Your address makes a big difference to how much you pay for home insurance. Insurers estimate how likely you are to make a claim partly by studying how many claims your neighbours have made. Methods vary, and as a result so do premium levels. You can save by shopping around. For house contents cover, the higher the crime level locally the higher premiums will be. London costs most. According to an survey, you will pay £147 to insure your possessions as the owner of an average three-bedroom semi. Premiums are also high in Manchester (averaging £142), Liverpool (£118) and Paisley (£112).
According to Suzanne Moore of the , some areas are so expensive that few people insure against losses through burglary. Towns and cities with a high proportion of wealthy inhabitants are cheapest, including Hereford (£52), Chester and Canterbury (£56). Location also affects buildings insurance premiums. The most important factor is the risk of subsidence. Rebuilding costs, another factor, vary widely across the country, and crime levels also play their part as properties are frequently damaged during break-ins. Londoners again pay the most - an average yearly premium of £136 to cover a three-bedroom semi - thanks to the treacherous Thames clay on which most properties are built.
Cheap areas are Scotland and Northern Ireland (both £75). Preston is the cheapest at £55.
The insurer studies your postcode when setting your premium for both building and contents insurance. If a high proportion of customers living in the same area have made claims in the past, it will be high. Your answers to the questions contained in the application form also influence the decision. The insurer may take account of crime statistics from the police and geological reports, too.
All insurers make use of the first half of the postal code, pinpointing your property within 2,500 UK postal districts. Many also take the first letter of the second part of the code into account, narrowing the area down to one of tens of thousands. Only a few - very large companies with a wealth of past claims information - go so far as to consider the final two characters, which represents a cluster of about 15 houses. does so for all its telephone business. expects to underwrite on the basis of full postcodes soon.
This is good news if you live in a low-risk street in a high risk area: you will generally not have to pay over the odds because crime and subsidence are problems at the other end of the postal district. Conversely, if your home is in a high-risk street in a low-risk area, you want an insurer that does not look any further than the first half of the code. Get quotes from a range of companies, but remember that cover may not be cheap simply because of the insurer's method of assessing risk. There may be important exclusions which will deny you a pay-out if disaster does strike.
According to Suzanne Moore of the , some areas are so expensive that few people insure against losses through burglary. Towns and cities with a high proportion of wealthy inhabitants are cheapest, including Hereford (£52), Chester and Canterbury (£56). Location also affects buildings insurance premiums. The most important factor is the risk of subsidence. Rebuilding costs, another factor, vary widely across the country, and crime levels also play their part as properties are frequently damaged during break-ins. Londoners again pay the most - an average yearly premium of £136 to cover a three-bedroom semi - thanks to the treacherous Thames clay on which most properties are built.
Cheap areas are Scotland and Northern Ireland (both £75). Preston is the cheapest at £55.
The insurer studies your postcode when setting your premium for both building and contents insurance. If a high proportion of customers living in the same area have made claims in the past, it will be high. Your answers to the questions contained in the application form also influence the decision. The insurer may take account of crime statistics from the police and geological reports, too.
All insurers make use of the first half of the postal code, pinpointing your property within 2,500 UK postal districts. Many also take the first letter of the second part of the code into account, narrowing the area down to one of tens of thousands. Only a few - very large companies with a wealth of past claims information - go so far as to consider the final two characters, which represents a cluster of about 15 houses. does so for all its telephone business. expects to underwrite on the basis of full postcodes soon.
This is good news if you live in a low-risk street in a high risk area: you will generally not have to pay over the odds because crime and subsidence are problems at the other end of the postal district. Conversely, if your home is in a high-risk street in a low-risk area, you want an insurer that does not look any further than the first half of the code. Get quotes from a range of companies, but remember that cover may not be cheap simply because of the insurer's method of assessing risk. There may be important exclusions which will deny you a pay-out if disaster does strike.
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