Insurance is one of life’s necessities, at home, at work and even when out in your car.
Almost everyone of adult age is sure to have some form of insurance covering them, be it basic car insurance or contents, buildings and business insurance.
Indeed, the market continually evolves and changes depending on many factors, such as buying patterns and location. With a market worth more than £250bn, it is little surprise new elements and aspects are popping up all the time. For instance, you can insure your pet these days, with that sector alone thought to be capable of rising to around £1.5bn by 2025. UK News Group reports that working from home is another trend in 2020 that has caused insurers to react, with uncertainty around whether people are covered if they work exclusively from home and tailored policies for just that occurrence.
The home tends to be the most reactive market, and in addition to the accepted norms of buildings and contents, the industry is beginning to see increased numbers taking out policies that protect certain services. The electrical insurance and breakdown cover on HomeServe, outline how service-specific policies can be affordable and target the areas of the home you feel need protection the most, such as the plumbing system, or your electrics. A malfunction can lead to a big repair bill, which is mitigated somewhat by a good insurance policy at an affordable rate.
What is affordable when it comes to home insurance though? Whilst services tend to be priced at a fixed rate across the country, content insurance is not. Some cities and locations are more expensive to purchase insurance in than others, due to factors such as crime and cost of living. A new study has revealed the four cheapest big cities for home insurance in England today.
Bristol
Of the ten biggest cities in the United Kingdom, Bristol is the cheapest for home insurance, although Edinburgh, Glasgow and Cardiff all rank as cheaper in the UK. The cheapest postcode district of the ten biggest cities in the UK also falls close to Bristol, namely Yate.
Sheffield
Sheffield is the second-cheapest English city for home insurance, although there is a large variation between the cheapest and most expensive areas of the city. In fact, the gap between the best and worst in the Steel City is £154.84, a significant difference. The cheapest area of Sheffield for home insurance is Chapeltown, postcode S35 2.
Liverpool
Liverpool might boast higher premiums than small cities such as Lincoln and Norwich, but in terms of big cities it is a cost-effective option, much more so than near-neighbour Manchester. The gap between the cheapest and most expensive areas is large in Liverpool though, the third largest of all the big English cities. The cheapest areas in Liverpool for insurance are Ince Blundell, Hightown and Sefton.
Most Expensive
The most expensive city in the country for home insurance is London, with ten of its boroughs coming in as the most expensive in the whole country. North West London saw the biggest premiums, with residents paying 114% above the national average. Next up was west and Central London, which includes boroughs like the City of Westminster, Hammersmith and Fulham and the Royal Borough of Kensington and Chelsea. London also had the most significant variation in prices, reflecting the vastly contrasting quality of life experienced by residents living in close proximity.
