| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

Follow Finfacts on Twitter

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : Property Last Updated: Apr 20, 2011 - 3:53 PM


National Consumer Agency issues latest Irish home insurance cost comparison
By Finfacts Team
Apr 20, 2011 - 2:39 PM

Email this article
 Printer friendly page

The National Consumer Agency (NCA) today issued the findings of its latest Irish home insurance cost comparison, which looked at the cost of insurance for eight different consumer profiles and found potential savings of up to €440. The cost comparison also highlights potential issues around consumers’ understanding of “all risks” cover.

All risks cover is an optional extra under most home insurance policies which protects against loss or theft of, or accidental damage to, personal valuables, such as jewellery. The cost comparison reveals that when consumers request all risks cover for unspecified items (profiles four, five and six) there are a number of items that are typically excluded by insurance firms. These include items commonly taken outside the home, including laptops, hearing aids and mobile phones. Consumers that wish to have cover for these items must list them as specified items. The maximum value that consumers can insure a single specified item for ranges from €3,500 to €5,000, depending on the provider.

Commenting on the findings, chief executive of the NCA, Ann Fitzgerald said: “Don’t assume that everyday items such as phones and laptops are covered by your home insurance policy. Very often, providers exclude them, so if you want them covered, you will have to list them as specified items at an additional cost.

You might consider doing this if you have a smart phone or a laptop that would be expensive to replace, however, you need to bear in mind that the excess, which can range from €125 up to €500, might be more than the value of the item. It’s also worth considering the impact that making a claim for a relatively low value item will have on your no claims bonus and future premium. You may be better off looking at other options such as specific phone or laptop insurance. ”

The cost comparison also highlighted the difficulty that exists for consumers with recent claims for flood damage (profile 3). No firm would provide flood cover for customers who were in this situation. The Agency also requested quotes excluding flood cover for the same profile and three out of nine firms quoted. There was relatively little difference in the quotes, which ranged from €319 to €334.

Fitzgerald added: “If you are finding it difficult to get quotes for any reason, it’s worth approaching a specialist broker that deals with a number of insurers. They can offer you help and advice. When you are choosing a home insurance policy, remember the cheapest quote may not always be the best, so you should look for the policy that offers the benefits and cover you need. Plus if you want to make savings, don’t be afraid to haggle with your provider.”

Other findings include:

Notable price differences between providers - - The most significant difference in price was seen in profile eight where premiums ranged from €257 to €699 - - a difference of €442 or 172%.

Reducing rebuilding costs can lower premiums  - -When the rebuilding cost of a house in Co.Kilkenny (profiles seven and eight) was reduced from €210,000 to €170,000, the annual premium decreased by €50 on average. The NCA says while it’s very important not to underestimate rebuilding costs, consumers are advised to check the current cost of rebuilding their property, particularly as these have decreased in the last few years.

Finfacts article: Society of Chartered Surveyors says home insurance rates should fall because of decline in Irish house rebuild costs

Related Articles
Related Articles


© Copyright 2011 by Finfacts.com

Top of Page

Property
Latest Headlines
Irish residential rents rise 9% as students face tight market conditions
Irish construction activity growth eased in July
Irish residential property prices fell in Dublin in June
Irish mortgage approvals growth fell sharply in April 2015
Irish land prices among highest in world; Noonan tax cut boosts Dublin prices
AIB cuts Irish variable mortgage rates
Dublin residential property prices rose by 1.1% in March
Global property bubble: Dublin tops 2014 global returns at 44.7%
New Irish housing units in 2015 forecast at only 10,000
Ireland: Dublin house prices up 21% in year to February 2015 after price decline in month
Prime office rents in Dublin to rise by up to 31% in 2015 after 29% surge in 2014
Irish mortgages paid in 2014 at 1976 level; Half of house sales paid in cash
Irish residential property prices fell 1.4% nationwide in January
Irish House Rents: Supply tightens in Dublin's commuter counties in Q 42014
Irish commercial property returns in 2014 among highest in world
Irish Housing: "Unique" demographics to boost demand; Shortages to rise
Irish mortgage approvals in 2014 at 36-year low; Exceed paid loans
Irish commercial property investment in 2014 was 25% above bubble peak in 2006
Irish construction continues to rise from very low base
Irish house asking prices fell back slightly in fourth quarter of 2014
Price/Earnings multiple for Dublin houses is double 1993 level
Residential property rents up almost 10% in Dublin in past year
Irish Government and vested interests lobby for easing of Central Bank's mortgage rules
Ireland tops global property price rankings six years after bust
Number of Irish mortgages paid in 2014 at 1974/75 level - a 40 year-low
Irish construction PMI survey confidence measure highest since 2000
Irish mortgage arrears decline; 38,463 BTL accounts in arrears
Irish Housing: Renting provides less security than ownership, unpredictable rents
Ireland: NAMA to redeem €1bn of senior bonds; Fund Boland’s Mill site development
Ireland: 35,000 social housing units by 2020 achievable; Rental market possibly not
Dublin house prices up 24.1% in year to October 2014
Irish home ownership to fall due to affordability
'Tara Collection' of office buildings on sale in Dublin for €263.8m
Irish Housing Rents 2014: Dublin just 10% short of 2007 bubble peak
Irish Economy: Residential mortgage approvals in 2014 as low as in 1977
Irish Construction: Fastest rise in new business for decade - not level of activity
Biggest US individual landowner responds to tax breaks in Ireland and UK
Irish commercial property annual return to September 2014 at 36.6% - income at global high
NAMA expects surplus of less than €500m - it's not a profit; 88.5% sales to US investors
NAMA selling 588 Dublin apartments - name withheld in announcement