Has insurance gone up?

[murphaph]

Got a renewal from 123.ie for my 3 bed semi in D15 and they want 491 this year (no claims). Last year it was 310! That's an outrageous jump up in price considering rebuild costs etc. are on the way down. Gonna start ringing around to get a better deal, anybody any tips? FBD have been good for our commercial property, will give them a ring to see.

 

[peteb]

Yep. Generally about 30% increases as a minimum.

 

[ACA]

I got a very good price from [broken link removed] - found their details on here, provided by another.

No affiliation - just very satisfied with the price

 

[murphaph]

Thanks guys. Changed to FBD as 123.ie said they weren't interested in insuring rental properties anymore. Not a lot cheaper at 425 but a slightly more comprehensive policy.

 

[PaddyW]

I had the same problem earlier in the year and got my insurance from getcover. A LOT cheaper. Was very satisfied with them

 

[murphaph]

Will bear it in mind next year. I did haggle a bit with FBD (as I always do) and I'm wondering should we move more to them or less. At present we have the residential property, the cars and the commercial property. My own home is still with 123.ie. Should I look to move the whole lot to FBD then use that to get a better deal with each renewal?

 

[fraggle]

123.ie are still coming in quite low for me but I have managed to get a better quote from Zurich (online).

 

[Galwayboy]

Anyone try quotedevil.ie for insurance. Just seen them in the irish independent and checked them out for a 4 bed terraced in D15 coming in around €356 insured for €230,000 rebuilding cost and €20,000 contents. I have no affiliation with them, just want to get the best deal.

 

[murphaph]

I doubt you'd need 230k to rebuild that Galwayboy. Be careful not to waste money over insuring as the cost of rebuilding has gone down.

 

[dr_octagon]

And bear in mind that you don't need to cover the cost of purchasing the land.

 

[Towger]

But you do need to cover the costs of clearing the site!

 

[demoivre]

[broken link removed] rebuild costs - down on average by about 8% yoy.

 

[bacchus]

Yep. Generally about 30% increases as a minimum.

It is mad that some businesses can do that... they all agree on price hike, and here you go, +30% from year to year.

May be i should organise a national meeting with all shop owners, and we all decide to hike our prices by 30% as well !!

Price Fixing?

 

[peteb]

They do it because the market was beginning to harden about two years ago. And its reached that point now. Insurance is always cyclical. Plus in hard times people claim for every little thing! Dont recall any big "universal" where all insurers met and said lets hike prices! In fact if one was cheaper they'd cream in the business so it's not in their favour to all decide together!