The Quarterly Average Household Premium Tracker from the Association of British Insurers (ABI) shows the cost of combined building and contents insurance has dropped to a daily cost of 79p a day.
The Tracker gathers information from ABI members who represent 90% of the UK home insurance market. It found the average cost of £288 a year represented a 2% reduction from the same period last year.
Buildings-only policies, meanwhile, cost on average £238 per year, down 1.2%, and for contents-only the cost was £125 per year, down 5.3%.
Lower premiums are good news for everyone: but to ensure costs can be kept low, or even reduced further, the focus must always be on preventing the kind of mishaps, such as urban flooding, that sees insurance companies meet pay-outs by hiking up prices for everyone.
For everyone’s benefit, it stands to reason prevention is always better than cure.
That’s where responsible land management experts such as Greenbelt can help. Putting in place innovative flood prevention infrastructure can provide comfort for insurers and peace of mind for home owners.
Sustainable Urban Drainage systems (SUDs) offer better protection, which leads to less chance of damage – meaning cheaper insurance rates and, ultimately, lots of happy customers.
Flooding is one of the biggest threats to homes in the UK and Janet McQuillan, Greenbelt’s Head of Operational Services, believes wide-scale development and implementation of SUDs is the logical way forward for house developers.
She says: “SUDs are integrated and connected drainage facilities that remove surface water in a way that is sustainable and cost-efficient. Right now Greenbelt manages more than 100 of these innovative systems across the UK and we are at the forefront in the development of new and refined systems."
The Chief Executive of Greenbelt, Alex Middleton, points out the company’s commitment to industry-leading land management doesn’t end with its stewardship of land and open spaces.
“Our work encompasses a commitment to providing the best solutions for protecting homes. SUDs are just one example of a careful and sustainable approach to land management – and to saving our customers’ money.
“Offering infrastructure such as SUDs helps serve everyone’s interests – not only do they protect homes from flooding and relax insurers, with the right approach, it’s obvious SUDs can also play a major role in ensuring insurance prices drop even further.”