The average home insurance policy has fallen 0.3% in the last three months, according to new data published by Customer Intelligence.
This has resulted from fewer claims being made due to people staying at home more often during the Covid-19 pandemic.
A “dramatic” drop in recorded crime during the lockdown period has also contributed to the downward shift in home insurance premiums.
However, average premiums are up 3% when examined over the 12-month period, with premiums having increased just 1.9% overall since Customer Intelligence first started collecting data in February 2014.
Homeowners in London and the South East continue to pay more for their insurance, at £195 and £160 respectively.
John Blevins, product manager at Customer Intelligence, said: “It’s perhaps no coincidence that this period takes us through the recent lockdown where the vast majority of people were spending much more time at home.
“Crime rates and home claims have both declined in recent months, which is the most likely reason for this small deflation in premiums.”