Revealed: least and most expensive places to insure a home

Date: 23 May 2019

Terraced houses on one of the London roadsNew analysis of the annual costs of buildings and contents insurance across the UK has revealed that Durham is the cheapest place to insure a home. London and Guernsey topped the poll as insurance hotspots.

The data (based on millions of home insurance quotes generated on MoneySuperMarket over the last 12 months) reveals that the average price of combined buildings and contents cover in the UK during the first three months of 2019 is £138.

Those living in Durham (DH postcodes) pay just £117 on average, while homes in North West London (NW postcades) are the most expensive to insure, with residents coughing up £251 per year – 114% more.

Perhaps unsurprisingly, London postcodes dominate the most expensive areas for home insurance, taking the top 13 spots. Outside the capital, the most expensive place to insure a home is Guernsey. Here, residents pay an average of £183 to insure their homes. Hertfordshire towns Watford (£182) and St Albans (£174) are also among the costliest postcodes outside London.

Ten most expensive places for home insurance

Location

Average annual home insurance premium

North West London (NW)

£251

Central and West London (W)

£249

South West London (SW)

£241

City of London (EC)

£237

North London (N)

£235

Harrow (HA)

£227

Ilford and Barking (IG)

£212

East London (E)

£200

South East London (SE)

£199

Kingston-upon-Thames (KT)

£193

Ten cheapest places for home insurance

Location

Average yearly home insurance premium

Durham (DH)

£117

Newcastle (NE)

£118

Sunderland (SR)

£118

Stoke-on-Trent (ST)

£121

Darlington (DL)

£121

Dundee (DD)

£122

Norwich (NR)

£123

Plymouth (PL)

£123

Galashiels (TD)

£123

Teesside (TS)

£123

Rachel Wait, consumer affairs spokesperson at MoneySuperMarket, said: “Home insurance prices have been on the rise for a couple of years now, with those in London facing the highest premiums, possibly due to higher burglary rates in urban areas. Meanwhile, extreme weather causing flooding and subsidence can impact insurance costs in places like Guernsey and the Shetlands.

“With higher prices and some insurance providers reserving their best offers for new customers, it’s worthwhile shopping around when renewing. This allows you to compare prices and get the best deal possible.”

For more information on home insurance, visit the MoneySuperMarket Home Insurance UK Price Index.

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