The average cost of home insurance in Wales has risen 23% to £129.06 over the last three years, according to new research from MoneySuperMarket. The analysis of more than seven years of data and millions of home insurance customer quote shows Llandudno to have the highest combined building and content home insurance in Wales.
|City||Average Combined Contents & Buildings Insurance Q1 2017 (£)||Average Combined Contents & Buildings Insurance Q1 2020 (£)||% Increase|
In the context of the rest of the country, Northern Ireland residents have seen a country-high 11% rise in the cost of their home insurance in Q1 2020 compared to the same period last year. However, London remains top of the table on price with residents in the capital paying nearly £60 more than the national average of £144.
Wales has the second lowest home insurance in the UK, with residents paying 11% less than the national average.
|Region||Average Combined Contents & Buildings Insurance Q1 2019 (£)||Average Combined Contents & Buildings Insurance Q1 2020 (£)||% Increase|
|Yorkshire and the Humber||133.97||136.40||2%|
Looking more closely at the costs for cities around the country, London residents are paying 53% more on average than those from Sunderland, where the lowest average of £118.72 is found.
Kate Devine, Head of Home Insurance at MoneySuperMarket, commented: “Home insurance quotes vary across the country thanks to a number of factors, including the risk of flooding, crime rates and even the type of soil. For those from Wales, the rise in home insurance costs will undoubtedly impact financial management for the upcoming year.
“While there is a general trend of home insurance costs rising around the country, the good news is that the year-on-year increase is slowing. In 2017 there was a 14.35% increase, followed by 8.5% in 2018. With 2019 seeing only a 2.58% rise, this is good news for consumers.
“The best way to ensure home insurance costs are kept manageable is to shop around and make sure that you’re on the best deal for you. Visit the MoneySuperMarket website to compare the best deals and you can save up to 44% on your home insurance1.”
To find out more and to discover how home insurance costs have changed in your area, visit the MoneySuperMarket website at: https://www.moneysupermarket.com/home-insurance/price-comparison-index/