with over 13,000 claims from flooded property owners. With the average domestic theft claim of £1,600, and average cost of dealing with subsidence running at £6,900 home insurance is outstanding value for money.

“The expertise of insurers in assessing, planning and pricing for unwelcome events, such as bad weather, ensures that millions of families are benefitting from very competitively-priced home insurance that is protecting them from many of life’s unexpected and unwelcome events.”

In 2014, severe flooding in parts of the UK such as Somerset meant that insurers had to pay out an estimated £451m in flood-related claims on its policies.

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