Home Insurance – what to do before you renew

February 10, 2015

If you have been with the same home insurance provider for a while why not spend some time to see if you can get a better deal before you renew? Those few minutes could result in significant savings and we have lots of handy checklists, information on discounts and pitfalls to help you on your way.

See can you save

Our last home insurance comparison survey (July 2014) examined eight consumer profiles across the country and found that consumers could make substantial savings on their home insurance. Where all companies provided a quote, the average potential saving was €264. If you are taking out a new policy or reviewing your cover, our Home Insurance shopping around checklist can help you compare the costs and benefits between providers.

Grab any discounts

There are lots of ways you can reduce the cost of your insurance. Companies offer a range of discounts. Depending on your provider, you may be entitled to a discount if you have made no claims in the past three years, if there is somebody over 50 living in the house or if the house has an alarm (you may get an extra discount if it is monitored). Ask your insurance provider about their discounts to see which ones you qualify for.

Get the right quote

When you take out home insurance, you have to estimate your rebuilding cost. This is how much it would cost to rebuild your home if it was destroyed, for example, by fire. If you overestimate the rebuilding cost, you could be paying too much for your home insurance. But if you underestimate it, your insurance policy might not provide enough money to rebuild your home if you need to make a claim. To help you work out your rebuilding cost, have a look at the Society of Chartered Surveyor’s house rebuilding calculator.

Watch out for the ‘excess’ pitfall

Always check the excess when you get a quote as this is the amount that you will have to pay on any claim before the insurer pays the balance. For example, if you have an excess of €400, but make a successful claim for €1,000, you will have to pay €400 and your insurer will pay €600.  The excess on policies in our last home insurance comparison survey ranged from €125 to €500 and the survey also found that the lowest price did not always have the highest excess.

If you do switch home insurance, share your experience on our Facebook page.

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