Unfortunately, according to the most recent AA British Insurance Premium Index that looks at the average of the 5 cheapest premiums, there has been an increase in the cost of obtaining home insurance last year. This comes on top of higher fuel prices seen at filling stations and an increase in motor insurance premiums.
In the space of 12 months, the cost of buildings cover rose to an average of £114.43 per annum in the final quarter of 2016 from an average of £106.36 per annum in the last quarter of 2015 with this equating to an increase of 7.6%. Between the third and fourth quarters of 2016 such cover rose in cost by 1.1%.
In the space of a year, the cost of contents cover rose to an average of £60.69 per annum in the last quarter of 2016 from an average of £58.67 per annum in the last quarter of 2015 with this being an increase of 3.5% although, interestingly, the cost of such cover between the third and fourth quarters of 2016 actually dropped by 5.7%.
In the space of 12 months, the cost of combined buildings and contents insurance rose to an average of £157.27 per annum in the final quarter of 2016 from an average of £150.67 per annum in the last quarter of 2015 with this being a rise of 4.4%. Between the third and fourth quarters of 2016 such premiums rose by 0.3%.
London and the South East is the region in the UK where it costs the most for a combined buildings and contents insurance policy with the average premium being £165.93 per annum in the final quarter of 2016. The West and West Country is the least expensive for this type of cover in the same period with the average premium being £146.58 per annum.
Here at AIB Insurance, we have an extensive panel of insurers offering buildings and/or contents insurance. So, why not get in touch with a member of our team on 02380 268 351 to discuss your requirements and obtain a quote without any obligation to see if we can save you any money on this valuable type of cover.
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