Home insurance combined premiums at their highest since 2013
Based on more than seven years of data and millions of home insurance customer quotes, the research by MoneySuperMarket shows that the average combined home insurance cost now stands at £146.72, the highest since 2013 where prices peaked at £154.43.
Advertisement
Hide AdAdvertisement
Hide AdCombined home insurance costs are 29% higher in July 2020 (£146.20) than they were in early 2017, when they were at their lowest (£113.30). Premiums rose by 4.16% nationwide over the past year and 2.08% between March and July 2020.
Looking at buildings-only insurance, the lockdown months of April, May and June saw the highest average premiums ever recorded by MoneySuperMarket (£112.59). This trend was clearly visible across the UK, with nearly half (46%) of all areas recording their highest ever buildings-only premium.
Year-on-year, average buildings-only prices rose by 11% to £112.59. Meanwhile, contents-only policies increased by 6% over the same time period.
Advertisement
Hide AdAdvertisement
Hide AdIn Scotland, there has been a fluctuation during lockdown across the country when comparing the average combined premium in the first two quarters of the year.
The table below shows the average combined contents and building insurance in Q1 and Q2 2020 for various postcode areas and the percentage difference between the two.
Falkirk – £143.93 – £138.73 – -3.6%
Kirkcaldy – £127.975 – £127.57 – -0.3%
Galashiels – £126.85 – £133.7 – 5%
Edinburgh – £147.17 – £149.35 – 1.4%
Perth – £142.87 – £141.74 – -0.7%
Motherwell – £138.825 – £139.99 – 0.8%
Paisley – £147.57 – £143.97 – -2%
Glasgow – £150.115 – £150.055 – -0.04%
Inverness – £134.16 – £132.27 – -1.4%
Dundee – £125.83 – £126.56 – 0.6%
Kilmarnock and Ayr – £137.59 – £137.105 – -0.3%
Aberdeen – £131.22 – £133.09 – 1.4%
You can find out more about home insurance prices and how they have changed in your area on the MoneySuperMarket website.