Householders can save up to €320 a year by shopping around for their home insurance, according to a latest cost survey by the Irish Financial Services Regulatory Authority.
Many homeowners are also wasting hundreds of euro on the wrong insurance for their property, according to the regulator.
Quinn Direct provided the cheapest quote for four of the six illustrative properties included in the survey, and ranked second and third for the remaining properties.
Eagle Star provided the highest quote for three of the properties, and Hibernian was most expensive in two instances.
Seven of the largest insurers were surveyed, although some declined to quote for properties with specific risks.
The survey compared the cost of insurance for six homes in counties Roscommon, Meath, Waterford, Dublin and Clare.
Consumer director Mary O'Dea said some people make the mistake of under or over-insuring their homes. "This is not a good idea. If your home is insured for too little and is damaged or destroyed, your insurance policy may not pay out enough to cover the cost of repairing or rebuilding it.
"If your home is insured for too much you are paying a higher premium than you need to pay, and you will not get any extra benefit when you make a claim."
Ms O'Dea said people should insure their home for the amount it would cost to rebuild it - not its market value. "This is called the 'reinstatement value' and is different to the market value of your home, which is the amount you would get if you sold it."
A guide to calculating the reinstatement value is available from the Society of Chartered Surveyors at www.scs.ie.
She also warned that conditions may be attached to some home insurance cover. For one house in the survey a quote stated that flood cover was excluded due to flood risk; another quote contained a condition excluding accidental damage cover. Homeowners should look carefully at any conditions attached to cover, she advised
The biggest variations in insurance were for properties in Dublin. The largest saving was for a 130-year-old, three-bedroom Victorian terraced house in Dublin 8. The rebuilding cost was €550,000 and the contents were worth €75,000. Quotes on the property ranged between €520 with Quinn Direct and €838 a year with Eagle Star.
The highest quote for a rented three-bed semi-detached house in Dublin 7, with rebuilding cost €229,000 and contents €25,000, was more than twice the cheapest quote. Quinn Direct offered to insure the landlord's property for €252, while the dearest quote came from Hibernian at €533.
Savings were also available on a four-bed semi in Co Meath. The rebuilding cost was €253,000 and the contents were worth €60,000. Quotes ranged from €353 with Quinn Direct to €484 with Axa.
A three-bed semi in Waterford city which would cost €141,000 to rebuild and housed contents worth €35,000 can be insured for €182 with Axa right up to €218 with Eagle Star.
A four-bed detached house in Clare with rebuilding costs of €245,000 and contents worth €55,000 can be insured for between €258 with Royal & Sun Alliance, up to €378 with Eagle Star.
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