Haggling over home insurance urged

CONSUMERS can save hundreds of euro annually on home insurance by shopping around and negotiating with providers according to a new survey by the Financial Regulator.

Revealed through a mystery shopping exercise, the regulator found substantial savings, sometimes of up to €400, can be made.

The home insurance cost comparison table, on www.itsyourmoney.ie, features nine profiles for homes in eight counties and shows the excess and the additional features that apply to each policy, making it easier to find the best value.

Consumer director Mary O’Dea encouraged consumers to seek discounts on home insurance.

“With many people feeling the pinch right now, it is more important than ever for consumers to exercise their buying power and to make better choices about financial products,” she said.

“There are three things you should always do when getting insurance — haggle when you are negotiating with your insurance providers, look for better value elsewhere, and ask for discounts when getting quote.”

The research showed that depending on the provider, customers may get a discount on their home insurance policy for a range of reasons including being claims-free for five years, if a resident is a non-smoker, or usually in the house during the day, or if the house has an alarm.

Other discount reasons were age-driven with reductions for over-40s, or in some cases over-50s, or if an over-50-year-old lives in the house.

Discounts were also available for buying online or through a broker.

“When you request a quote, the questions you will be asked can vary, depending on the provider and the agent you talk to on the day, so it is important to be proactive and offer as much information as possible to make sure you get any discounts that apply,” said Ms O’Dea.

“If consumers are not sure what discounts are available, they can ask their provider or use our shopping around checklist and home insurance cost comparisons on itsyourmoney.ie to help.”