The average cost of home contents insurance has fallen to a record low, but one in four homes are still uninsured.
The cost of home contents insurance has fallen to a record low of £127 according to the ABI’s Home Insurance Premium Tracker. This works out as £2.40 a week and is actually less than the average household spends on takeaways.
The tracker records what consumers actually pay for their home insurance instead of the price they’re quoted, and it has recorded the lowest figures since it started collecting data in 2012.
The ABI found the region with the most uninsured houses is London, where 45% don’t have contents cover. At the other end of the spectrum is Northern Ireland, with only 18% of houses without contents insurance.
When Admiral Home Insurance asked the British public about their home contents, we discovered over a quarter don’t think it’s necessary to update their contents insurance policy.
To help the nation value their contents accurately, we created the #Coversmart house – an interactive home where you can play higher or lower on the most common items found in properties across the UK.
When it comes to buildings insurance, the average price fell by 8% to £258 from 2017 to 2018. This put the price at its lowest level since 2015.
Combined buildings and contents insurance came in at an average of £307, slightly higher than the previous year. Although there was a 1% increase, it’s still the second lowest figure since the ABI started collecting the data in 2012.
If you’re looking for buildings insurance, why not get a quote with Admiral? 10% of Admiral-level buildings customers paid from £68 (between Jan 2018 - Jun 2018, including MultiCover customers).
Laura Hughes, ABI’s Senior Policy Adviser, General Insurance, said: “While the average cost of home contents insurance is at an all-time low, too many households are still playing Russian roulette with their possessions.
“For some people on lower incomes and renters, especially in cities, insuring your possessions may be seen as unaffordable or unnecessary. But spend a few minutes totting up the value of all your possessions and you’ll realise they can add up to a significant sum if they all need to be replaced at once.”