Regulator says €400 can be saved on home insurance

Mary O'Dea: consumers should always haggle when negotiating with providers

CONSUMERS CAN save up to €400 a year by shopping around for home insurance, according to the latest cost comparison from the Irish Financial Services Regulatory Authority.

Quinn Direct emerged as the cheapest insurer for most households, by providing the lowest quote for eight of the nine profiles canvassed by the Financial Regulator.

Royal Sun Alliance provided the most expensive quote for four of the nine profiles.

The biggest margin was quoted for insuring a three-bedroom detached house in Westport, Co Mayo, with a rebuilding cost of €240,000 and contents worth €75,000. The householders said the builders would be working on an attic conversion for six weeks.

In this case, Quinn Direct quoted a premium of €250 while Royal Sun Alliance quoted €638.

The regulator has also advised homeowners that they can avail of discounts on insurance by providing as much information as possible to providers.

Financial Regulator consumer director Mary O'Dea said consumers may not be aware of the discounts available from some companies.

These include discounts: for having no previous claims or being claim-free for five years; if someone over 50 is living in the house; for non-smokers; for having an alarm; and for having home and motor insurance with the same company.

Discounts may also be available for having smoke alarms, being in a neighbourhood watch scheme, living in a new house, or buying a policy online.

"When you request a quote, the questions you will be asked can vary depending on the provider and the agent you talk to on the day, so it is important to be proactive and offer as much information as possible to make sure you get any discounts that apply," said Ms O'Dea. "With many people feeling the pinch right now, it is more important than ever for consumers to exercise their buying power and to make better choices about financial products."

She said there were three things consumers should always do when getting insurance: haggle when negotiating with your insurance providers; look for better value elsewhere; and ask for discounts when getting quotes.

The cost comparisons featured nine profiles for homes in Clare, Donegal, Dublin, Kerry, Leitrim, Louth, Mayo and Wexford. Quotes for insuring a four-bed semi-detached house in Ennis, Co Clare, varied by €115, while the margin between the lowest and highest quotes for insuring a three-bed in Ardara, Co Donegal, was €182.

Quinn Direct quoted €372 to insure a four-bed semi-detached house in Knocklyon, Co Dublin, with a rebuilding cost of €380,000 and contents worth €110,000. The most expensive quote, from Royal Sun Alliance, was €608.

The cost comparisons, which can be viewed on www.itsyourmoney.ie, also show the excess and the additional features that apply to each policy.