Home insurance market “still very competitive”

Homeowners can still benefit from a very competitive home insurance deal, according to the British Insurance Brokers’ Association (Biba).

The organisation claims the market is “still very competitive” despite fears that the flooding over the summer would lead to increased home insurance premiums.

“Home insurance is still ultra-competitive and you see during any advert break on TV, companies saying we will be your cheapest home insurance option,” commented Graeme Trudgill, technical services manager at Biba.

He advised that people seek expert opinions in order to find the best deal for them.

This trend is replicated in the car insurance market, as Reuters reported that despite an increase in claims following this summer’s floods, premiums remained low.

It states that premiums increased by just over one per cent between the second quarter of 2007 and the same period last year.

According to the BBC, around 60,000 homes were affected by the floods this year.

© Adfero Ltd

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