How much is buildings insurance?
On average building insurance costs £120 per year however this figure depends on many factors including:
- Property location – you’re likely to be quoted a higher price if you live in an area with either a high flood rate or high crime rate
- Property maintenance – a well-maintained home will reduce the risk of damage. Well maintained pipes and a roof, for example, will reduce the need to claim therefore reduce your premium
- Property size – a larger home will generally mean higher repair costs meaning higher claims and this will be reflected in the price
- Property security – many people choose to add extra locks and video surveillance to keep their property secure. You can reduce the cost of your policy if you install more security measures