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The www.FedPrimeRate.com Personal Finance Blog and Magazine

Friday, November 11, 2005

UK News: Confused.com Reveals The Worst Locations For Home Insurance Premiums

Some interesting news for you UK homeowners and soon-to-be homeowners: Confused.com has released details of its study related to the worst places in the UK for home insurance premiums. Details can be found below in the snippet from today's press release:

"New research from www.confused.com, the UK's leading home insurance quote engine, has revealed that Wokingham is the UK's most expensive area for buildings insurance, with average premiums topping £292, some £194 more than insurance for a similar property in Caithness. Similarly, Greater London is the UK’s worst area for home contents insurance at an average price of £233, over £164 more than for a similar property in Shetland.

While many parts of Scotland benefit from home insurance premiums at three times less the cost of cover than for properties in Southern England, the average cost of buildings insurance across the UK stands at £151.27, while home contents insurance comes in at an average price of £98.94.

Confused.com's findings show huge differences in average premiums across the whole of the country. They also reveal that the UK average prices are typically £98.77 and £44.57 more expensive for home and contents insurance respectively, than Confused.com’s average cheapest price results, proving that shopping around can bring back major savings for people with homes looking for home insurance.

Commenting on the home insurance index Kate Armstrong, Managing Director of Confused.com said: 'Insurance companies use postcodes because they can match homes with the history of past claims enabling them to give an instant quote. Because of this every area will have a different average premium, and from year to year your insurance premiums may change. The trick is not to find the average price but the cheapest price, and this is where Confused.com can help. While the average price of building insurance in Wokingham may be £292, the cheapest rate we found was £209, while the most expensive was £357, proving that shopping around is always the wisest move.

'If you are looking for home and contents insurance you can buy these separately or combined. Occasionally you can get a better deal by buying insurance policies individually from different providers although, increasingly, combined insurance represents a better deal; only 4% of the 140 areas researched would have made a saving by buying contents and buildings insurance separately.'

Confused.com is the UK’s fastest comprehensive home insurance comparison site, instantly searching and comparing home insurance prices from almost 70% of insurers, bringing back a full list of prices in under five minutes. Since its launch in August 2005, the average annual amount that drivers save using Confused.com to find cheap insurance quotes is £120, equivalent to a one third saving on typical premiums."

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