Home Insurance Premiums ‘Falling’

Good news for Norwich property agents and their clients this week – home insurance premiums appear to be on the decline, thanks to an easy winter this year.

According to the AA’s British Insurance Premium Index, the typical quote for contents and buildings policies combined has fallen by 3.6 per cent, reaching £158.66. The cost of a buildings policy has dropped by three per cent in the first three months of 2015, while the cost of a contents policy dropped by 2.3 per cent over the period.

“Home insurance generally serves home owners well when there is flood or storm damage but the fact is, claims over the past three years have been well within insurers’ capacity and as a result, premiums have fallen,” managing director of AA Insurance Janet Connor remarked.

She went on to observe that although this year’s winter was perhaps less harsh than in previous years, climate change is a reality for many countries around the world and the UK can also see extremes of weather. As such, homeowners and renters should prepare just in case the worst happens.

When choosing your home insurance policy, consider using an online contents calculator to help you work out the amount of cover that you think you’ll need. Check what your insurer’s definition of ‘valuables’ is as well, as this can vary quite dramatically. Be sure to tell them what big ticket items you have and check that they’re listed on your policy document as well.

Taking these necessary steps may seem arduous at first, but it could make a real difference if something does happen to your home in the future.

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