That's according to comparison site GoCompare, which surveyed 2,091 adults in September last year.
But going without home insurance could prove a (very expensive) false economy.
Here we examine how much home insurance actually costs, what it protects – and what you could cut out instead.
undefinedHow much does insurance actually cost?
Given that home insurance could pay out thousands – potentially hundreds of thousands – of pounds if your home was damaged or destroyed, its cost is relatively low.
The average paid for home insurance is £300 a year, according to the Association of British Insurers.
andThe average price paid for contents insurance was £116. Some renters-only insurance policies (see below) are far cheaper.
How mucn you pay could be higher or lower, depending on where you live, the size of your property and a range of other factors – some of which you can change to save money.
Find out more8 things that cost more than a home insurance premium
Taking the £300 paid for combined buildings and contents insurance, this averages out at £5.75 a week.
Here are eight weekly things that cost you more:
£7.10£7.30£6.30£6.80The Iliad£7.99£7.50£10The Daily Telegraph£9While it can be hard to part with your cash without the instant gratification of a warm coffee or Oscar-winning film, your home insurance cover will show up at your darkest times and help you in a way that a glass of wine simply can’t.
Insurance for renters
In 2022 the number of private renters in England grew to 4.61 million, up from two million in 2020. With renting becoming the more popular living situation, it is important to understand what type of home insurance is best.
Insurers have clocked the rise in renters, and some now offer contents only or ‘renters’ insurance policies.
Urban Jungle offers a £5-a-month policy that includes tenants liability insurance and up to £50,000 in cover. The company scored 55% in our assessment, which was the highest for contents-only insurance.
Sagic offers a similar policy at £4 a month and is aimed at the six million homes without contents insurance, although it doesn’t offer flood cover to those who live in risky postcodes. And NatWest offers cover for up to £25,000, scoring 50% in our analysis.
Which? Limited is registered in England and Wales to 2 Marylebone Road, London NW1 4DF, company number 00677665 and is an Introducer Appointed Representative of the following: 1. Inspop.com Ltd for the introduction of non-investment motor, home, travel and pet insurance products (FRN 610689). Inspop.com Ltd is authorised and regulated by the Financial Conduct Authority (FCA) to provide advice and arrange non-investment motor, home, travel and pet insurance products (FRN310635) and is registered in England and Wales to Greyfriars House, Greyfriars Road, Cardiff, South Wales, CF10 3AL, company number 03857130. Confused.com is a trading name of Inspop.com Ltd. 2. LifeSearch Partners Limited (FRN 656479), for the introduction of Pure Protection Contracts, who are authorised and regulated by the FCA to provide advice and arrange Pure Protection Contracts. LifeSearch Partners Ltd is registered in England and Wales to 3000a Parkway, Whiteley, Hampshire, PO15 7FX, company number 03412386. We do not make, nor do we seek to make, any recommendations on financial products or services that are regulated by the FCA, as we’re not regulated or authorised by the FCA to advise you in this way. In some cases, however, we have included links to regulated brands or providers with whom we have a commercial relationship and, if you choose to, you can buy a product from our commercial partners. If you go ahead and buy a product using our link, we will receive a commission to help fund our not-for-profit mission and our campaigns work as a champion for the UK consumer.
source https://www.which.co.uk/news/article/8-things-you-buy-per-week-that-costs-more-than-your-home-insurance-as0y71g7fNFB