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Homeowners can expect to pay an average of £132 for a standard home insurance policy, according to figures released today by insurance comparison website Quotezone.co.uk.

London homeowners pay 31% more than the UK average to insure their building and contents, with the average annual premium for a standard home insurance policy in the nation’s capital coming in at £174. This is followed by Northern Ireland – £171 – and the South East – £127.

By comparison, homeowners in the North East are offered the lowest average premiums, where the average cost of a standard home insurance policy clocks in at just £112 – 56% less than a typical homeowner in London can expect to pay.

National Landlord Investment Show – MPU

The new Home Insurance Index, launched today by Quotezone.co.uk, is based on a sample of over 20,000 standard UK properties taken from July 2019 to June 2020 inclusive, and uses the cheapest home insurance premium offered to each policyholder to calculate regional and national averages.

The data also reveals that the owners of detached houses pay the highest premium for a standard home insurance policy, with an average quote of £150, followed by people who own a bungalow with an average premium of £131.

Terraced houses are the cheapest properties to insure, with the average quote for this type of home coming in at just £125.

Responding to the new data, Greg Wilson, founder of Quotezone.co.uk, comments: “Most homeowners have mortgages, which means they usually have a contractual obligation to take out home insurance. However, it isn’t always obvious what’s a fair price to pay for a standard building and contents insurance policy, which is the issue our new Home Insurance Index is designed to address.

“By helping homeowners understand the average cost of insuring a property in their own area we can help make the home insurance process a little more transparent and easier to understand.”

“Londoners probably won’t be overly surprised to learn that they pay the highest building and contents insurance premiums in the UK, reflecting the higher rebuild cost and the higher cost of living in the capital. But northerners might be a little happier to learn that homeowners in the North East pay an impressive 56% less for their home insurance than someone in London might pay.”

“Of course, these are averages and the actual cost of a policy can vary dramatically from one insurance provider to the next – which is the very reason we created our price comparison site, to help policyholders compare policies and prices from dozens of different providers side by side in order to find the best deals.”

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