Home insurance premiums have fallen by 0.9% since April, as prices continue to trend downwards following the coronavirus pandemic.
Claims have reportedly reduced due to the increased amount of people staying at home in light of national lockdowns, and according to Consumer Intelligence, home insurance premiums continue to trend downwards as a result of the pandemic.
John Blevins, pricing expert at Consumer Intelligence, said: “Break-ins are generally less frequent when people are at home more. The most recent Office for National Statistics figures show that domestic burglaries fell by 72% in the first national lockdown.
“With more people than ever staying at home, claims have reduced. This is reflected in reduced premiums.”
Premiums have increased only 1.4% overall since Consumer Intelligence first started collecting data in February 2014. They peaked in June 2020 but have since declined, though prices continue to remain “broadly stable”.
On average, Londoners continue to pay over 30% more for their home insurance (£198) than the average UK policy. The South East is the only other region to spend more than £150 for an annual policy, the UK-wide average, at £161.
The cheapest area for home insurance remains the South West at £133, followed by the North East (£136) and East Midlands (£138).
Older Victorian era properties saw the biggest increase to their home insurance premiums over the last 12 months. Properties built between 1850 and 1895 saw prices rise 3.4%, and were the most expensive property to insure at £192 for an annual policy.
Properties built this millennium continue to have the cheapest annual policies at £139, however, despite a slight rise to their premiums of 0.8% over the last 12 months.