Home insurance premiums tick down in Q1 – ABI
Household property premiums fell in the first quarter of the year, the fourth drop in a row according to the Association of British Insurers.
The ABI calculated average combined buildings and contents dropped £5 to £375 during the period pushing the year-on-year cut to 5%.
The trade body’s Property Insurance Premium Tracker analyses 15.5 million policies sold a year and is based on prices paid rather than quotes.
With record Q1 average payouts for extreme weather events, we continue to see the impact of adverse weather on people’s homes.Chris Bose, ABI
It found the average buildings‑only premium was £306, a 6% decrease compared to Q1
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