Shopping around for home insurance pays off

Ian Guider

The latest cost survey by the Financial Regulator has shown up differences in annual premium costs and the substantial savings that can made by consumers by switching to other companies.

For example, Royal & Sun Alliance will insure a three-bedroom thatched cottage in Co Leitrim for E2,499, but FDB will off the same buildings and contents cover for E793.

A four-bed detached house in Cork city would get contents-only over for E326 a year with AXA, but the cost with FDB was E198 lower.

A holiday home in Wexford would be insured by Hibernian for E597 a year, while the cost at FBD was E228.

Prestige Underwriting offered the cheapest quote for buildings and contents cover for a three-bed detached house in Dublin at E286. The most expensive in the regulator’s survey was AXA at E492.

The most expensive quote for a similar property in Kildare was Hibernian at E538, with Allianz the cheapest at E351.

A five-bed detached house in Limerick cost E660 to insure with Quinn Direct; the lowest quote was from FBD at E228.

Bernard Sheridan, head of consumer information with the Financial Regulator, said many people were finding it difficult in getting quotes for particular properties, such as holiday homes, or are finding that it is more difficult to get insurance when they have made previous claims.

“We have reflected their profiles in the survey to show that even where there are fewer quotations available, insurance costs can still vary significantly.”

He added: “Some people have indicated that they find it difficult to get insurance when they are renting accommodation. This survey features four tenants aged between 20 and 35, looking for contents-only insurance on a rented house in Cork city. Five of the eight insurers included in the survey gave quotes for this profile and the survey shows a potential saving of almost E200.”

The Financial Regulator has also produced a Guide to Home Insurance, which outlines what home insurance is, the factors that affect the cost and how to make a claim.

Copies of the Home Insurance Cost Survey and Guide are available by phoning the consumer help-line on lo-call 1890 77 77 77, or by logging onto www.itsyourmoney.ie or by calling into the Consumer Information Centre located at College Green, Dublin 2.

Consumers can also register to receive a copy of the next update to the Home Insurance Cost Survey.