Figures reveal that banks charge more.
A recent cost comparison exercise from Insuremyhouse.ie has revealed staggering price variation in home insurance for properties in Galway. The home insurance experts are advising homeowners to shop around – warning that banks often charge higher premiums than those that can be secured by brokers.
The Insuremyhouse.ie cost comparison study has shown that in 3 sample cases of properties in various locations in Galway, on what would be deemed “average” home insurance policies, the difference in price between banks and brokers ranged from €170 to €493 per annum.
Deirdre McCarthy of insuremyhouse.ie commented on the findings,
Home insurance is one of those areas where you can pay a lot or a little for the same product – and it all depends on whether or not you shop around. However, most people simply aren’t aware of this. People’s eyes often glaze over when it comes to financial products and services – and understandably so! Which is why we thought it was best to bring things down to brass tacks and to show in black in white just how much can be saved, or squandered, depending on where you go to get your home insurance.
Our figures show that the price differential in Galway is quite significant.
Deirdre went on to comment,
There’s no doubt that banks are charging a premium for this product. I believe the reason for this is simply that home insurance is just one of the many products and services banks offer and because it’s not their core business, they don’t focus the same attention on getting the best value for customers.
What’s concerning however is that many people still see the bank as the first port of call for financial products like this – but this is hurting their pocket as a result.
Insuremyhouse.ie suggest that while shopping around is the primary money saver there are also other ways to get the best value on home insurance.
- Secure your home: Most insurers will offer discounts for people with alarms and/ or monitored alarm systems. If you have one of these be sure to enquire as to whether any discounts should apply.
- 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 – we would advise that you always take expert advising when considering changing policy excesses.
- 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.
- Some insurers are introducing discounts based on the BER/ insulation of a property – which will reduce the incidence of burst pipes etc. – this is a relatively new phenomenon & not yet widespread across the industry
If you think you might be overpaying for home insurance why not get a quick quote from Insuremyhouse.ie today. Call insuremyhouse.ie on 01 603 2999 and speak to one of our house insurance specialists directly or Click Here to get started on your quote!