Going soft for 80 years.
Talk about a soft market. The Co-operative Insurance has unearthed a piece of its marketing history that demonstrates that home insurance has risen relatively little in price over the past eight decades.
The cost of a comprehensive home insurance policy in 1931 was “a very reasonable rate” of 5 shillings per £100 worth of household goods, with a minimum premium of 5 shillings. In decimal currency, that works out to 25p per £100 of cover.
In 2008, the average contents sum insured by The Co-operative Insurance is £36,000 and the average contents premium is £75. This equates to a cost of only 20p per £100 of cover – which means premiums have actually reduced.