Home insurance survey reveals annual savings of up to €421

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The National Consumer Agency have just published their latest home insurance comparison survey. The survey examined eight consumer profiles across the country and found that you could make significant savings on your home insurance. Where all companies provided a quote, the average potential saving was €264. The survey also found:

  • Savings of up to €421 for a 3-bedroom bungalow in Midleton, Co. Cork. The cheapest quote provided was for €279 while the most expensive quote was €700. The average quote for this profile was €403. (Profile 2)
  • The biggest percentage difference in quotes provided, 162%, was for a 3-bedroom semi-detached house in Newbridge, Co. Kildare where the cheapest quote was €237 and the most expensive quote was €622. The average quote for this profile was €330. (Profile 4)

Check the excess on policies
Always check the excess when you get a quote as this is the amount that you will have to pay on any claim before the insurer pays the balance. The standard excess on policies in the survey ranged from €250 to €500. However, all providers have higher excesses for water damage and subsidence claims. In all instances, the excess for water damage was at least twice that of the standard excess ranging from €500 to €1,000. The NCA home insurance shopping around checklist can help you to compare different providers’ policy excesses, costs and benefits.

Do you have the right amount of home insurance cover?
You should insure your home for the amount it would cost to rebuild it. You can get details of current rebuilding costs using the house rebuilding cost calculator from the Society of Chartered Surveyors. It is important to make sure that you do not insure your home for too much or too little. If your home is insured for too little, your policy might not pay out enough for the full cost of repairing or rebuilding it if is damaged or destroyed. If it is insured for too much, your premium will be higher than necessary and you will not get any extra benefit if you have to claim.

Brady Burns Insurance Brokers.