CONTENTS. Executive Summary. Report Findings. Contacts. Home Insurance. The cost of home insurance across the UK

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2 CONTENTS Executive Summary Report Findings Home Insurance The cost of home insurance across the UK Trends in buildings and contents insurance claims Our possessions Contacts 15

3 EXECUTIVE SUMMARY

4 Executive Summary Welcome to the MoneySuperMarket Monitor on Home Insurance. In this quarterly publication we take an in-depth look at the average premiums, claims, contents and possessions insured across the UK. Kevin Pratt, Home insurance expert MoneySuperMarket The data in this edition is representative of quotes run on MoneySuperMarket.com from 1 June 2012 to 31 August 2013, and is based on 3,253,590 quotes run during this period. Key Findings Home insurance premiums have dropped across the board year on year. However, comparing this quarter s report with the last shows overall homes insurance premiums increased by 0.7%. The biggest increase was to the cost of contents only cover which has gone up 10.2% in just three months. The peak pricing for the quarter was during June and declined during July and August. Just two postal regions recorded a rise in home insurance premiums compared with the 119 experiencing a drop. Harrow is the most expensive place for home insurance with average premiums coming in at Man-made accidents continue to dominate claims across buildings and contents insurance, accounting for 61.0% and 60.1% respectively. The value of items specified on insurance policies is currently to 3,295. Laptops and bicycles continue to be the most commonly specified items while the most valuable are coin and stamp collections. MoneySuperMarket is well placed to give an overview of the whole market, comparing 83 insurance providers in the UK. Comparing insurance prices is really beneficial in helping consumers make the most of their money. Using MoneySupermarket.com can help consumers save on average 123. Issue 10, September 2013 l MoneySuperMarket Monitor 3

5 Home Insurance The average cost of premiums across all insurance types increased during a quarter for the first time since Summer 2011 according to the data gathered for this latest edition of the MoneySuperMarket Monitor. Kevin Pratt, Home insurance expert MoneySuperMarket 4

6 An 0.7% increase quarter on quarter for overall home insurance The average overall home insurance premium was in summer This compares with in summer 2012 and represents a 6.0% decrease over the year our Monitor covers. However, compared to the prices from our last monitor for spring 2013, prices have increased by 0.90 or by 0.7% in the last three months. Over the past year the cost of overall premiums was in steady decline until this quarter s data was analysed. This is the first time average overall home insurance premiums have increased since summer Further analysis of the data shows the cost of cover actually only increased between May and June 2013 from to an increase of 2.64 or 2.0%. During July and August the average cost of home insurance decreased month on month to and respectively. Average overall home insurance premiums Issue 10, September 2013 l MoneySuperMarket Monitor 5

7 Combined buildings and contents insurance increases 0.6% during the summer quarter Price of standalone buildings insurance remains flat between spring and summer 2013 Over the last year the typical cost of combined buildings and contents insurance decreased by or 6.9%. In summer 2013, the average premium was compared with in summer When comparing this to the spring report, prices have increased by 0.83 or 0.6% over the last three months. A more detailed view of the data shows the increase was again during June 2013 when prices increased to from , a difference of 2.79 or 1.9%. The cost of cover decreased to during July and fell further to in August, which is the lowest average premium price recorded since the start of the MoneySuperMarket Monitor on Home Insurance analysis began in March Compared with the cost of buildings insurance in summer 2012, which was , buildings insurance now costs (10.5%) less. With the average price of buildings insurance standing at in summer 2013 it remains unchanged since the last monitor for spring The cost of buildings insurance staying flat is a first for the MoneySuperMarket monitor on home insurance - never before has the average premium price for any type of cover been unchanged over a quarterly period. Contents insurance continues to increase Our data tracks the increase in the cost of contents-only cover. Since autumn 2012 the cost of this type of insurance has steadily increased, most rapidly during the last three months between the spring 2013 and summer 2013 monitor reports. In spring the average cost of cover was but increased by 7.52 or 10.1% to current average premium price of Looking at the monthly pricing data the cost of cover increased between May and June by 6.75 or 8.9% from to 82.91, but during July and August the cost again started to decrease. Comparing the current average cost of cover to that of summer 2012 we can see that the cost is higher now than it was 12 months ago by 2.88 or 3.6%. This is the only type of home insurance policy showing a higher price now than in summer Issue 10, September 2013 l MoneySuperMarket Monitor 6

8 Summer 2012 vs Summer 2013 This first incidence in over two years of a quarter-on-quarter increase should not be viewed as the start of a trend. It mostly seems to be rooted in a one-off monthly rise in average premium prices at the beginning of the quarter that had already started to reverse by the end of the season. We will keep a keen eye on the next monitor data to see if this pattern does repeat to get a better sense of whether premiums might be starting to edge up. The year-on-year view of overall home insurance premiums the average of contents, buildings and combined policy premiums shows the positive picture of lower prices now than 12 months ago. Contents insurance does buck the trend but savvy consumers should take this as even more of an incentive to shop around when looking for cover, whether it s a first time buy or at renewal time. The best deals are often offered to new customers, and MoneySuperMarket can help with comparing insurance policies. People shopping around using our site typically save 113 on average on their home insurance cover. Kevin Pratt Home insurance expert at MoneySuperMarket Issue 10, September 2013 l MoneySuperMarket Monitor 7

9 The cost of home insurance across the UK Our latest set of data highlights that two postal areas out of the 121 in the UK have registered an increase in the average cost of home insurance premiums between summer 2012 and summer

