Home insurance premiums fall 6.6%
Between June 2014 and June 2015, the cheapest home insurance premiums fell by 6.6%, with just over a third of this fall (35%) occuring in the two months between April and June 2015 when the average of the lowest five premiums fell by 2.3%.
The average of the five most competitive home insurance policies in June 2015 was £115, a reduction of £13 a year earlier according to Consumer Intelligence, whose research shows 35% of home insurance customers switched in the year to May. Half (50%) did so to benefit from lower premiums.
Overall, between June 2014 and June 2015, the average of the cheapest five home insurance quotes for those aged over 50 fell by 6.8%. This age group can now expect to pay on average £106 for their home insurance. The corresponding figures for people aged 50 and under are 6.3% and £125 respectively.
Ian Hughes, Chief Executive of Consumer Intelligence, said:
“This fall in premiums can be explained by a big reduction in burglaries, and far fewer claims for flood and storm damage. In 1995, just under 9% of homes suffered from a burglary compared to a little under 3% last year. Those switching home insurers this year could see significant savings.”
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