Home insurance prices remain stable
The average annual premium paid for a combined buildings and contents policy was £294, or £5.65 a week.
This was 1% lower than the average premium paid in quarter 3, 2013. The average cost of a household insurance claim over the past year was £1,500, 12% higher than the previous year.
The average buildings insurance premium paid was £231, or £4.44 a week. This was up 2% on quarter 3, 2013. Over the last year the value of the average subsidence claim over the past year was £5,400, 12% higher than the previous year.
For contents insurance, the average premium was £127, or £2.44 a week. This was down 1% on the same quarter last year.
Over the last year the average theft claim cost £1,700 and the average fire claim was £11,000. The average claim for accidental damage was £550, up nearly a quarter over the previous year.
Aidan Kerr, ABI’s head of property insurance, said: “Home insurance is a shock absorber, protecting millions of families against the unexpected and unwelcome.
“Despite volatile events, such as bad weather, the cost of cover for millions of customers has remained reassuringly stable.