Despite the torrid winter the UK has just had to endure along with its flood issues, Contents insurance has risen just four pence since 1994.
Home insurance premiums have continued to remain flat or fall in spite winter flooding and storm damage that affected many parts of the UK in December through to to March 2104.
By the beginning of April 2014, According to the latest AA British Insurance Premium Index, the Shop-around premium for a buildings policy was £122.06, a fall of 0.7% and down 6.5% over 12 months and in respect of contents insurance the average was £64.17, down 1.7% in three months and 7.4% in 12 months.
For a huge number of people the combined buildings and contents insurance premium is more relevant as a policy measure – the average of which was £170.59, down 2.2% for the period and 8.4% in a year.
How did shoparound arrive at the 4p figure? Shoparound average is based on a combination of the five cheapest quotes from both the direct, broker and price comparison price sites. It uses a fixed basket of ‘customers’ that is representative of the UK market for home insurance, the AA claimed.
It noted that the market average of all premiums quoted direct by insurers and brokers, the average quote for a contents policy is £102.78 – just four pence more than at the end of 1994, soon after the Index began which is amazing…!
Owner occupied insurance is still very competitive but the cheapest empty property insurance still normally restricts cover and excludes theft and escape of water. Cheap unoccupied insurance that includes theft, malicious damage and escape of water can still be obtained but tend to attract higher excesses.
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