Insurance article: Location, Location, Location

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What do you look for when you look for a new house? Perhaps the number of bedrooms… a nice big garden to keep the children happy… or maybe even a few bathrooms to keep the morning pandemonium to a minimum? Well, if you’re a property developer the adage is always “location, location, location…” and now there’s another reason why you should think where your bricks and mortar are located before you look at anything else…

In the UK the postcode lottery has never been more blatant that it is currently. If your property is deemed to be in a “high risk” area, whether that’s due to crime, flooding, subsidence or other risk factors, your insurance premiums will be, pardon the pun, through the roof.

The only way to ensure you’re getting a good deal on home insurance is to take a full search of the market using a comparison tool such as that available at moneysupermarket.com. However, before you search think about where you are buying your property.

The most expensive postcodes in the UK for home insurance are as follows:

1. NW1 (Camden/City of Westminster) – Average Premium £903.81

2. HU3 (Hull) – Average premium £552

3. DN32 (Grimsby) – Average premium £489.23

4. TN17 (Goudhurst/Cranbrook) – Average premium £479.88

5. CT5 (Whitstable) - ÂŁ477.88

The difference between the cheapest and most expensive areas is a massive 391%, with a three bedroom homeowner in Bishops Castle, Shropshire, paying just ÂŁ185 a year. Here are the top five cheapest areas:

1. SY9 (Bishops Castle, Shropshire) - ÂŁ184.52

2. EX19 (Winkleigh, Devon) - ÂŁ189.73

3. SA64 (Goodwick, Pembrokeshire) - ÂŁ206.73

4. PI28 (Padstow, Cornwall) - ÂŁ208.00

5. IV6 (Muir of Ord, Scotland) - ÂŁ208.12

For more information on the most expensive and cheapest postcodes to insure visit moneysupermarket.com, which compares prices from more than 60 home insurers in minutes to give you the cheapest home insurance quotes available. Also use the home insurance guide at moneysupermarket.com for information on how to save.

About the author of Location, Location, Location

Paul Lucas is a UK-based journalist who has written for more than 30 local and national newspapers and several US-based publications.