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Written by Administrator
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How costly is your postcode? They share the dubious honour of being three of Britain's most expensive areas for home insurance. The residents of West Norwood, south-east London; Bacup in Lancashire, and Anfield in Liverpool, pay up to three times as much for buildings and contents cover than those living in the cheapest areas, which include Stonehaven in Aberdeenshire, Barnstaple in Devon, and Meifod in mid Wales.
POSTCODE INSURANCE Home insurance costs depend on where you live. Are you paying more than the neighbours? The figures come from price comparison website moneysupermarket.com, which has analysed all the quotes given by insurers to its customers.
Insurers rate each area according to a list of risk factors. Burglaries cost insurers the most over the average year, but floods, subsidence and storm damage are also significant in setting local premiums.
Nathan Williams, underwriting director for Royal & SunAlliance , says: 'Different postcodes can present bad risks for different reasons. One home might be in a crime hotspot, another in a rural area might be near to a river and subject to a flood risk.
'It is up to the insurer to assess how these factors interact using data such as crime figures and flood maps.'
Parts of south London come up as the nation's most expensive to insure because of a triple whammy of above-average subsidence claims, crime and flood risk.
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