Home insurance costs fall but owners urged to get winter-ready
It’s been a wet and blustery start to autumn, providing a valuable reminder to homeowners to prepare their properties for unpredictable weather and ensure they’re financially protected against damage.
The good news is that the cost of home insurance is falling, with the latest Consumer Intelligence Home Insurance Price Index showing that quoted premiums are down 7.9% in the past 12 months and by 3.9% in the past three months.
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Separate analysis from comparison site Go.Compare found that the average combined buildings and contents premium now stands at £229, down 1.3% from the previous quarter when the average premium was £232.
Nathan Blackler, expert at Go.Compare home insurance, said: “It’s encouraging to see premiums come down slightly after months of increases. But with autumn storms around the corner, now is the time for households to prepare. The cost of claims has increased in the last quarter by 7% for insurers, so while prices have softened this quarter, they are likely to rise again - particularly for homes in higher-risk areas. Shopping around, maintaining your property and bundling cover are three of the most effective ways to keep costs down.”
How to winterproof your home
When preparing your property for winter, start by checking whether there’s anything that could potentially cause damage in the event of high winds.
For example, if there are any overhanging branches, it’s worth trimming them back so they don’t fall onto your home in high winds. It’s also a good idea to check your roof for any missing or loose tiles that could allow water to seep in if there’s a storm. Make sure you clear out your gutters too, as this can help prevent potentially costly water damage to your roof.
It’s also worth thinking about the impact freezing weather could have inside your home, potentially leading to frozen or burst pipes.
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A spokesman for Aviva said: “Thankfully, there are simple steps you can take to help prevent this. Start by insulating any exposed pipes and your cold-water tank, especially those in the loft or outside. This not only helps protect your home but could also improve energy efficiency. Check taps for leaks by turning them off fully - if they still drip, it’s best to get them repaired. Lastly, make sure you know where your stopcock is located in case you need to turn off the water quickly in an emergency. It’s usually found under the kitchen sink.”
Remember that winter weather isn’t the only thing that could lead to an insurance claim. Darker evenings make it easier for burglars to break in unseen, with research commissioned by Co-op Insurance revealing that almost one in eight (11%) homeowners feel that their home is less secure in winter months.
It’s therefore well worth reviewing your home’s security before the clocks change. You might, for example, want to think about fitting sensor lighting or a burglar alarm. Some insurers will offer discounts on home insurance premiums if you have a monitored alarm system in place.
Graham Ward-Lush, Head of Home at Co-op Insurance, said: “During the winter months, many people see their home as a sanctuary that allows them to escape the dark and cold weather.
“However, our research suggests that a significant number of Brits don’t feel as secure in their homes when the dark evenings set in, but that most people would feel less anxious with extra security features. Whether it’s leaving lights on a timer, installing a security camera or simply making sure your windows and doors are locked, we’re encouraging homeowners to take extra steps to ensure that their possessions are kept safe, and homes remain secure this winter.”
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