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Home insurance gets cheaper, study shows

Wed, 22 Oct 2008

The cost of home insurance has risen less than some had expected, according to a new survey.

According to the latest AA British Insurance Premium Index, the average cost of buildings cover has increased by around £13 (6.7 per cent) since last summer's floods, a figure "considerably less" than some had envisioned.

Meanwhile, the cost of combined building and contents home insurance actually fell by £6 (1.9 per cent) over the last quarter, with standalone contents insurance getting cheaper by £5 (4.2 per cent).

Simon Douglas, director of AA Insurance, said: "I expected both buildings and contents cover to continue their upward trend so I am a little surprised that the Index is showing these falls."

The fact that the cost of home insurance has come down is probably due to the fact it is an extremely competitive market, he added.

Yesterday, esure home insurance advised people to do everything they can to make sure that their property is prepared for stormy weather.
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