MoneySupermarket Monitor: Spotlight on Home Insurance
Welcome to the latest MoneySupermarket Monitor on Home Insurance. In this quarterly publication we take an in-depth look at the average premiums, claims, contents and possessions insured across the UK.
The data in this edition is representative of quotes run on MoneySupermarket.com from 1 March 2012 to 28 February 2013, and is based on 3,570,689 quotes run during this period.
- Home insurance premiums have dropped across the board year-on-year. Overall home insurance registered a 7.2% fall, while combined buildings and contents dropped 8.2%, buildings insurance by 6.9% and contents insurance by a dramatic 15.6%.
- All 121 postal regions in the UK all saw a fall in home insurance premiums - the first time this has happened since the data analysis began in Spring 2010.
- Kingston upon Thames, Harrogate and Halifax have seen the largest falls in home insurance premium prices year-on-year. Harrow is the most expensive place to insure your home in the UK, with average premiums of £212. Norwich is the cheapest place to insure your home with premiums costing £113 on average.
- Nine per cent decline in home contents theft claims as burglary rates fall across the UK but Summer and Autumn are 'peak' seasons for theft from home claims.
- Man-made accidents continue to dominate claims across both home and contents insurance, accounting for 61.4% and 48.6% respectively.
- The value of items specified on insurance policies has risen to £3,199 - the highest levels since analysis began.
- Laptops, bicycles and jewellery continue to be the most commonly specified items while the most valuable are stamp and coin collections.
Read the full report here: