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Householders could save by shopping around for insurance

Limerick homeowners could save up to €lOO on their home insurance if they shop around, according to the Financial Regulator.

The Regulator has just released a home insurance cost survey covering profiles in Limerick, Carlow, Dublin, Laois, Mayo and Offaly.

"The survey compares the cost of insurance for a fourbedroom house in Limerick city, with rebuilding costs of €190,OOO and contents worth €50,OOO. Quotes range from over €330 to almost €430," consumer director Mary O'Dea explained.

The companies surveyed were Allianz, AXA, Eagle Star, FBD, Hibernian, Quinn Direct, Royal and Sun Alliance and Prestige Underwriting.

The most expensive quote for the Limerick city house was AXA, through a broker, with a quote of €427, and the least expensive was Royal and Sun Alliance, also through a broker, at €331.

It was not just homeowners who were warned to shop around for insurance.Those in rented accommodation were cautioned that they too need to ensure that· they have adequate insurance as well.

"Many people do not get home insurance when they are renting and can be surprised when they find that their landlord's insurance does not cover their personal possessions," Ms O'Dea said.

"It is important to make sure that you could replace your possessions if you had a fire or burglary, so check to see whether you need your own insurance and look at our survey to see where you can get the best value. The lowest quote for this apartment in the survey is €71 per year, so contents-only insurance can be very affordable.

"The survey also shows that where householders have made previous claims on their home insurance, the choice of insurers is more limited. If you have made a previous claim on your home insurance, you may find that some insurers will not give you a quotation. But even where you have a more limited choice of insurers, you can still save money," she said.

Copies of the Financial Regulator's Home Insurance Cost Survey and Guide to Home Insurance are available by phoning the consumer help-line on lo-call 1890777777, by visiting www.itsyourmoney.ie or by calling into the Consumer Information Centre at College Green, Dublin 2.

 

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