Shopping around for home insurance could save consumers more than €360 a year, a survey published this morning has revealed.
The latest National Consumer Agency home insurance comparison survey on annual home insurance premiums compares quotes from eight insurance companies.
In addition to the savings made by switching, it also finds most companies are willing to negotiate with consumers who present with quotes from competitors.
The research examined seven profiles based on a range of property types throughout the country, and for those profiles where all companies provided a quote, the average potential saving was €318.
It found that savings of up to €362 were possible on the price of insurance for a two-bed terraced house in Waterford City. The most expensive quote was €546, while the cheapest quote was €184. The average quote for this profile was €278.
The biggest percentage difference in quotes was 341 per cent and was found for contents cover only for a two-bed apartment in Dublin. The most expensive quote was €389 and the cheapest quote was €88. The average quote for this profile was €181.
Six out of the eight companies surveyed indicated that they would be willing to negotiate with existing consumers on their renewal quote if the consumer had secured a cheaper quote elsewhere.
Significant savings
"This research demonstrates that consumers can make significant savings on their home insurance if they are prepared to get a couple of quotes before taking out insurance," said the agency's director of research and policy Fergal O'Leary.
“It is very positive to note that most of the companies surveyed are willing to renegotiate premiums with existing customers if a customer presents them with a better quote from elsewhere.
“It is clear that consumers are in a much stronger position if they get quotes from competitors.”
He said recent research into consumers’ switching behaviour showed that 14 per cent of consumers had switched their home insurance provider in the last 12 months, with 80 per cent of those who did saving money.
“A consumer is in a much better position to choose the best value offering if they take a little time to see what is available in the market, and we would strongly urge all consumers to do so.”
