Due to increased competition, home insurance price rises have started to slow down. The average cost to insure a home is around £119 according to research from Consumer Intelligence.
In the past three months, there has been a fall in prices of an average 0.2% and have not changed since December 2015.
There were concerns in November 2015 that the insurance premium tax would increase costs.
There have been low claims for flood and storm insurance and the combination of increased competition have kept prices low.
Homeowners who are aged 50 and over have seen an average increase of 2.1% till July which took best-buy premiums to £111. The under-50’s have seen annual increases of around 1% which is taking an average cost to £126.
Phil Paterson-Fox, Consumer Intelligence key account director stated “Storm and flood damage costs have proved to be less expensive for insurers than feared and were already provided for. The competition for business remains high and the impact from last year’s insurance premium tax has proven short lived so customers are benefitting in contrast to premium rises across other sectors”
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