The report revealed that the average quote for building insurance among UK homeowners is currently £209 which represents an increase of 1.26 per cent over the last four months.
A quote for contents insurance currently stands at less than £148 on average, a fall of 0.5 per cent over the same period.
Kevin Sinclair, spokesman for the AA, said that the drop in the cost of home insurance is down to competitive activity.
He added: “As more people will inevitably be shopping around, they need to make sure they’re aware of what insurers are offering for their money. Making a claim is the wrong time to find that cover doesn’t meet expectation.”
Mr Sinclair also pointed out that the insurance industry had some major concerns about how climate change could affect the cost of home insurance.
In a contrast to the stability of home insurance, the cost of covering a car has jumped in the last quarter by 4.35 per cent to £806.
The AA British Premium Index has been monitoring home and car insurance prices since 1994.
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