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A good time to buy home insurance, expert claims

Mon, 12 May 2008

Now is a good time to buy home insurance as prices have fallen in recent months, one expert claims.

Writing for Fool.co.uk, Serena Cowdy explains that an expected increase in the cost of home insurance following last year's floods has happened.

The average cost of home insurance fell by 0.2 per cent in the first quarter of 2008, she stated.

"According to Andrew Strong of AA Insurance, the slight fall in premiums for buildings cover can be explained by a rise in the number of risks not being quoted by some insurers, as they become more sensitive to flood risk," she said.

However, people will have to act quickly as the cost of home insurance is expected to increase again in the coming year, she concluded.

Last week, Mike Pickard, head of risk and underwriting at esure Home Insurance, warned that people should check that their policy covers any valuables that they might keep locked up in their sheds .
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