Consumers can save up to €400 on home insurance - report

Consumers can save up to €400 per year by shopping around for home insurance, according to a new survey from the Financial Regulator.

The regulator has advised consumers to obtain a number of quotes from insurers before renewing their policy.

According to its survey, an individual looking to get insurance on a three-bedroom semi-detached house in Clara, Co Offaly could pay anywhere between €201 and €403 to insure the property, while it could cost up between €378 and €759 to insure a three-bedroom mid-terraced house in Portmarnock, Co Dublin, depending on the insurer.

The regulator also advised consumers that they could be paying more than they have to, if they over insure their home.

It said that consumers should insure their home for the amount it would cost to rebuild it, or the reinstatement value rather than its current market value.

The regulator added that if a house is insured for too much the premium will be higher than necessary and consumers won't get any extra benefit if they have to claim as insurers won't pay out more than the rebuild cost.