Home insurance premium hikes loom

HOMEOWNERS looking to renew their home insurance should brace themselves for rises in premiums of up to 15% by the end of the year, the Irish Brokers Association warned yesterday.

It is understood that global trends, in addition to the increases in pay-outs as a result of successive bad winters, are likely to lead to more increases in the cost of home insurance.

Director of general services at the association, Brian McNelis, said: “Reinsurers have inferred that rates will be rising on home insurance premiums over the next quarter.