Get all your news in one place.
100’s of premium titles.
One app.
Start reading
The Independent UK
The Independent UK
National
Vicky Shaw

Average premiums for home insurance drop to lowest level in four years

PA Wire

Average home insurance costs have dropped over the past year, according to the Association of British Insurers (ABI).

The price fall may give a bit of relief to households who are grappling with the soaring costs of many other bills.

In the first quarter of 2022, the average price paid for buildings insurance was £225, according to the ABI. This was a 7% annual fall and the lowest average price since the ABI started collecting this data back in 2012.

The average price paid for contents insurance, at £114, fell by 11% annually. Like buildings cover, this stands at its lowest since ABI started collecting the data.

Many households struggling to cope with the cost-of-living crisis, will be reassured that the cost of protecting their home and their possessions has remained competitive

Laura Hughes, ABI

For combined buildings and content insurance, the average premium was £307, down 2% over the past year and the lowest level in four years.

Laura Hughes, the ABI’s manager, general insurance, said: “Many households struggling to cope with the cost-of-living crisis, will be reassured that the cost of protecting their home and their possessions has remained competitive, despite the increasing costs of construction materials and labour.

“The recent storms in February, which it is estimated will lead to insurers paying out £500 million to affected customers, are a dramatic reminder of the vital financial protection home insurance provides against unexpected and costly events.”

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.