Insurance experts are now predicting that home insurance premiums are likely to fall throughout 2014. This is as a result of the fall in home insurance claims in 2013, which was down by 23 per cent on the previous year, according to a report in the Guardian.
This news comes as a surprise, given that the UK saw some of its worst ever weather conditions in 2013, including gales, heavy snow and flooding in many areas. In spite of this, 2013 was one of the quietest years on record for home insurers, with home insurance claims down by nearly a quarter in comparison to the previous year, according to Deloitte's analysis of Association of British Insurers figures.
Insurance experts are now predicting that home insurance premiums will fall by around five per cent in 2014, which would mean a reduction of £12.50 from the typical £250 cost of building and contents cover for the average home in the UK.
Speaking of the data, insurance partner at Deloitte James Rakow said: "The weather in the first nine months of 2013 has been benign with relatively few storms and floods. Although bad weather swept across the country over Christmas, the numbers of claims are unlikely to significantly affect home insurers' results. If there are no major floods or storms in the first few months of 2014, it is quite feasible that premiums could fall by at least five per cent."
This may be the time for you to consider taking out home insurance, as a policy could work out much cheaper than in previous years. For more information on the kinds of insurance available to you, including buildings and contents insurance, read more here on InsureMe-on-Line.