Soaring costs — now it’s home insurance

HARD-pressed consumers are set to be hit in the pocket yet again after insurers announced plans to raise house premiums by 15%, significantly reduce coverage and force customers to pay up to €1,000 of their claim costs.

In the immediate aftermath of the VHI cost increases, new budget levies hitting pay packets for the first time this week and a surge in petrol prices, the Irish Brokers Association (IBA) has revealed the worst is yet to come.

The umbrella group’s director of general services, Brian McNelis, has warned that as a direct result of winter weather-related house insurance claims, premiums are set to rise by up to 15%.