Be careful when shopping around for your home insurance, you could be overpaying by hundreds of Euro!

Banks charging up to Twice as much as Brokers for House Insurance‘s managing director Jonathan Hehir advises homeowners on how to get the best deal for your home insurance.

While nobody relishes the prospect of shopping for home insurance, make no mistake about it; doing your homework can save Irish homeowners hundreds of euro. You don’t need to just take my word for it – the numbers speak for themselves. We recently undertook a home insurance cost comparison against some of the leading banks, sampling a number of house prices and locations. The variation, in some cases, was monumental!

Our analysis found that on a €250,000 terraced property in Co. Louth, a customer would be paying almost three times more for home insurance through Ulster Bank (€447) than through a broker (€157) – a difference of €290 or 184%! In another sample case, insurance for a €300,000 detached property in Tallaght came in at €503 with Bank of Ireland and €324 with a broker (€324) – a difference of €264. A number of other comparisons saw prices drop across the board when insuring your home with brokers as opposed to banks. One danger is that people will simply allow their home insurance to auto-renew as they don’t want the hassle of arranging alternative cover. However a miniscule amount of time comparing prices could save you hundreds of Euro.

See our latest price comparison below.

CFM Group price comparisons

There’s no doubt that banks are charging a premium for this product. I believe the reason is simply that home insurance is just one of the many products and services banks offer – not their core business. So they don’t focus the same attention on getting the best value for customers.

Home insurance represents good value for money at the moment and premiums are relatively stable, but that’s no reason for people to rest on their laurels and simply let policies roll over when it comes to renewal time. We have made it a priority at to counter this way of thinking and save people money by showing just how much can be saved with a little time and effort.

Aside from choosing the right provider, there are several other ways to avail of cheaper premiums on home insurance:

  • Secure your home: Most insurers will offer discounts for people with alarms and/or monitored alarm systems, some up to 25%.
  • Be sure to enquire whether any discounts apply with your insurer.
  • Check policy “add-ons” – extras like accidental damage are often costly and not always necessary.
  • There’s little point in specifying valuable items such as iPads and bicycles if you opted for a higher excess, say €500.
  • Increasing the excesses on your policy will invariably reduce the cost of your premium. However, you need to ensure that you don’t end up having to pay out a fortune in the event of a claim.

These tips can help you save hundreds of Euros just like the sample quotes above. One of our house insurance specialists will be more than happy to explain the above points to you and do everything to help you get the best price. At it’s in our best interests to get you the best deal, so get started with your quick and easy online quote or give us a call on 01 603 2999 and see how much you can save!

Source: Dublin Live