ILC ARTICLE

Where is the cheapest place to insure a home in the UK?


MoneySuperMarket has been crunching the numbers and, after analysing annual costs for buildings and contents insurance across the UK, reveals where you pay the least for your home insurance.

According to the data, based on analysis of millions of home insurance quotes run on MoneySuperMarket in the last 12 months, Durham is the cheapest place to insure a home, with London and Guernsey the most expensive postcodes.

The data also shows that the average price of combined buildings and contents cover in the UK during the first three months of 2019 was £138.

Those living in Durham (DH) pay just £117 on average, while homes in North West London (NW) are the costliest to insure, with residents forking out £251 per year – 114% more.

London postcodes dominate the most expensive areas for home insurance, taking the top 13 spots. Outside the capital, the most expensive place is Guernsey, with residents paying an average of £183 to insure their homes on the island. Hertfordshire towns Watford (£182) and St Albans (£174) are also among the costliest postcodes outside London.

Rachel Wait, consumer affairs spokesperson at MoneySuperMarket, commented: “Home insurance prices have been on the rise for a couple of years now, with those in London facing the highest premiums, possibly due to higher burglary rates in urban areas. Meanwhile, extreme weather causing flooding and subsidence can impact insurance costs in places like Guernsey and the Shetlands.

With higher prices and some insurance providers reserving their best offers for new customers, it’s worthwhile shopping around when renewing. This allows you to compare prices and get the best deal possible.”

Source:  Property Reporter

"With higher prices and some insurance providers reserving their best offers for new customers, it’s worthwhile shopping around when renewing. This allows you to compare prices and get the best deal possible.”

Rachel Wait, Consumer Affairs spokesperson at MoneySuperMarket

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