The not-so-good news is that not everyone will see the benefit.
That’s because the biggest savings are made by those who shop around at renewal, rather than simply renewing with the same insurance company.
We analysed more than 2.6 million home insurance quotes run on our site and found that, in spring this year (March to May), premium prices were £116 on average, compared to £159 during the same period in 2014.
Overall, premiums have fallen by 27% (or £44) in the five years since spring 2010.
But policyholders will only see the full benefit of falling prices by hunting across the market for the most competitive deal, especially if they haven’t changed insurer for a number of years.
Insurers tend to reserve their keenest prices to grab the attention of new customers. Existing customers, meanwhile, often see their premiums creep up, year on year, if they simply stay put and renew.
But if you shop around, you effectively make yourself a ‘new’ customer, with all the companies competing for your business. We recommend you go through this process every year to ensure you’re always on the best deal.