Insurance costs more in Islington

by Gill Montia

Story link: Insurance costs more in Islington

A study by EMB, the actuarial consultancy, has concluded that the London borough of Islington has become the most expensive locality in the UK in which to insure possessions.

EMB has calculated the average annual combination of motor, buildings and contents premiums for the 10 “worst” and “best” places to live in the UK, in terms of insurance premiums.

According to the research, residents of the north London borough pay an average premium of £745 to insure cars and homes.

While Islington contains wealthy areas such as Highbury and Canonbury it is also home to some of the most deprived areas in Britain. Car theft is 2.5 times the national average, and burglary three-times.

Karl Murphy, a partner at EMB, says: “Insurance premiums are typically higher in cities than rural areas because of the combination of high crime and unemployment rates; about half of a contents premium will be based on the likelihood of theft.”

Adding “Quite simply, Islington has a high density of young, unemployed males and it is this section of the population that is most likely to commit crimes against property and motors.”

Islington is also an area prone to subsidence, which is another major factor in the cost of household insurance.

Those seeking to reduce their insurance outgoings should head for south Cambridgeshire where the average annual combination of motor, buildings and contents premiums amounts to £373.