Homeowners in Bournemouth, York and Glasgow pay the least for home insurance premiums according to analysis from
moneysupermarket.com, which reveals the UK's hotspots for the cheapest, and most expensive, home insurance.
The comparison site analysed over two million home insurance quotes over 12 months, revealing homeowners in Bournemouth enjoy the UK's cheapest premiums and pay £60 less than the average of £164 a year.
The research confirms Greater London postcodes are the most expensive for home insurance, making up all of the top ten most expensive areas, with those living in Stanmore, Golders Green (north London), and Dulwich (south London) paying the price for their postcode with insurance 74 per cent (£122) more than the UK average and as much as 176 per cent (or £183) more expensive than their counterparts in Bournemouth.
"Many homeowners just don't realise their postcode is a big contributing factor to how much they pay for their home insurance premium, and that it can really hike the price,” said Julie Owens, head of home insurance at
moneysupermarket.com.
“Homeowners just need to be sure they are getting the best deal possible. Those in sunny Bournemouth can make the most of more affordable premiums; but for others across the country, not shopping around means they are effectively watching their hard earned cash go up the chimney.
"Similarly, if your property is classified as being in a ‘high-risk' area - whether for crime, flooding or even subsidence - it will be reflected in your insurance premiums.
Living in a more affluent area will also increase premiums, as property and contents values will generally be higher. Insurers use post codes as a part of the overall risk factor when calculating premiums.
“Although there is very little you can do about the postcode in which you live in, except move house, there are steps you can take to reduce your premiums. For example, installing a good home security system and security lighting."
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