London boroughs proving 'pricy' for insurance

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London boroughs proving 'pricy' for insurance

Mon 4th Dec 2006

The boroughs of Camden and City of Westminster in London are the most expensive areas in the UK for home insurance premiums, according to price comparison website, moneysupermarket.com.

With an average premium of £903.81, Camden and the City of Westminster are easily the highest in the UK, followed by Hull and Grimsby with average premium costs of £552 and £489.23, respectively.

Shropshire, Devon and Cornwall came out with the lowest insurance quotes following moneysupermarket.com's research of premiums, calculated between January and October of this year.

Richard Mason, director of insurance at moneysupermarket.com, stated: "If your property is classified as being in a high-risk area - whether that be for crime, flooding or subsidence - your insurance premiums will be comparatively high.

"The difference between the cheapest and most expensive areas is a massive 391 per cent, with a three bedroom homeowner in Bishops Castle, Shropshire paying just £185 a year."

Motor insurance premiums were found to be higher in large cities such as Liverpool and Newcastle due to an increase in accidents and crime and Direct Line research showed that some £563 million worth of damage was caused by car vandalism during last year.

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