PRN: Jersey Wins UK Postcode Lottery for Home Insurance
Jersey Wins UK Postcode Lottery for Home Insurance
CHESTER, England, October 4, 2011 /PRNewswire/ --
- Postcodes in Jersey, South London and East London have seen the largest average decrease in home insurance premiums
- Nationally, home insurance premiums have decreased by 0.4 per cent
- Shop around to ensure you're getting the best deal on your home insurance, says MoneySupermarket.com
Homeowners in Jersey, South London and East London are winning the UK's postcode lottery for home insurance premiums - having seen the biggest reduction in premium costs, according to data from the MoneySupermarket Monitor on Home Insurance.
The MoneySupermarket Monitor data shows residents in Jersey saw an average thirteen per cent reduction to the cost of their home insurance premiums between Summer 2010 and Spring 2011. Homeowners in South London and in East London have also experienced similar decreases (seven per cent each respectively). This is in comparison to the overall national average for insurance premiums, which has seen an overall decrease of 0.4 per cent in the same period.
Top 10 postcodes which saw the biggest decrease to the cost of home insurance:
Postal Summer Change from Summer Area Region/City 2010 Spring 2011 2010 - Spring 2011 JE Jersey GBP148.38 GBP129.71 -12.58% SE London SE GBP180.07 GBP167.43 -7.02% EC London EC GBP147.80 GBP137.65 -6.87% NR Norwich GBP134.12 GBP125.69 -6.29% DT Dorchester GBP143.71 GBP135.10 -5.99% EX Exeter GBP137.80 GBP130.48 -5.31% LE Leicester GBP150.82 GBP142.92 -5.24% IM Isle of Man GBP147.00 GBP140.00 -4.76% WS Walsall GBP146.47 GBP140.30 -4.21% CW Crewe GBP153.30 GBP147.00 -4.11%
Julie Fisher, head of home insurance atÂ MoneySupermarket.com, commented: "Our research shows some areas have seen more of a decrease in the cost of their premiums than others. Unfortunately, postcodes can dramatically affect how much people pay for their home insurance premium. For example in Jersey, one fifth of the population is retired, and low crime rates coupled with mild weather conditions means that the cost and frequency of claims are likely to be lower than other areas of the country. East London is undergoing significant regeneration and infrastructure improvements and insurers may be adjusting premiums as a result."
Island Price War
While Jersey residents have benefited from a reduction in premiums, their Channel Island neighbours Guernsey has seen the biggest rise in premiums, there the cost of cover has increased by 32.24 per cent.Â Likewise, Kirkwall, in Orkney and Lerwick in the Shetland Islands have seen a 21.05 per cent and 20.10 per cent rise respectively.
Top 10 postcodes which saw the biggest increase to the cost of home insurance:
Postal Summer Change from Summer Area Region/City 2010 Spring 2011 2010 - Spring 2011 GY Guernsey GBP119.73 GBP158.33 32.24% KW Kirkwall GBP125.22 GBP151.58 21.05% ZE Lerwick GBP131.78 GBP158.27 20.10% LD Llandrindod Wells GBP127.69 GBP144.13 12.87% SG Stevenage GBP140.29 GBP153.77 9.61% AL St Albans GBP154.43 GBP168.03 8.81% TF Telford GBP137.86 GBP147.00 6.63% DA Dartford GBP161.29 GBP171.48 6.32% SS Southend-on-Sea GBP171.66 GBP181.42 5.69% CA Carlisle GBP139.54 GBP147.00 5.35%
Julie Fisher continued: "In the case of Guernsey, Orkney and The Shetland Islands, home insurance cover in Summer 2010 was lower than the national average premium price. It is likely that insurers have brought these prices in line with the rest of the country, rather than responding to any specific 'occurrences' on these islands, although climate may play a part.Â
"If your property is classified as being in a 'high-risk' area - whether for crime, flooding or even fraudulent claims - 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 postcodes as a part of the overall risk factors when calculating premiums. Although there is very little you can do about the postcode in which you live, except move house, there are steps you can take to reduce your premiums, such as, installing a good home security system and security lighting."
MoneySupermarket.com's top tips for cheaper home insurance premiums:
Notes to editors:
Julie Fisher is available for additional interviews on request.
The inaugural MoneySupermarket Monitor, a regular publication providing detailed analysis and insight into movements within the home insurance industry, and provides average premium data, as well as information on claims, contents and possessions insured.
Data is based on 2,957,505 home insurance quotes.
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