10 Two postal areas have seen an annual increase in premium Home insurance premiums increased in Llandrindod Wells and Northern Ireland over the last year, but the increases were small. The average premium price for home insurance in Llandrindod Wells went up by 0.87 from to , while the increase in premium prices in Northern Ireland was just Despite the increases to these areas over the last year the typical cost of premiums is far below many areas of the UK. Where have premiums dropped the most? Bromley recorded the steepest drop in average premiums. They fell by 13.8%, which equates to Other big reductions in premium prices were for those in Ilford, with a 12.7% ( 25.53) drop, and Southall where premiums came in 12.3% ( 22.17) lower. Cheapest postal areas, summer 2013 Postal areas seeing the biggest decreases in home insurance premiums Postal areas paying the most As you would expect, the Greater London postal areas continue to top the table of where home insurance is most expensive. Harrow has been almost a permanent occupier of the top spot for the UK s most expensive premiums throughout the course of our Monitor analysis and, although premiums here have dropped by 11.3% ( 25.40) in the period covered by this Monitor, in summer 2013 the average was still Other postal regions paying high premiums in summer 2013 included London NW ( ) and London N ( ) Issue 10, September 2013 l MoneySuperMarket Monitor 8

11 Postal areas paying the least Residents in Norwich enjoy average prices as low as Galashiels and Hereford were also at the bottom of our table, with average premiums coming in at and respectively. Most expensive postal areas, summer 2013 Postal areas registering an increase in home insurance premiums Kevin Pratt said: It s great news for consumers that so few areas of the UK are seeing a year-on-year increase in premium prices. The picture isn t as bright when looking at the quarter-on-quarter price movements, but it should still serve as a reminder that you only buy your home insurance once a year and it s very likely that the prices this year will be less than what you paid in It s therefore vital to shop around at renewal time and change to the best value policy to make the most of the savings our Monitor highlights. Issue 10, September 2013 l MoneySuperMarket Monitor 9

12 Trends in buildings and contents insurance claims Buildings insurance Contents insurance Man-made accidents cause most buildings insurance claims Man-made accidents account for the majority of contents insurance claims In summer 2013 man-made accidents accounted for 73.8% of building insurance claims. Of this number 21.2% were caused by accidental damage and 40.3% by escaping water. The damage caused by Escape of water is most costly, with 67.7% of all claims costs going towards the clean-up. Weather-related claims at the lowest level In summer 2013, 61.4% of claims fell into the man-made accidental category. Of these, 50.7% were down to accidents. Man-made malicious actions account for 26.1% of claims From the overall figure, 25.7% are down to theft. Damage caused by the weather prompted 7.1% of all claims. This is the lowest proportion of claims for this type of damage since our Monitor began. Within this, storms were the main culprit, accounting for 6.3% of claims, which is much lower than in all other years. Year-on-year this is down 15.4 percentage points from 21.7% in Weather the cause of 2.1% of contents claims When it comes to contents insurance claims, the weather plays a smaller role than it does with buildings insurance. Just 2.1% of claims are prompted by weather-related damage and of this 1.8% is as a result of storms. summer As we move in to the autumn and winter months, I urge consumers to think about weather-proofing their homes and gardens. Issue 10, September 2013 l MoneySuperMarket Monitor 10

13 The damage caused by Mother Nature is having a lower impact on home insurance claims in this set of monitor data. As we move in to the autumn and winter months, I urge households to think about weather-proofing their homes and gardens. Given the extent of damage that is recorded in our data set from escaping water, people really need to think about protecting their pipes from bursting when temperatures drop below zero and then rise again. Kevin Pratt Buildings insurance claims by quarter Contents insurance claims by quarter Issue 10, September 2013 l MoneySuperMarket Monitor 11

14 Our possessions Data gathered by MoneySuperMarket also helps build up a picture of the possessions we own across the UK and their value. 12

15 Average value of specified items The MoneySuperMarket Monitor has demonstrated that the average value of specified items on insurance policies has crept up over the past few years. In summer 2013 this figure was 3,295 up from 3,077 in summer 2012, an increase of 218 or 7.1% in just 12 months. Value by age looking at the value of specified items by age paints an interesting picture. Those in the age bracket are specifying items with a total value of 3,579. This compares with 3,700 in the age bracket and 1,771 for those between Value by gender Men appear to have specified items with a higher value than women ( 3,538 and 2,976 respectively). Value by region in Greater London residents listed specified items with an average of 4,212 during summer Those living in the Channel Islands weren t far behind ( 3,876) but these figures were in marked contrast to those from Mid Wales, which show residents here specified items with a value of 2,294. Average value of items specified on insurance policies AVERAGE VALUE OF ITEMS SPECIFIED ON INSURANCE POLICIES Collections are our most valuable possessions Stamp collections are the most valuable items specified on insurance policies. In summer 2013 these were valued at 5,335. Next on the list were coin collections, which were valued at 5,016, and then medal collections ( 4,879). Issue 10, September 2013 l MoneySuperMarket Monitor 13

16 Possessions insurance claims by quarter POSSESSIONS VALUATIONS BY QUARTER Issue 10, September 2013 l MoneySuperMarket Monitor 14

17 The data for this Monitor shows that the overall value of items specified on insurance policies is continuing to creep up. In summer 2013 people were typically insuring items worth 218 more than in summer While this may be because people have accumulated more expensive possessions, in the current environment, it is more likely to indicate that they are paying close attention to how much their possessions are worth and making sure, if they are damaged or stolen, insurance is in place to help replace them. Underinsurance can be a huge issue when making a claim on an insurance policy so it s vital to be as accurate as possible when evaluating the amount of cover you need, perhaps obtaining an independent valuation if necessary. Kevin Pratt Home insurance expert at MoneySuperMarket Contacts For further information please contact: Tel: *Based on Online independent research by Consumer Intelligence during 01 August 2013 to 31 August 2013 Issue 10, September 2013 l MoneySuperMarket Monitor 15

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