ILC ARTICLE

Premium prices provide consumers with some respite


The average price for home insurance has come down seven per cent in the last year, while contents insurance has fallen by 11%.

This is according to the ABI’s latest Household Insurance Premium Tracker, which looks at the price consumers pay rather than the price they are quoted.

It found the average price paid for buildings insurance was now at £225, the lowest level since the ABI started collecting this data back in 2012. Meanwhile, contents insurance was down to £114, which also represents a record low price.

Laura Hughes, 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 £500m to affected customers, is a dramatic reminder of the vital financial protection home insurance provides against unexpected and costly events.”

She continued, “It is too early to assess the impact of the Financial Conduct Authority’s changes to the rules on pricing of home and motor insurance introduced on 1 January 2022. While, as the regulator has said, this could lead to some consumers paying higher prices if they used to benefit from significant new business discounts, for some it could still pay to shop around for the policy that best meets their needs.”

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