North East property owners enjoy the cheapest home insurance prices in the UK according to figures released today by insurance comparison website Quotezone.co.uk.

The average cost of a standard home insurance policy in the region is 16% below the UK average and 56% lower than prices in London.

Standard building and contents insurance in the North East costs an average of just £112 a year compared with a UK average of £132.

Londoners pay the highest premiums in the UK, with the average cost of a home insurance policy in the capital coming in at £174.

The Home Insurance Index, launched today, is based on a sample of over 20,000 standard UK properties, from July 2019 to June 2020 inclusive. It uses the cheapest home insurance premium offered to each policyholder to calculate regional and national averages.

The data also reveals that the owners of detached houses pay the highest premium for a standard home insurance policy, with an average quote of £150, followed by people who own a bungalow with an average premium of £131.

Terraced houses are the cheapest properties to insure, with the average quote coming in at just £125.

Responding to the new data, Greg Wilson, founder of Quotezone.co.uk, comments: “Most homeowners have mortgages, which means they usually have a contractual obligation to take out home insurance. However, it isn’t always obvious what’s a fair price to pay for a standard building and contents insurance policy, which is the issue our new Home Insurance Index is designed to address.

“By helping homeowners understand the average cost of insuring a typical property in their own area we can help make the home insurance process a little more transparent and easier to understand.

“It isn’t too surprising that London has the highest building and contents insurance premiums in the UK, reflecting the higher rebuild cost and the higher cost of living in the capital. But homeowners in the North East might be a little happier to learn that the average cost of home insurance in their area is an impressive 56% cheaper than a standard policy in London might cost.

“Of course, these are averages and the actual cost of a policy can vary dramatically from one insurance provider to the next – which is the very reason we created our price comparison site, to help policyholders compare policies and prices from dozens of different providers side by side in order to find the best deals.”

Quotezone.co.uk is one of the largest insurance comparison websites in the UK, and helps millions of people find better deals on their insurance each year. For more information visit – quotezone.co.uk/home-insurance