Switching house insurers could save you €400
Quotes sought based on range of property types throughout country
Despite the potential savings, just 37 per cent of consumers had checked to see if there was a better deal available for their home insurance over the last 12 months.
Canny consumers who shop around for house insurance can make annual savings of over €400 according to a survey published by the National Consumer Agency this morning.
Quotes were sought based on a range of property types throughout the country and when all eight companies provided a quote for a specific type of house the average savings were €264.
The biggest saving of €421 was found on the price of insurance for a three-bedroom bungalow in Midleton, Co Cork. The cheapest quote was for €279 while the most expensive quote was €700. The average quote for this type of house was €403.
The largest percentage difference in quotes was 162 per cent for a three-bedroom semi-detached house in Newbridge, Co Kildare. In that instance the cheapest quote was €237 while the most expensive was €622. The average quote in that area for that property was €330.
The problem of getting cover for flood-prone property was highlighted with none of the eight insurance companies willing to offer a quote for a property in an area prone to flooding or which had a flood damage claim in the last five years.
“This survey clearly shows that consumers can make significant savings on the cost of their home insurance if they take time to see what options are available in the market,” said the agency’s director of consumer contacts and insights Fergal O’Leary.
Despite the potential savings, just 37 per cent of consumers had checked to see if there was a better deal available for their home insurance over the last 12 months, he said, with only 13 per cent actually making a switch.
Mr O’Leary said 83 per cent of those who switched home insurance found the process easy. “Combining these findings with the results of our insurance comparison indicates that many consumers may be needlessly paying more for their cover.”
It also found the terms and conditions, benefits and excess amounts varied significantly across the eight providers.