Home insurance premiums are still
falling around the country, new data shows, despite freezing temperatures and
higher flood risks.
Regardless of last year’s floods
costing insurers an estimated £1.2 billion, premiums for buildings, contents
and combined policies all fell during the first quarter of this year, according
to the AA Shoparound Index.
Buildings insurance is down 2.6
per cent compared to the last quarter and 1.7 per cent over the last twelve
months. Contents policies have fallen by 1.7 per cent over the last three
months and 2.4 per cent over the year, while combined policies have dropped by
a smaller 1.7 per cent compared to the same period in 2012.
But Simon Douglas, director of AA
Insurance, points out that this figure is likely to mask wide variation between
areas that suffered flooding and those which avoided the damage.
Owners of flood-damaged homes can
still find insurance thanks to a ‘statement of principles’ agreed between the
government and insurance providers, though their premiums are likely to be
considerably higher.
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Categories: home insurance, property insurance
