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Home contents premium costs down 21% as theft claims decline

Home contents premium costs down 21% as theft claims decline

The rate of claims being made for contents theft from British homes is on the decline, and is reflected in lower premiums for homeowners, according to analysis of 5.8 million home insurance quotes run on MoneySupermarket.

The analysis of quotes from 1 March 2010 to 28 February 2013 reveals the rate of claims for contents theft has decreased by 9% during the past two years, from 1.25 claims per thousand quotes to 1.14 per thousand quotes.

During the same period, home contents insurance premiums have fallen from an average of & pound;93.81 in 2010 to & pound;74.20 current - a fall of 21%. Similarly, the cost of combined buildings and contents insurance has dropped 11% from & pound;173.70 to & pound;155.14.

The analysis also shows the peak period for theft claims being made from the home with summer and autumn seeing a significant spike in claims compared to winter and spring months, showing that theft from the home increases when the weather gets warmer, rather than when the nights are longer.

Hannah Jones, home insurance expert at MoneySupermarket, said: & quot;It & #39;s really encouraging to see number of home insurance claims relating to theft is falling and that this is being passed on to consumers in the form of lower premiums for contents cover. With many households struggling as a result of the rising cost of living, the ability to protect your property and possessions as a result of cheaper premiums is welcome.

& quot;The analysis highlights an interesting trend in the fact thefts from the home actually increase in summer and autumn before dropping again in winter and spring. Although you might expect thefts to increase in the winter months when the nights get longer, the opposite actually happens. This may be due to the fact more properties are empty during the warmer months, and windows and doors are more likely to be unlocked when the weather is better, with opportunistic thieves taking full advantage when our guard is down.

& quot;It is therefore important that people bear this in mind and take adequate measures to reduce the risk of theft during the summer months. Make sure windows are not left open when you are away from the property and that the door is locked when you are enjoying the sunshine in the back garden or patio. Although the number of thefts from the home is falling and premiums are doing the same overall, it is important not to be complacent about the risks as any claim you make on your insurance as a result of being burgled will affect the amount you pay at renewal.

& quot;In order to capitalise on current low home insurance prices, it & #39;s crucial people shop around to ensure they get the best possible deal on cover. Finding the best deal on home insurance is quick and easy to do and the average annual saving made by those using MoneySupermarket.com is & pound;106. & quot;

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George Bailey


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