Seasonal analysis reveals 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.
The analysis reveals that despite an overall drop in premium prices, residents in Bolton have seen the only price hike, with £10 a year added to the cost of cover since Spring 2014. However, home insurance costs in the town have decreased at above average levels since 2010, falling £54 over the five year period, compared to £44 nationally.
Those living in Kingston-upon-Thames have benefitted from the largest price drop, with premiums falling by £19 in a year. However, premiums in this ‘postal town’ are among the highest nationally at £135 – 16% more expensive than the national average.
Harrow homes are paying the most costly premiums nationally, at £182 a year on average; that’s 58% above the national average of £116. It’s good news for those living in Norwich, however, who can boast the lowest premiums countrywide, with the average policy just £101.
Kevin Pratt, insurance expert at MoneySuperMarket.com, said:
“Five years of price cuts to home insurance premiums is certainly something to celebrate. Anyone who has never switched, and just auto-renews their home insurance policy every year, could be in line for significant savings.
“With the exception of Bolton, prices have been dropping steadily over the past five years thanks to a number of factors; burglary rates have been falling in most areas, and the fairly mild winter of 2014/15 meant fewer claims for flooding and storm damage. Increased competition in the market is also driving prices down, so now is the time for people to take control and shop around for a better deal."
