The price of home insurance varies from contract to contract. It can go from simple to double depending on the guarantees chosen, the geographical location of the house or apartment, the profile of the insured and many others. What is the average price of such insurance? How is it calculated? Answers.
Every year, home insurance comparison sites publish barometers of the average price of home insurance. The results are based on the prices offered by the comparators. In 2020, the average price of apartment insurance was around 140 euros and for a house, it is 250 euros on average. However, it was observed that this average also varied from region to region.
Indeed, it appears that in Corsica, the average price of home insurance is capable of reaching 435 euros while in Brittany, the average is 245 euros for a T5 house. As far as apartments are concerned, home insurance is much cheaper, as prices range between 160 and 370 euros. To get an estimate of the cost of your home insurance, it is best to make several requests for quotes in order to put the different companies in competition.
Several criteria come into play when calculating the price of home insurance. Thus, depending on the characteristics relating to the accommodation and your profile, the price is likely to go from simple to triple. The parameters generally used by insurers are the region and the city where the accommodation is located, the type of accommodation, the surface area you benefit from and the value of the goods contained in the accommodation. In addition, the guarantees included in the housing contract are also important. The price of insurance that would only contain civil liability cover will be less expensive than multi-risk home insurance including guarantees for theft, fire, explosion and natural disaster.
With regard to the insurance conditions, they prove to be essential in the pricing of the coverage. Deductibles, warranty exclusions and reimbursement limits affect pricing. Finally, the status of the insured also plays a major role in the price of home insurance. Generally, the housing contract of an owner is 50% higher than that of a tenant.
The influence of external events on the price of home insurance should not be underestimated. Among these events, we note for example global warming which increases the risk of natural disasters. Compared to 10 years ago, the average cost of insurance with natural disaster cover is higher today. Lately, due to the lockdown, companies have had to compensate companies for business interruption, which can cause them to drive up the cost of insurance. On the other hand, however, confinement has reduced the risks on the side of individuals, in particular the risk of burglaries. All of these events will be taken into consideration when pricing coverage.
To lower the price of home insurance, there are a few tips that you can apply. Be careful, for example, to take only the really essential guarantees. Choosing a high deductible is also an effective, but risky solution. In the event of a claim, you will be liable to pay a substantial sum. The insurance will then lose its usefulness. The insurer will be more inclined to grant you a reduced rate if you make sure to reduce the risks you incur. It seems impossible, yet thanks to a security system, you will be able to secure your home and therefore reduce the risk of break-ins. In addition, using an online home insurance comparator can help you find the cheapest contract for identical guarantees.
