Bizarre house insurance costs

[cremeegg]

I renewed a house insurance policy on a RIP 3 weeks ago at a premium that was €4 less expensive than the previous year. I went to renew a second RIP policy, with the same insurance company, this week and the price quoted is more than 20% higher than last year.

No explanation is available for the increase.

Has anyone else renewed house insurance recently ? Are prices up much ? I see the CSO is reporting an annual increase to August 25 of 2.5%/.

Thanks for any info.

 

[Persia]

I ignore the current insurers renewal quote and ring around. I get from between 4 - 8 quotes. I always comfortably beat the current insurers.

Allianz do a very good price for apts.

My recent renewal funnily enough was only a few quid more than last year but still beat it by 80 quid iirc.

 

[Corola]

There's no point trying to make sense of any individual insurer's renewal price - there are too many factors involved. You need to shop around every year to get the best price.

 

[jpd]

I had to search what an RIP was - it's better to avoid jargon in questions

RIP = Residential Investment Property apparently

 

[myate]

I had to insure my only home a couple of weeks ago. Prices sky rocketed to over €100 more than last years premium. No amount of shopping around for other quotes was getting it cheaper either, all other quotes were more expensive.

 

[ClubMan]

Is there something unusual about the property or have you had any claims this year or something?

 

[michaelm]

No amount of shopping around for other quotes was getting it cheaper either, all other quotes were more expensive.

Did you try Zurich? I got a decent quote from them recently.

 

[myate]

Is there something unusual about the property or have you had any claims this year or something?

No, no claims, no flat roof, nothing!! 3 bed 1 bath bungalow! Tried all the major insurers & Bonkers etc, all came in higher than the renewal, and my existing couldn't get it lower, actually came in higher than the renewal quote.

 

[ClubMan]

That's odd. There has never been a year in the last 3 decades or so that I failed to get a more competitive quote than my renewal premium by shopping around widely.

 

[Cervelo]

Okay not an RIP but my renewal arrived in yesterday for my house and of course is up on lats years premium
but also without asking Aviva upped the sums insured by 20% as well so that explains some of the increase
The renewal also said renew now online and get a 10% but guess what, if I renew as a new customer they'll increase that to 20%

So for me last years premium was €391.65 this years renewal invitation is €458.23 with a 20% increase in sums insured
But renewing as a new customer with Aviva and availing of the extra discount the premium comes in at €417.80
Yes I could shop around and maybe get a better deal but I'd also have to get both our cars at the same low premiums that Aviva give us
So I don't and haven't for the last 10 years as as I'm happy enough with Aviva's premiums

@cremeegg Have you tried renewing as a new customer and did have any effect on reducing the premium??

 

[Corola]

Aviva upped the sums insured by 20%

Society of Chartered Surveyors Ireland provide a building cost calculator so you can check whether that sum insured is reasonable or not.

It's normal that they increase each year, but 20% is a lot. For example, the rebuild cost of a 3 bed semi-d in Dublin has increased by 6% since last year.

SCSI House Rebuild Calculator – Society of Chartered Surveyors Ireland

scsi.ie

 

[Cervelo]

Society of Chartered Surveyors Ireland provide a building cost calculator so you can check whether that sum insured is reasonable or not

Yes just doubled checked that now, the calculator suggests €422K and I'm insuring €468K to allow for a higher finish in certain areas