New Home Insurance Index from Go.Compare shows costs falling but remain high year on year
Costs have fallen 5% since the last quarter but premiums are still 13% higher than they were a year ago
The latest Home Insurance Index from Go.Compare home insurance has revealed that the cost of home insurance has begun to fall. The average cost of a combined building and contents policy has fallen 5% in the last quarter, now standing at £228*, but still 13% higher than the same time in 2023.
The Index from the comparison site also shows that contents-only insurance has fallen 8% to £66 and buildings-only policies have fallen 1% to £204.
| Quarter | Average cost of combined home insurance* |
| Q3 2024 | £228 |
| Q2 2024 | £241 |
| Q1 2024 | £224 |
| Q4 2023 | £213 |
| Q3 2023 | £202 |
| Q2 2023 | £182 |
| Q1 2023 | £170 |
When it comes to prices across the regions, the data shows that it’s those in Northern Ireland who pay the most to insure their homes (£416), which is more than double the average for those in the North East, who see the cheapest averages at £186.
Traditionally, the cost of home insurance tends to increase as the size of the property increases - and the report reveals that currently, the average cost for a two-bedroom home is £172, £202 for a three-bedroom home and £283 annually for a four-bedroom property.
| Number of bedrooms | Average cost of combined home insurance* |
| 1 | £172 |
| 2 | £172 |
| 3 | £202 |
| 4 | £283 |
| 5+ | £417 |
Nathan Blackler, spokesperson for Go.Compare home insurance commented on the report: “It’s a really good sign that the cost of premiums are beginning to fall - it’s been a really tough few years financially for so many people, so news that one of their household bills is starting to fall will be welcome news.
“But with premiums still higher than they were a year ago, customers will still be looking for ways to get the best deal on their home insurance at the right price. There are lots of different factors which will affect the cost of your policy, and knowing these could help you save some money.
“For example, paying annually for your premium rather than monthly is one thing you can do to save some money - insurers often view monthly payments as a loan and so are likely to charge interest making it a more expensive option. You could also save some money by opting for a combined building and contents home policy rather than purchasing them separately as most insurers will offer you a discount for purchasing both.”
Go.Compare releases its Home Insurance Index quarterly, analysing the prices that consumers pay for their home insurance via the comparison site - the full report can be read here:
https://www.gocompare.com/home-insurance/how-much-does-home-insurance-cost/
Contact Information
Rubie Barker
Notes to editors
-ENDS-
Notes to editor
*All average median costs on this page are calculated from home insurance policies purchased through Go.Compare from 1 July 2024 to 30 September 2024.
For further information please contact:
Lynsey Walden – lynsey.walden@gocompare.com
Kath Chadwick – Kathryn.chadwick@gocompare.com
Or you can call 02920 020360.
Keep up-to-date with GoCompare on Twitter; @Go.Compare
About Go.Compare
Go.Compare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.
It does not charge people to use its services and does not accept advertising or sponsored listings, so all product comparisons are unbiased. Go.Compare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.
When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. It is this approach to comparing products that secured the company an invitation to join the British Insurance Brokers’ Association (BIBA) in 2008, and it is still the only comparison site to be a member of this organisation.
Go.Compare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest and works with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.
Go.Compare is part of Future Plc and is authorised and regulated by the Financial Conduct Authority (FCA).
More information can be found here www.gocompare.com or here https://www.futureplc.com/brands/