Latest snapshot reveals decline in price of building and contents policies

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The cost of home insurance fell over the last year, according to the ABI’s latest snapshot of buildings and contents premiums.

The association’s latest average quarterly household premium tracker, published today, shows that the average annual premium paid for building insurance was £230 or £4.43 a week.

This was 4% lower than the previous quarter and 6% down compared with the same period in 2013.

For contents insurance, the average annual premium paid was £124, which worked out at £2.38 a week. This figure was 4% less than the previous quarter and down 5% over the same quarter a year ago.

The average annual premium paid for a combined buildings and contents policy was £291, or £5.60 a week. This was down 1% on the previous quarter and fell by 3% over the year.

The survey is based on data submitted by ABI members, covering 90% of the home insurance market.

The ABI figures confirm the trend of falling home insurance premiums identified in other surveys recently carried out by Biba and the AA.

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