Homeowners can save between €200 and €1,700 on annual home insurance premiums if they shop around to find the cheapest cover, according to new research by the Irish Financial Services Regulatory Authority.
Owners of thatched properties may have difficulties in obtaining insurance, the financial regulator's survey shows.
The regulator found that only three insurance providers were prepared to offer quotes for an 80-year-old thatched cottage in Co. Leitrim. The quotes varied dramatically from €793 to €2,499.
Bernard Sheridan, head of consumer information at the financial regulator, said even where fewer quotes were available, insurance costs could still vary significantly.
"Many of the queries we receive about home insurance are from people who have difficulty in getting quotes for particular properties, such as holiday homes, or are finding it is more difficult to get insurance when they have made previous claims."
The lowest quote for a 15-year-old, three-bed detached house in Co Dublin was €286 and came from Prestige Underwriting, a company that operates mainly in the UK but also has offices in Cavan. AXA quoted the highest premium in this category, charging €492.
FBD gave the cheapest quote for a two-year-old, three-bed semi-detached house in Co Kildare, offering a rate of €337. Hibernian was the most expensive insurer, quoting €538.
Two insurers, Eagle Star and Hibernian, refused to quote a 30-year-old, five-bed detached house in Co Limerick that had a previous claim against it for storm damage. The lowest quote offered in this category was €379 from Royal & Sun Alliance, an insurer that operates solely through brokers. Quinn Direct quoted the highest premium, offering a rate of €660.
The financial regulator also looked at insurance premiums paid by the owner of a holiday home in Co Wexford and tenants looking for contents-only insurance.
Three insurers - Allianz, Eagle Star and Hibernian - refused to give cover to four tenants aged between 20 and 35 years sharing a four-bed detached house in Cork city. The property also had no burglar alarm fitted.
Cover for contents up to a value of €50,000 would cost the tenants at least €128 a year from FBD and at most €326 from AXA.
For a copy of the survey call 1890 777 777, see www.itsyourmoney.ie or visit the authority at College Green in Dublin.
