0800 520 0699
(or 0118 321 8197)
Monday to Thursday9am - 6:30pm
Friday9am - 5:30pm
Saturday9am - 5pm
Sunday & Bank HolsClosed

Dale Lovell

The economic climate has caused the number of home insurance providers to increase significantly new research claims.

The economic climate has caused the number of home insurance providers to increase significantly new research claims.

The economic climate has caused the number of home insurance providers to increase significantly new research claims.

If your policy is nearing expiry be sure to compare home insurance to investigate what could potentially be a better deal.

An analysis into changes within the insurance sector revealed home insurance providers have increased by 73 percent since 24, Defaqto showed.

They claim this increase has been driven by increased choice for consumers through comparison websites and major retail brands.

"It is clear that insurance providers will be competing in a challenging environment over the coming years," said Mike Powell, Defaqto's general insurance insight analyst.

"There are increasing signs that a race to the bottom with regards to premiums could emerge - and this could be detrimental to consumers and the industry as a whole."

The result of increasing competition has led providers to tailor their product to a more specific audience, moving away from the ‘one size fits all' approach.

However, where consumers could bank on special offers and discounts for extra security to their home like burglar alarms, there are signs prices have become more standard.

Previous research by NFU Mutual highlights the importance of getting the right home insurance policy as many people are unaware of the value of their possessions.

As gold prices have soared in recent years some people's jewellery may be massively underinsured as the actual average value of gold in British homes is thought to be more than £1,1.

"Gold prices have more than trebled since 24," said Nicholas Major, Goldsmiths National Association chairman.

"Valuables such as jewellery are important to remember when calculating home contents as they could make up a large chunk of any claim," warned Mike Powell, insight analyst with financial research company Defaqto.

Compare Home Insurance

It is important to obtain the right level of cover for your home in case you are hit by an unexpected burglary or fire.

Compare Home Insurance with Moneymaxim