Survey finds big variation in home insurance costs

Thursday 19 September 2013 17.16
The National Consumer Agency said consumers should shop around
The National Consumer Agency said consumers should shop around

A new home insurance comparison survey has revealed potential savings between providers of up to €362 on annual premiums.

The study was carried out by the National Consumer Agency.

It found that most companies are willing to negotiate with consumers who present them with quotes from competitors.

The survey found that up to €362 could be saved on the price of insurance for a two-bed terraced house in Waterford city.

The highest insurance quote for a four-bed semi-detached house in Rialto in Dublin was €536, while the lowest was €250.

The NCA said that only 14% of people switched home insurance provider in the past year and it said 80% of those saved money.

The agency is advising consumers to check the terms and conditions of their policy.

It said consumers should check both the excess figure, which indicates the amount a consumer will have to pay upfront on any claim, and the level of cover for valuable items.

Speaking on RTÉ's Morning Ireland, NCA Director of Research and Policy Fergal O'Leary said people need to be careful when comparing home insurance policies.

He said insurance companies know that a large majority of people do not switch home insurance companies, so it is incumbent on the customer to shop around.