Research: Home insurance policies growing in number

There has been an increase in the number of home insurance policies on offer in recent years.

The last three years has seen a marked increase in the number of home insurance policies available on the market for consumers, new research has shown.

A study published yesterday (July 18th) by Defaqto revealed that, since 2008, there has been a 19 per cent growth in terms of the number of contents and buildings insurance deals on offer from banks and building societies.

Furthermore, there are now 18 per cent more financiers providing such products, while the independent research firm also established that the majority of consumers are now comfortable with taking out annual insurance for their property via the internet.

Brian Brown, head of consulting at Defaqto, suggested better deals could be on the way for households in the near future as "insurers need to stay ahead of the competition to capture and retain market share".

This comes after Andrew Hagger of Moneynet urged people going to music festivals this summer to check their home insurance policy before deciding on what items to take with them.

By Kate Guthrie