Banks charging homeowners double for insurance cover

Jonathan Hehir, MD of, explains why it's crucial for homeowners to consider all of their options before choosing an insurance provider

Homeowners across the country are at the mercy of banks expensive pricing structures when it comes to home insurance. After running a cost comparison between the prices charged by brokers and banks, we at advise anyone who has a home insurance policy in place, or is intending to take one out, to consider all of their options before choosing a provider.

Our study looked at five standard sample customers and contrasted the premiums from a typical online broker and the five main banks. There’s no doubt banks are charging a premium for this product and the differences we found in prices were pretty staggering – in one case the difference between a broker and a bank was almost double, while in another the price difference amounted to €200!

Home insurance currently represents good financial value, and prices are not rising at the same rate as car insurance. For this reason, homeowners may not see the need to shop around. However, there are real savings to be made by doing so. We want to counter this way of thinking and the best, and perhaps only way, to get the message across is to show people how much cold hard cash they could be saving.

My advice to anyone who already has a home insurance policy in place is to take out your policy details, and make a note of your renewal date in your calendar. A few weeks before this date, search the market for the best value instead of letting the renewal date roll around and accepting the new premium that your existing insurer offers you.

Other ways to avail of cheaper insurance premiums are to secure your home with a monitored alarm, to check for policy “add-ons” e.g. extras like accidental damage are often costly and not always necessary, or to lock in your rate for 2 or 3 years.

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Article sourced from the Dublin Live

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