Home insurance has only risen slightly in 10 years

Wednesday, 04 May 2011

Home insurance premiums have only risen slightly in the last decade, according to the British Insurance Brokers Association (BIBA).

The organisation revealed that prices did increase during last year, but over the last ten years they have hardly change at all.

Furthermore, it highlighted that since the millennium home contents insurance has cost around £150 and building premiums have stuck at around £200.

Graeme Trudgill, head of corporate affairs at BIBA, said: "The average premiums for home building and home contents insurance have been pretty stable in such a competitive market."

He added that because the prices have not fluctuated for a sustained period of time businesses are using the best quality practices to attract insurers.

Recently, Moneysupermarket.com revealed that one in five Brits have taken out a loan to make improvements to their property.

Furthermore, it revealed that the average cost for British DIYers was £14,000 and 16 per cent of people were undertaking projects over the bank holiday weekend.

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