Our own Jonathan Hehir was on Tipp FM Radio today with some insights into getting the best value house insurance
Q: What’s your advice for homeowners buying house insurance policies?
A: Shop around for house insurance just as you would with car insurance, the market is competitive at the moment.
A: And use a broker! They are cheaper than banks at present.
Q: Why don’t people shop around for house insurance like they do car?
A: One of the reasons is that house insurance policies are usually paid by Direct Debit, car insurance is usually paid in one annual payment. Homeowners don’t usually see one large annual outgoing for house insurance so don’t know how much they could save.
Q: Some customers may be suspicious of brokers, feeling that they are aligned with one insurer, what would you say to address that?
A: It’s exactly the opposite, typically brokers work with up to 14 insurers and shop around for the best price and cover for customers. Banks are aligned with 1 or 2 insurers which limits their offerings in value and types of cover for homeowners.
A: As well has having more tailored policies, Inuremyhouse.ie is a dedicated house insurance broker. IMH staff deal only in house insurance policies. They can give detailed guidance to homeowners in order to get the best value policy.
Q: Can you negotiate your excess?
A: Yes, with brokers. Due to the various different insurers we engage with Insuremyhouse.ie has some flexibility with excess.
Q: What other advice can you give homeowners when taking out a house insurance policy?
Tip 1: Take an inventory of the content of your house, take photos if you need them. This will come in useful with contents insurance.
Tip 2: Lock in your house insurance policy for up to 3 years. There are great savings for longer policies
Tip 3: Never underestimate the contents, always insure for the ‘cost of replacement’, not the present day value of the item.
Q: What would you say to homeowners who don’t buy house insurance?
A: As I mentioned earlier, house insurance is competitive at the moment, for example you can get a buildings only, no contents policy with a rebuild of €150,000 for €150, that covers you for the year. That’s not a lot if something occurs along the lines of flooding or fire damage.
Jonathan Hehir, MD Insuremyhouse.ie interviewed on Tipp FM Radio