Shop around for home insurance, says watchdog
Householders could save almost €400 a year on home insurance by shopping around, the state’s financial watchdog claimed today.
A Financial Regulator probe revealed a wide range of premiums were being offered by firms providing cover.
Using five different types of houses – different ages, sizes, location and costs to rebuild – the body detailed quotes from nine insurance companies.
These included AIGDirect, Allianz, AXA, FBD, Hibernian Aviva, Lloyds via Getcover.com, Quinn Direct, Royal and Sun Alliance and Zurich.
The investigation found that depending on the provider there were differences in premium quotations and excess figures – the first part of any insurance claim you have to pay yourself.
Lloyds was the cheapest in all cases, although some of its quotes are based on having contents insured for a certain amount, while AIGDirect was the most expensive in three out of five.
The Financial Regulator also warned consumers that they could be paying more than they need to for their insurance.
It said people should insure their homes on the basis of how much it would cost to rebuild it.
