Qualified advisers answering your
Financial Questions
call 0800 092 1245

Home insurance prices fall


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.

Need financial advice?

If you have any personal finance questions related to this news article, then please contact our financial advisers. You can get in touch by asking a question online, calling us on 0800 092 1245, or by arranging a visit.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details