Insuremyhouse.ie Managing Director Jonathan Hehir speaks to Matt Cooper about house insurance premiums on his weekly segment ‘Stretched’.
On his weekly radio segment/ podcast Matt Cooper discusses the rapidly rising cost of living in the Republic Of Ireland. On this week’s edition Matt and a number of studio guests discussed insurance premiums of all types and the impact these premiums can have on individual’s monthly expenditures.
House insurance is actually one of the more manageable expenses as the premiums are currently at a low point. When compared with motor insurance, house insurance premiums are at a lower point than they have been in the last number of years. www.insuremyhouse.ie‘s Managing Director Jonathan Hehir added that “Consumers should always shop around to get the best priced premiums, we conducted a price comparison and found that brokers were at least 30% cheaper than banks in all cases”. This is partly due to the fact that banks will provide mortgage protection insurance in addition to the mortgage “consumers are usually so eager to get the mortgage signed that they’ll sign the first policy that appears in front of them”. Jonathan Hehir went on to express that consumers are under “no obligation to get home insurance from the bank they are signing a mortgage with” and that “banks are in no position to force consumers to do so”.
Another rather pertinent issue in this country at the moment is insurance cover for people or families who are residing in rented accommodation. It is always the obligation of the landlord to insure the property. However tenants should make sure that their personal belongings are covered with a contents insurance policy. “More and more people are living in tenanted accommodation for a longer period of time and as a result are accumulating more goods over that time”, Jonathan Hehir stated. It’s always the responsibility of the tenant to look after their own contents as its unlikely that the landlords house insurance policy will cover them.
The final house insurance issue that Matt discussed with the panel of industry experts was making sure consumers weren’t over-paying for their premium. Jonathan Hehir’s sage advice on this issue was “always make sure that you insure your house for the cost of re-building rather than the sale price”. The cost of re-building a property can be drastically lower than the sale price particularly in certain locations, so it’s always worth getting the advice of a Chartered Surveyor as it could lead to savings in the long run on your premium.
Source: Today FM
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