Home premiums fall for insurance customers, says AA

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Home premiums fall for insurance customers, says AA

According to the latest AA British Insurance Premium Index, the cost of an annual building policy has witnessed a small fall while insurance for young drivers has also seen a slight decrease.

However, the fall in home premiums follows two years of steady rises in the cost of taking out building insurance, adding almost 20 per cent to the overall cost.

Prices dipped over the past three months to £146.35, a drop of around 0.6 per cent. The cost of insuring contents also witnessed a fall by 1.1 per cent to £75.53 within the same period.

However, the prices combined still represent an increase of 1.3 per cent over July 2010 and are seen partly as a consequence of the increasing incidents of fraudulent behaviour, coupled with the effects of recent extreme weather conditions.

Simon Douglas, director of AA Insurance, said: "The industry is keen to continue building reserves for future severe weather events and I believe that premiums may need to rise further."

According to the Association of British Insurers, the number of fraudulent claims rose last year by nine per cent above the levels of 2009, accounting for more than £919 million.

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