Home Insurance: Average 17% decline in insurance rates over the past 5 years, feel free to change insurance companies!

Home Insurance: Average 17% decline in insurance rates over the past 5 years, feel free to change insurance companies!

If your insurance company does not automatically reduce the amount of your car insurance premium or your home insurance premium each year, Because your loyalty doesn’t matter, change your insurance company! While the majority of prices of goods and services tend to go up, a few are going down. Among the latter, home insurance rates have fallen sharply by 17% over the past five years, according to LeLynx. So policyholders should take advantage of this to enter the competition!

Home Insurance: Good news for policy holders!

Average home insurance premiums have continued to fall 17% over the past five years and -2.5% lower in 2021. How can you benefit from this overall decline? By changing the insurance company to insure your home.

Average home insurance price: €153

Over the past 12 months, the average MRH (Multi-Risk Home) insurance amount has decreased, reaching €153. The significant decrease contrasts with the increase in many expenditures affecting the French portfolio.

New insurance companies are on the rise

Itzal Arbid, CEO of LeLynx.fr, explains this remarkable reduction in the cost of borrower insurance through the arrival of new insurers into the market. Those insurances that led to lower prices. The new insurers, 100% online and without physical branches, offer a completely non-physical user experience with shorter processing times. The products offered are often more competitive but also less comprehensive.

© Lynx

Spreading remote work

Remote work has become a necessity due to the health crisis and has gradually become a part of our work habits, which are now a hybrid. This phenomenon, in turn, leads to a decrease in claims: an increase in the presence in the home and, accordingly, a decrease in the number of burglaries. Since 2020, burglaries have decreased by 20%, according to the Ministry of the Interior. This enhanced presence in the home also allows claims to be processed faster, thus reducing their impact (water damage, fire, etc.).

Average premium per region

Regarding the arrangement of cities, Paris sets record amounts: you have to pay an average of 2.9 euros per square meter to secure your accommodation. Residents of Saint-Etienne, Rennes and Angers pay half the price of the deposit (1.8 euros per square metre). The average insured rooftops are also larger, reaching more than 60 square meters for Stefanois versus 47 square meters for residents of the Ile-de-France region. Average excellent ranking by region

Differences according to the features of the insured

The insured’s profile changes premiums by more than €100 each year. Owners residing in their main residence pay the high price with an average annual premium of €231. Meanwhile, tenants pay 50% less to secure their housing, with an average premium of around 114 euros per year.

The amount may vary depending on the type of rental offered by the landlord. It takes on average:

  • 104€/year for furnished rent;
  • 125 euros for rent unfurnished.
  • Due to their limited budget and smaller-than-average housing spaces, students are the only ones who cross the €100 threshold to secure their accommodation each year. On the contrary, retirees pay more than double to secure their accommodation with an average premium of 190 euros.

Pay less with an alarm clock or remote monitoring

The appraised value of a dwelling’s movable property has a strong impact on the MRH insurance price. To insure the dwelling with objects and equipment worth over €60,000 (architect furniture, top-of-the-line car, etc.), an average of €353/year is required for the house, with an additional €6. garage. To secure your pool, you have to add about an extra 70€ to your annual premium. On the other hand, if the value of the property does not exceed 15,000 euros, the average premium observed is 128 euros / year for the dwelling.

Study methodology: The results were obtained on a sample of 224,480 home insurance premiums clicked by LeLynx.fr users during the period from 01/01/2021 to 31/12/2021.

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