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SE Locksmith : 24 hour Emergency Service in South East London Email: [email protected] Call now ( 24hr available ) : 07830431343 07830431343

How much does home insurance cost in the UK?

Whether you’re a new homeowner or you may want to renew your existing home insurance. Do you have any idea what should you expect to pay for your home insurance? A locksmith can help you reduce the premium only by doing basic quick work at your property.

We know how important home insurances are. We are aware that more and more people are interested in upgrading the security level of their property. This way, the price of their home premium will go down. Therefore, an experienced locksmith will be the solution for cheaper home insurance.

In the UK, people are really interested in having good insurance but most of them are quite pricey. But, as it happens with all types of insurances, the final price depends on what you own (including the specifics). Just so you’ll have an idea, here you will see what are the average home insurance costs in the UK. Most of these estimated prices are based on data of millions of customer quotes provided by specialized websites online.

Hire a locksmith before insurance

Firstly, like all insurance policies, your home insurance premium can often be reduced by choosing wisely and investing. Of course, you can choose to pay a higher excess in case of a claim. But you can also choose to reduce the normal cost of insurance by improving your house before hand.

Of course, the more you are willing to pay towards a claim, the lower your insurance monthly payment will be. But, even if this option might be tempting, bear in mind that you should be able to pay the amount you’re completing in the form of excess (in case something happens). A higher excess will reduce the overall cost but will cost you pretty much if you have to make a claim.

Otherwise, we would suggest you to start with the basics. First, try and get the house more secure. It would be a good idea especially if you are a house owner for the long term. So, investing in the good status of your house will most likely decrease the chances of you getting robbed. Also, you will considerably reduce the cost of the premium.

Everything is starting with a strong front door lock. This investment will considerably reduce the price of the insurance for all the years to come. Also, a full security assessment will help you to get an idea of how to be more secure in your own property. Therefore, with all the upgrades, you’ll be able to reduce the premium price even more.

Home insurance premiums fall

According to the most recent quarterly data, typical premiums for a house insurance policy for buildings and contents combined have decreased for the sixth quarter in a row. So, a combined home insurance policy costs £138.75 on average (down over 5% from the third quarter of 2020).

  • According to recent statistics, the average cost of combined buildings and contents insurance in the third quarter of 2021 was £138.75. (Jul, Aug, Sept)
  • While premiums are still somewhat expensive, they have dropped to their lowest level since Q3 2018.
  • The average cost of a buildings-only policy was £110.38, while contents insurance was £55.84.

Since Q3 2020, the price of combined buildings and possessions insurance has fallen each quarter to £138.75. Despite this downward tendency, prices are just 5.1 percent lower than they were in Q2 2020 (£146.27).

The average cost of a combined buildings and contents policy was £128.09*. By mid-2020, it had steadily risen to £146.27, but prices have subsequently fallen by: 0.1% in Q3 2020, 1.2% in Q4 2020, 2.1% in Q1 2021, 0.5% in Q2 2021 and 1.3% in Q3 2021.

Building and contents as separate policies

Buildings-only insurance has likewise decreased nearly every quarter since Q3 2020, with the exception of a minor increase in Q2 2021. Average prices have declined 1.2 percent year on year, from £111.74 to £110.38.

Premiums for only the contents dropped from £56.87 to £55.84 in the third quarter (-1.8 percent ). This is also a 16.6% decrease year over year, from £66.99 in Q3 2020.


Because insurers frequently give a premium discount to clients who purchase both parts together, combined plans typically do not reflect changes in individual buildings and content policies.

What’s the impact of the pandemic on Home Insurance

During the epidemic, restrictions resulted in fewer house burglaries and a decrease in typical ‘escape of water’ claims (with people at home to detect leaks before serious damage is caused). Insurance became more lucrative as a result of fewer claims, resulting in lower costs.

However, additional lockdown effects will largely counterbalance these decreases. Because many individuals are spending more time at home – working, studying, doing DIY, and even exercising – the risk of unintentional damage is likely to be substantially greater than normal. Therefore, more claims mean higher insurance premiums.

What about movement in premiums over the next year?

We are facing an uncertain time ahead with potential triggers for both increases and falls in home insurance costs.

Prices will continue to be influenced by the pandemic. So, we may begin to see some shifts in pricing as restrictions have eased significantly.

Additionally, competition for customers is likely to continue for much of the year, with insurers looking to grow their market segment. This could lead to a continued if moderate, decline in premiums.

What about in the longer term?

Some of the issues around climate change point to longer-term increases in home insurance premiums. A rise in weather-related claims will apply upward pressure on premiums.

For example, the early part of 2020 saw a number of severe storms, including Dennis and Ciara – this resulted in flooding across many areas including South Wales, Herefordshire, Shropshire, and Worcestershire. There could be more in store this year and in the coming years.

The best way to avoid the rising costs of home insurance is to shop around every year, so you can take advantage of the lower prices on offer through MoneySuperMarket.

Average Home Insurance by region

  • London retained the most expensive combined home insurance. Premiums in Q3 2021 were at £207.04, with the second biggest increase in the country at 1% – beaten only by Scotland (1.2%)
  • Those in the North East pay the least on average, with combined premiums of £116.69
  • Burglary is more of a problem in urban areas. That’s the reason why London has higher premiums than other parts of the UK. Parts of south-east England, including London, are also prone to subsidence

The area you live in is one of the biggest factors when it comes to calculating the cost of home insurance. Insurers set prices according to the likelihood of claims from fire, flood, subsidence and burglary – for example, using the number of related incidents in any given postcode.

How property type affects Home Insurance costs

  • People living in flats or apartments pay the highest premiums on average* for combined buildings and contents insurance, at £156.80
  • The cheapest premiums on average apply to those living in a bungalow, at £126.49 for buildings and contents insurance
  • Almost 80% of people who live in a flat or apartment buy contents insurance only. Buildings insurance in such circumstances is often the responsibility of the leaseholder or landlord

The type of property you live in can make a big difference to your risk profile from an insurer’s perspective – and this might push up the cost of your insurance.

Properties with shared access can be more susceptible to break-ins, for example. Additionally, homes that are attached to each other, such as terraced houses and properties subdivided into flats, can be more at risk of damage by spread of fire or leaked water.

Those living in flats and apartments with shared access typically pay higher premiums for combined insurance (buildings and contents), at an average £156.80.

The average premium for a house stood at £139.52 in Q3 2021, while bungalows saw the lowest premium by property type in the quarter at £126.49.

The good news is all households can save money on their home cover by shopping around at renewal.

Home insurance SE Locksmith
Home insurance SE Locksmith

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