Consumers miss out on insurance savings

Essential to shop around for home cover says study

MOST of us are missing out on hundreds of euro in savings by not shopping around for home insurance, a new study has found.

And it warned only people who seek quotes from every provider are likely to get the best deal.

Figures from Insuremyhouse.ie show 62% of homeowners call just two or three different providers when searching for insurance.

The website’s managing director Jonathan Hehir explained premiums can vary wildly between different companies and stressed the importance of shopping around.

He said: “Home insurance is one of those areas where you can pay a lot or a little for the same product – and it all depends on whether or not you shop the market.

“Now more than ever households throughout the country are feeling financially stretched. The uncertainty of what lies ahead for the country economically is a concern for many and people are looking at every aspect of their spending to see where they can cut costs.

“This is one relatively easy way to save on a key household expense.”

The survey also showed young people are the most likely to believe in “loyalty” to a single provider, with 21% of 25 to 34-yearolds sticking with the same insurer every year. Just a quarter of those surveyed ask a broker to find the cheapest premium, which opens up their access to 15 different insurers.

Experts have also provided a list of simple tips to ensure you get the cheapest premiums, including securing your home with an alarm. Many insurers will offer discounts for those with monitored alarm systems with savings of up to 25%.

Homeowners are also recommended to review policy “add-ons” such as accidental damage, which is unnecessary for small valuables such as ipads and bicycles if you have a higher excess.

However a high excess can be dangerous and leave you paying out a lot of money in the event of a claim.

62 Percentage of people who only contact two or three providers