Following speculation that home insurance premiums would spike thanks to Brexit as well as an increase in claims, new data can reveal that costs have defied expectations and remain steady.
Analysing Scottish home insurance data from Q1 2013 to Q3 2017, price comparison site MoneySuperMarket shows that Scots are enjoying a period of historically low premiums.
Excluding the latest quarter in 2017, which saw a modest rise of 1.2%, research on buildings, contents and combined insurance has shown a year-on-year decrease in the average cost of the coverage, with only 2017 showing a marginal rise in price:
2013 - £103.97
2014 - £95.79
2015 - £90.04
2016 - £81.56
2017 - £82.12
If a Scottish homeowner is looking for just buildings, contents or combined cover, the latest data shows:
Year 2013 2014 2015 2016 2017
Building Median Cheapest £96.64 £88.47 £86.29 £80.28 £81.02
Contents Median Cheapest £68.49 £64.02 £59.80 £49.30 £50.03
Combined Median Cheapest £146.77 £138.49 £126.76 £115.11 £115.30
As is the case with buildings and contents coverage, the median cheapest cost for combined coverage has lowered – starting at an average of £146.77 in 2013 and ending at £115.30 in 2017.
This is a drop of £31.47, which is 21% cheaper than the starting rate in 2013.
Though there has been a very slight increase between 2016 and 2017, it is to the tune of £0.19p, representing very good value for homeowners.