Insurance firms rip off home owners

SOME insurance companies are ripping off home owners, charging twice as much as rivals for insurance, a new survey reveals.

The Irish Financial Services Regulatory Authority (IFRSA) said its first-ever survey of home insurance shows customers could save 50% by shopping around.

Fine Gael enterprise, trade and employment spokesman Phil Hogan believes some companies are ripping off customers. He wants IFSRA to investigate the level of insurance premiums being charged to consumers in respect of household cover required in the context of a mortgage to financial institutions.