Home insurance hotspots revealed
Posted on September 11th 2007
Many people could be living in areas that are subject to significantly higher house insurance premiums, claims new research.
Data from Royal & Sun Alliance has highlighted that a number of risk factors can lead to some regions automatically attracting higher house insurance costs due to possible flooding or increased crime rates.
The top three most expensive locations for home insurance have been named as West Norwood in south-east London, Bacup in Lancashire and Anfield in Liverpool. Anyone living in these areas could find themselves having to pay around three times as much for household insurance compared to the three least expensive areas in the UK - Stonehaven in Aberdeenshire, Barnstaple in Devon and Meifod in Wales.
Nathan Williams, underwriting director, explained: "Different
postcodes can present bad risks for different reasons. One home might be in a crime hotspot, another in a rural area might be near to a river and subject to a flood risk."
He added: "It is up to the insurer to assess how these factors interact using data such as crime figures and flood maps."