Home owners in Beverley are paying LESS than the national average for home insurance – and much less than many bordering postcodes.
Figures published by moneysupermarket.com show for the first time how your postcode affects the amount you pay for your home insurance.
Beverley’s HU17 postcode is ranked 938th out of 2,760 postcode areas in the country, with home owners paying an average of £148.84 for their home insurance.
How does this relate to other postcodes in East Yorkshire? Here are a few examples.
HU1 (central Hull) – £136.20
HU7 (Kingswood etc) – £196
HU14 (North Ferriby, Melton, Swanland) – £185.6
Insurance premiums are based on a number of factors, most of which, in Beverley’s case, indicate that the town is one of the safest places to live in the United Kingdom.
The main factor which influences the price of home insurance in Beverley is the low crime rate in the town. Insurers know crime figures in a town and they factor in additional considerations such as the amount of people commuting and how many homes are left unoccupied during the day.
Another major consideration for insurers, especially in modern times, is the impact of flooding. The impact of the 2007 floods in Beverley were negligible compared to the damage done in other areas of the East Riding, although there were a few notable and unfortunate exceptions.
Factored into the equations also is the cost of replacement of items damaged or stolen from your property, as well as the quality of construction of your house.
It’s no surprise, then, that Beverley’s home insurance figures are so favourable in the current climate, and is another reason why the money-conscious home owner sees a HU17 postcode as a major plus.
It also shows the problems facing homeowners on the border of HU17 in Kingswood. Devastated by the floods of 2007, insurance premiums have gone through the roof.
The figures from moneysupermarket.com show the cheapest place for home insurance in the country is the Isle of Skye (IV46) where homes can be insured from as little as £49 a year.
The highest figure, perhaps not unexpectedly, is Victoria in London (SW1W) where homeowners pay a staggering £562 a year.
