Massive decrease in home insurance costs!

E

emeralds

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I got our house insurance renewal letter yesterday. I had to call them to make sure it wasn't a mistake!
Our premium for this year is 30% of what it was last year - €276 compared to €920.
This is on foot of the Central Bank's review of differential pricing in the home and car insurance market.
Hoping to see similar fall in car insurance when I renew that in the summer.
 
emeralds said:
I got our house insurance renewal letter yesterday. I had to call them to make sure it wasn't a mistake!
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Seems strange, the extent of the reduction that is. Do you mind telling which company it was? Could you have had a claims experience loading over the last few years and it has been removed now?
 
Our went up when we factored in extra cost or rebuilding. Those went up by 30%. Our home insurance was €532 last November - 3 bed semi D in cork. No subsidence cover,
 
Clamball said:
Our went up when we factored in extra cost or rebuilding. Those went up by 30%. Our home insurance was €532 last November - 3 bed semi D in cork. No subsidence cover,
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That's very high. Or at least significantly higher than I'm paying. I find two companies excellent for prices, the other companies not so much.
 
Totally plausible, insurance down a lot in last few years:

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But don't forget for house insurance to increase the buildings cover as construction costs have gone up a lot.
 
emeralds said:
I got our house insurance renewal letter yesterday. I had to call them to make sure it wasn't a mistake!
Our premium for this year is 30% of what it was last year - €276 compared to €920.
This is on foot of the Central Bank's review of differential pricing in the home and car insurance market.
Hoping to see similar fall in car insurance when I renew that in the summer.
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I'd question whether you have like-for-like cover.

Something similar happened us 20 years ago when we switched to AA Ireland. We were assured that it was OK but later spotted that we were grossly underinsured relative to the previous year's policy.
 
T McGibney said:
I'd question whether you have like-for-like cover.

Something similar happened us 20 years ago when we switched to AA Ireland. We were assured that it was OK but later spotted that we were grossly underinsured relative to the previous year's policy.
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Exactly right.

We had a similar experience. We went over the insurance documentation very carefully to discover that the idiots had not issued renewals to include accidental damage cover which we had from the start and which was deleted for no reason and they did not draw our attention to it. We complained and they fixed it.

I know that we are supposed to read our contract documents but it has now got to the point where we are having to check the work of the insurers / brokers to detect incompetency - theirs :mad:.
 
Had you a previous claim now cleared \ no claims bonus restored?

If you go onto the insurance company's website, and quote for your risk, what price do you get?
 
Well, I have got my renewal for House Insurance for this year and it is the exact opposite to the OP. It has gone from €419
last year to €792!!!!
Any recommendation out there for getting a quote - the above for me was from a well known bank - BO
 
mickeyg said:
Well, I have got my renewal for House Insurance for this year and it is the exact opposite to the OP. It has gone from €419
last year to €792!!!!
Any recommendation out there for getting a quote - the above for me was from a well known bank - BO
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Getting insurance from a Bank, is not the best move, imho - in fact, they are probably the last people I'd ask for a quote for home insurance, given commission payments to the Bank, are built into the price that you are charged.
 
No loading. Never had a claim. Have compared it line by line with last year's renewal and it's identical. Accidental damage cover included. Excess limits are the same. Specified risk items the same; €10,000 cover for all risks unspecified. Public liability cover the same.
Buildings cover has increased by 24% in line with increased building costs and contents cover has increased by 4.5%.
I'll take this as a win I think (and work on the assumption that we were paying over the odds previously). It has a large area of flat roof which I always assumed was a risk factor that was part of the reason for the high insurance cost.
Just as an example, cover for 2 mountain bikes last year (each valued at €500) was €37.50. This year it's €17.86.
 
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5th year in a new build - UB home insurance which was underwrtitten by Aviva - It has now moved to Aviva Direct with UB leaving.

I rang up this week to pay the last 2 x DD's as my UB account closed at the end of last week and for the sake of a paying an extra month in advance it was easier than doing a new DD mandate and sending it back (Have always paid it in 10x Installments).

While on the phone I was asked if I wanted a Call for a Quote for the Renewal in July. Agreed and they will call back, but interestingly I aksed if i should up the cover - Given higher rebuild costs.

I looked at SCSI's rebuild grpahic on their webiste when I was on the call and upped the Building Sum Insured - Zero increase.

Previous - €258,000 (c.117 Sq. M Semi-D in Dublin), now €300,000 rebuild.

Hoping it should stay pretty static with Aviva Direct in July.

@emeralds car insurance went down with AIG also - About 11% decrease. Hope it is all on the back of diffrnetial pricing and will remain for teh forseeable.
 
James B 21 said:
Previous - €258,000 (c.117 Sq. M Semi-D in Dublin), now €300,000 rebuild.
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I've increased my insured rebuild cost by 30% over the last two years to keep up with RSCI plus a margin.

That index tends to lag costs on the ground by six months and from what I can tell building costs are only going up.
 
My Home Insurance quote with Aviva has gone from €310 to €423.

However, yet again, it looks as if they have not included the fact that I already have two other car insurance policies with them.

Every year this happens and I have to ring them to remind them of this. I do not know why their system does not capture this information.

Maybe they are hoping I won't notice.
 
My Home ins renewal went from 364 last year to 474 this year - including all discounts
Shopped around and got 322 with another provider - even with an increased rebuild value. My original provider even apologised for not being competitive enough :) when i tried to haggle a bit.

One way to see the true insurance quote is to look at the Buildings and contents premiums from each provider before they apply any loadings/discounts etc....
In my case, the two above were 976 and 580.
 
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