The average price paid for buildings insurance in Q2 2022 was £228 while for contents cover it was £116, according to the Association of British Insurers’ latest Household Premium Tracker. Both figures represent a 10% fall on the same period in 2021. For combined buildings and content policies, the average premium was down by 7% at £299.

Callum Tanner (pictured), the manager, general insurance at the ABI, said: “Falls in the average cost of home buildings and contents insurance will be welcomed by households facing rising bills, as the cost-of-living crisis shows no signs of easing. Despite more expensive building materials and higher labour costs, property insurers continue to do all they can to deliver competitively priced home insurance.”

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