The average cost of home insurance in the UK varies depending on your location, type of house, and the amount that you need to insure. How much home insurance costs also depends on the value of your possessions, but generally speaking, the cost of home contents insurance is around £114 a year falling by 11% since 2021 (according to ABI figures for 2022). While buildings insurance premiums are an average £225. The average price for combined buildings and contents insurance is just over £307 - down by 2%, according to the figures from the Association of British Insurers.