Insurer slashes building cover
Prudential has cut the cost of its buildings insurance cover by up to 29 per cent, down from pounds 180 to pounds 143 for a three-bedroomed semi in Reading. Southampton, now famous as the footballing home of Bruce Grobbelaar, will see its buildings insurance plummet by the same amount. Guildford, once described as having this country’s answer to the Manhattan skyline, has also seen its premiums tumble from pounds 180 to pounds 128, while in Norwich, cover will cost pounds 125 instead of pounds 143.
The Pru’s reductions, announced yesterday, follow the company’s decision to increase the number of postcode ratings areas, allowing it to price more accurately. The cuts also follow a price war that has engulfed the home and contents insurance market for more than 12 months.