You could be paying over €300 too much for home insurance
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Irish homeowners could be paying over €300 more for home insurance by dealing with their own bank, a new report shows.
The analysis undertaken by www.insuremyhouse.ie found huge differences in the price of home insurance for the same property in certain parts of the country.
The report shows that home insurance for a detached house with a rebuild cost of €380k and €50k contents cover in Lucan, Co Dublin was €551 with one bank and only €246 with insuremyhouse.ie.
It found that a similar difference in price existed for home insurance for a bungalow in Ballingarry, Co Limerick with a rebuild cost of €150k and contents cover of €50k.
Here the average price with a insuremyhouse.ie was €231, while with one bank it cost €530.
Jonathan Hehir, Managing Director of insuremyhouse.ie described the results as “Staggering”.
He said the reason banks charge invariably higher premiums is that home insurance is not their core business.
He added: “My advice to anyone who already has a home insurance policy in place is to take out your policy details, look for your renewal date and make a note of it in your calendar. Then a few weeks before this date, go and search the market for the best value instead of letting the renewal date roll around and having to accept the new premium that your existing insurer offers you.”
“I would estimate that approximately 70% of Irish people do nothing and of this 70%, 9 out of 10 of them could get a better deal with insuremyhouse.ie.”
Insuremyhouse.ie listed the following as 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.
- Check policy “add-ons” – Extras like accidental damage are often costly and not always necessary.
- Increasing the excesses on your policy will invariably reduce the cost of your premium. But you need to ensure that you don’t end up having to pay out a fortune in the event of a claim – always take expert advice when considering changing policy excesses.
- Lock in your rate for two or three years. Some insurers are now offering these policies, which means that if a person chooses to opt in for the next two or three years, they will be insulated from any market rate increases during this time. Another benefit of the new product is that the premium will not increase during the 2/3 years no matter how many claims are made on the policy in this time.
Article sourced from Irish Mirror