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Your home insurance premium explained

Discover how we work out the price of your home insurance

A home in the centre of circle with other circles including a wall, a storm cloud with rain, a washing machine and a gable

Your details can have an effect on your price

The building materials your home is made from

The way your property has been built and the materials used can have an effect on your premium. For example, homes with a timber-frame or thatched roof have a higher risk of catching fire, so your insurer has to charge a higher premium to insure them.

A house with a magnification of the material of the roof and the material of the wall

A red house on a green hill in the middle of water

Where you live

The area you live in has a bearing on the cost of your home insurance. Typically, if your home is in an area which is prone to flooding, you may be more likely to make a claim. This will be reflected in your insurance price. The same applies if you live somewhere which has high levels of theft crimes - you will normally pay more for your home insurance.


How secure is your home?

Although it's not guaranteed that you'll save money on your home insurance by installing alarm systems and mortice locks, additional security features on your property might mean your home insurance price is cheaper.

Two types of home alarm; one grey box with grey, red and green buttons and one yellow alarm with the word alarm on

A red house, red and blue terrace houses connected and a block of red and blue flats with flat roofs

The type of building you live in

We assess detached, semi-detached and terraced houses differently, just as we do flats and other types of homes. We also take the size of your property into account - the more rooms and bedrooms in your property, the higher the cost will be to re-build your home or replace your belongings.

Outside influences can also affect your price

Government initiatives

Changes introduced by the government can sometimes have an effect on your home insurance price. For example, the Flood Re scheme, introduced in 2016, is designed to help people living in flood-risk areas get a home insurance quote. The scheme also helps insurers pay out when the homeowner makes a valid claim for flood damage. In return, insurance companies signed up to the scheme must pay premiums and an annual levy to Flood Re to fund the scheme.

Government changes to tax rules can also affect your price: if Insurance Premium Tax (IPT) increases, your annual price goes up too.

A gavle

a man in a blue boiler suit using a wrench to fix a washing machine which is leaking

Repair and labour costs are going up

From TVs to tablets and state-of-the-art kitchens to lighting, your fixtures, fittings and belongings are becoming more and more expensive to replace.

What’s more, rising labour costs mean that it’s also getting more expensive to fix these items, which in turn can increase the cost of providing home insurance and the price you pay.


The number of claims being made

We settle thousands of home insurance claims every month. If the number goes up, due to things like increased accidental damage claims or extreme weather events - this could mean the costs to insure your home could go up, which will be reflected in a higher price.

A woman thinking about her flooded red house and a man thinking about his broken TV

A red and blue house with torrential rain pouring down and a set of red and blue terrace houses with snow on top

Severe weather

Long periods of cold weather or rain can cause damage to homes and increase the number of insurance claims for things like burst pipes.

When we calculate your home insurance price, we look at the likelihood of severe weather conditions happening in the future and how many of our customers may be affected.

Choose the level of home insurance you'd like when you get a quote