A recent
Financial Regulator comparison survey of House Insurance prices in Ireland
was carried out in took place in February 2011. The following insurance
companies were involved in the survey.
RSA , Chartis , Quinn Direct , Aviva , Zurich , Allianz , FBD, AXA, Getcover
The survey was carried out on a fairly small sample - so the results can
only be used as a guide. You need to obtain quotes for yourself to ensure
you get the best deal. Brokers such as the AA were not included in the
survey.
In the Financial Regulator price comparison - quotes were obtained for
8 different properties
In one example a 4-bedroom detached house in Co. Kilkenny. The rebuilding
cost is €170,000 and the contents are worth €70,000.
The Cheapest insurance quote was from Quinn Direct - at €257
a year. The most expensive quote for this example was from Chartis Direct
at €699 - a difference of almost €442 Euro a year.
Another Example was a mid-terrace, 3-bedroom townhouse in Milltown,
Dublin 6. The rebuilding cost is €250,000 and the contents are worth €75,000.The
cheapest quote for house insurance was from Getcover - €404
a year. The highest price this time was from AXA Insurance at €686.
A difference of €282 a year.
You might get even cheaper insurance by going to an online broker such
as the AA
TIP:
Make sure you don't under estimate your rebuilding costs. If you are
under insured it could affect claims you make in the future. Your
insurer could payout less than your claim .
Check
the rebuilding cost of your home - don't just reinsure for what it
cost. Rebuilding prices have dropped - and the market value would
have included the price of the land (rebuilding costs will exclude
site costs)
Unlike
car insurance - you are not legally obliged to take out house insurance.
But if you have a mortgage, your lender can insist that you have buildings
insurance so that you can afford to rebuild your home if it is destroyed.