Home Insurance Importance

Average Cost of Home Insurance

The average cost of home insurance in the UK today seems to be forever increasing. When you compare it to policies in the 80s and 90s it is obvious that prices have rocketed. The average cost of home insurance is now well over £200, with some areas seeing it rise even higher than that. With the massive increase in the average cost of home insurance, it is more important than ever to make sure that you get the cheapest home policy quotes. To do this it is important to think about factors that can cut the cost of your cover, whilst also comparing numerous policies to find one that beats the average.

The price of home insurance premiums has dramatically increased over the past few years. This is due to a number of factors but the main one being our recent cold winters on buildings cover. The cold winters have caused a lot of damage to our homes with pipes freezing and water tanks bursting. This has led to people calling on their cover more often than would normally be expected, which in turn has seen prices rise so insurers can cover themselves.

Contents and Buildings Cover

There are two types of home insurance, buildings and contents. Whilst both of them are based on different factors, they have both been major elements in the stark increase in the average cost of cover in the UK. However, it seems that one of them may be more to blame than the other.

The average cost of contents insurance has risen over the past 10 years, but not by that much. If anything it is only just increasing more than inflation. This is mainly due to the fact that crime is relatively low and that people are installing quality security equipment. To counter this though, people are buying more expensive items and thus need more expensive cover. This means instead of a large increase you only see a minor one.

This is in contrast to buildings cover. Of the home insurance premiums, buildings cover is where we have seen the largest rise in cost. Now a policy will look to set you back well over £100, with some policies going higher still. This is due to the increased payouts due to very cold winters and flooding in summers. The lenders are raising premiums in order to protect themselves from the next big freeze, thus making the average price of home cover far higher than we would expect.

With this dramatic rise in the average cost of home insurance it has become far more important to make sure that your policy is as low as it can be, thus lowering the impact of the rising average cost of home insurance. There are a number of techniques to make sure that you get the most out of your policy.

The Best Deal

Getting the best deal on the cost of your home insurance can be a tricky thing to do. However, there are a number of tips and tricks that should help you lower the price of your average policy.

The first thing to think about is your buildings cover. To lower the premiums you have to lower the risks. This means properly insulating the roof and double insulating all of the pipes. This will protect it from the cold whilst also meaning that cover providers will see you as sensible and responsible. You can also cut the risk of frozen pipes and burst water tanks by keeping your house warm. As long as your home stays at around 15-17 degrees celsius then you should keep the ice at bay.

Once you have done this it is time to think about your contents cover. Whilst buildings may have been the main contributor to the rising average cost of home insurance, it is with contents cover that you can save the most money. Simple things like installing fire and burglar alarms cut the cost of premiums dramatically as it lowers your risk. Even having a dog that acts as an alarm and a deterrent again lowers the price of your premium. Top quality locks also help whilst doing things like paying off all of your premium at once will help you to save.

The best way to help cut your insurance to below the average cost of home insurance, is to compare online. Comparison websites help you get a deal for less than the average cost of home insurance as they compare hundreds of quotes and providers to find the quote for you. On average, these sites can save you hundreds of pounds so it is important to use them.

So whilst the average cost of home insurance is rising, you can still get a top deal if you use our tips and compare online.

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Using this site, I was able to compare several quotes on home insurance in a fraction of the time it would have taken otherwise!
Chris A, London, UK