New research from MoneySuperMarket has revealed that homeowners in South West London are paying the highest home insurance premiums. Those in South West London are typically paying £198 a year, almost £80 more than the national average of £119. In contrast, Durham is the cheapest place to cover, with homeowners paying £98 a year on […]
New research from MoneySuperMarket has revealed that homeowners in South West London are paying the highest home insurance premiums.
Those in South West London are typically paying £198 a year, almost £80 more than the national average of £119.
In contrast, Durham is the cheapest place to cover, with homeowners paying £98 a year on average.
MoneySuperMarket analysed more than four million combined home contents and buildings insurance quotes during July 2017 to identify the postal areas with the most expensive and cheapest premiums.
Southern postcodes dominate the top five most expensive areas for home insurance, with premiums in North London, Harrow and East London hitting £197, £181 and £172 respectively in July.
The year-on-year comparison in some of these areas makes for slightly different reading, with premiums cheaper now in South West London (3.7%) and Harrow (5.7%) than they were 12 months ago.
Outside of the M25, the most expensive area is Slough (£166), followed by Bromley (£157) and Southend-on-Sea (£141). Those in Glasgow are also at the higher end of the scale (£131), as well as Belfast (£131) and Leeds (£128).
Dan Plant, editor-in-chief at MoneySuperMarket, said: “The cost of home insurance has been steadily falling over the last five years. However, with Insurance Premium Tax having increased from 10% – 12% on the 1stJune, it is not surprising that we have seen the average combined contents and building cover start to creep up once again.
“With this in mind, those languishing on old policies could make savings by shopping around and switching providers. Whether the area you live in has seen the cost of cover rise or fall, it’s worth having a look at what else is available. Insurers reserve their best prices for new customers, making shopping around at renewal a must. There are savings of up to £724 to be made, and it only takes 10 minutes.”
Top 10 most expensive home insurance postcodes
| Region | Average premium for July |
| SW – South West London | £ 198.25 |
| N – North London | £ 196.77 |
| HA – Harrow | £ 181.24 |
| E – East London | £ 172.28 |
| SE – South East London | £ 166.97 |
| SL – Slough | £ 166.36 |
| TW – Twickenham | £ 161.59 |
| KT – Kingston-upon-Thames | £ 159.95 |
| BR – Bromley | £ 156.73 |
| EN – Enfield | £ 155.99 |
Top 10 cheapest home insurance postcodes
| Region | Median Cheapest |
| DH – Durham | £ 97.55 |
| NE – Newcastle | £ 99.63 |
| NR – Norwich | £ 100.82 |
| ST – Stoke-on-Trent | £ 101.46 |
| DY – Dudley | £ 102.77 |
| PL – Plymouth | £ 102.77 |
| BA – Bath | £ 103.36 |
| TQ – Torquay | £ 104.00 |
| CA – Carlisle | £ 104.03 |
| IP – Ipswich | £ 104.03 |
[box style=”4″]
What Mortgage has teamed up with London & Country to offer you expert advice on the right mortgage deal.
Whether you’re buying a new home, remortgaging to a new deal or buying an investment property, L&C can help – and you’ll pay no fee for their advice. To find out more, click here.
[/box]
